Comments on: Suze Orman on your fears http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/ Tue, 22 Dec 2009 04:00:12 +0000 http://wordpress.com/ hourly 1 By: Carole C http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-379271 Carole C Fri, 10 Oct 2008 00:30:16 +0000 http://cnnac360.wordpress.com/?p=12253#comment-379271 I have listened to some of the Congressional hearings with executives from AIG who kept saying "this was unforeseen". I'm also an accountant with knowledge of generally accepted accounting principles and financial reporting standards. I 'm concerned that standards will be suspended at will when the rules don't favor some business interests. A few important reasons for having standards in place is for purposes of analysis, comparisons and common understanding of financial statement elements, accounting treatments, and presentation. I don't think it took a rocket scientist to see what was going to eventually happen. I joined a 401K plan with my present employer for 6 years. As a State employee, I am required to contribute 3% and my employer contributes 7%. At the time I was 45 years old and being somewhat risk adverse, I split the contributions with 40% going into an annuity and the remaining 60% in a few different mutual funds. The vesting period is 13 months. Late last year I started following the sub-prime mortgage situation. In latter January 2008, I felt nervous about how the economy appeared to be unfolding. I moved all my contributions to the mutual funds in my 401K to a money market account. I plan to retire in 12 years. Should I start new contributions going into mutual funds again and leave what's in the money market until the market looks like it is near the bottom? Thank you. I have listened to some of the Congressional hearings with executives from AIG who kept saying "this was unforeseen". I'm also an accountant with knowledge of generally accepted accounting principles and financial reporting standards. I 'm concerned that standards will be suspended at will when the rules don't favor some business interests. A few important reasons for having standards in place is for purposes of analysis, comparisons and common understanding of financial statement elements, accounting treatments, and presentation. I don't think it took a rocket scientist to see what was going to eventually happen.

I joined a 401K plan with my present employer for 6 years. As a State employee, I am required to contribute 3% and my employer contributes 7%. At the time I was 45 years old and being somewhat risk adverse, I split the contributions with 40% going into an annuity and the remaining 60% in a few different mutual funds. The vesting period is 13 months. Late last year I started following the sub-prime mortgage situation. In latter January 2008, I felt nervous about how the economy appeared to be unfolding. I moved all my contributions to the mutual funds in my 401K to a money market account. I plan to retire in 12 years. Should I start new contributions going into mutual funds again and leave what's in the money market until the market looks like it is near the bottom?

Thank you.

]]> By: msmillion http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-379042 msmillion Fri, 10 Oct 2008 00:03:55 +0000 http://cnnac360.wordpress.com/?p=12253#comment-379042 I am in the same boat as Harry S. All along I have been investing with the idea of retiring at 62 (2 years from now). Then Bush took office, I saw very slow growth in my investments and I said, "No problem, I can work until I am 65." Now I see myself working until I am 70+ and that idea makes me furious. I feel the same violations by this corporate irresponsibility as I think I would if someone broke into my house and stole everything. It's not that I won't survive; I'm not afraid of that I have my health and a great job. It's that decisions about my future are no longer mine to make. Like most victims, I feel this need to be vindicated and I don't believe this will happen. What about it? Do you see any of these executives being prosecuted or held accountable in anyway? I am in the same boat as Harry S. All along I have been investing with the idea of retiring at 62 (2 years from now). Then Bush took office, I saw very slow growth in my investments and I said, "No problem, I can work until I am 65." Now I see myself working until I am 70+ and that idea makes me furious. I feel the same violations by this corporate irresponsibility as I think I would if someone broke into my house and stole everything. It's not that I won't survive; I'm not afraid of that I have my health and a great job. It's that decisions about my future are no longer mine to make. Like most victims, I feel this need to be vindicated and I don't believe this will happen. What about it? Do you see any of these executives being prosecuted or held accountable in anyway?

]]> By: Steven Hanzman http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-378730 Steven Hanzman Thu, 09 Oct 2008 23:38:25 +0000 http://cnnac360.wordpress.com/?p=12253#comment-378730 Suze, My wife and I watch your show and we have seen you on many shows during this economic issue. The one thing that scares me the most is everyone is saying the credit market is frozen and that is what is causing this issue. Americans are not spending and companies can not get credit to do busniess. My concern here and I was hoping to get your take on this is as follows: What happens when this so called credit freeze is over and this bailout hits the market. Everyone will get credit again and do the same things over that got us here in the first place "living beyone their means"! Do we not have to go back to the days of when the American Dream was to save 20% and then buy your house. Put items on lay away until you paid them off to get them? We have to stop the lax regulation on credit card companies giving high limits to those who can not afford to pay it back. How do you see this getting fixed? I still get credit card offers every day in the mail and mortgage brokers calling me! Have we not learned anything? Suze,

My wife and I watch your show and we have seen you on many shows during this economic issue. The one thing that scares me the most is everyone is saying the credit market is frozen and that is what is causing this issue. Americans are not spending and companies can not get credit to do busniess.

My concern here and I was hoping to get your take on this is as follows:

What happens when this so called credit freeze is over and this bailout hits the market. Everyone will get credit again and do the same things over that got us here in the first place "living beyone their means"!

Do we not have to go back to the days of when the American Dream was to save 20% and then buy your house. Put items on lay away until you paid them off to get them? We have to stop the lax regulation on credit card companies giving high limits to those who can not afford to pay it back.

How do you see this getting fixed? I still get credit card offers every day in the mail and mortgage brokers calling me! Have we not learned anything?

]]> By: David http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-378522 David Thu, 09 Oct 2008 23:21:44 +0000 http://cnnac360.wordpress.com/?p=12253#comment-378522 I'm continuing to pay into my 401K, but switched from stock to bonds three months ago. Yet even bonds have tanked in the last four weeks. Why is that? I thought there was a pretty opposite relationship between stocks and bonds? I've now put my 401K into a "Stable Fund" until there is at least a little confidence in the news. I don't care about missing the bottom, but I do not want to lose even more on the way down. I'm continuing to pay into my 401K, but switched from stock to bonds three months ago. Yet even bonds have tanked in the last four weeks. Why is that? I thought there was a pretty opposite relationship between stocks and bonds?

I've now put my 401K into a "Stable Fund" until there is at least a little confidence in the news. I don't care about missing the bottom, but I do not want to lose even more on the way down.

]]> By: beyondsuccess http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-378492 beyondsuccess Thu, 09 Oct 2008 23:18:42 +0000 http://cnnac360.wordpress.com/?p=12253#comment-378492 Look into Gold and Silver. The U.S Dollar will be "worthless" in the near future. Look into Gold and Silver. The U.S Dollar will be "worthless" in the near future.

]]> By: Megan http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-377683 Megan Thu, 09 Oct 2008 21:02:40 +0000 http://cnnac360.wordpress.com/?p=12253#comment-377683 What would your advice be to the vast majority of Americans that are not invested in the stock market but are going to feel the brunt of this down the line, especially for the majority of Americans who do not have savings. How bad will this get for us? what do we have to look forward to? What and how should all of us be preparing for? Are we looking at another Depression? I hear about a prolonged Recession...isn't that a Depression? What do you do to prepare yourself for a Depression? My parents, as well as a number of people at my work, have taken extra money off thier credit cards to have as cash, is this a good idea (as long as you can make the new payment)? We are frightened and have not been asked, or really told, to do anything...so we are left to just sit, watch, and wait for the shoe to fall. What would your advice be to the vast majority of Americans that are not invested in the stock market but are going to feel the brunt of this down the line, especially for the majority of Americans who do not have savings. How bad will this get for us? what do we have to look forward to? What and how should all of us be preparing for? Are we looking at another Depression? I hear about a prolonged Recession...isn't that a Depression? What do you do to prepare yourself for a Depression? My parents, as well as a number of people at my work, have taken extra money off thier credit cards to have as cash, is this a good idea (as long as you can make the new payment)? We are frightened and have not been asked, or really told, to do anything...so we are left to just sit, watch, and wait for the shoe to fall.

]]> By: Kate Hoff http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-377369 Kate Hoff Thu, 09 Oct 2008 20:14:01 +0000 http://cnnac360.wordpress.com/?p=12253#comment-377369 I am a senior in high school and I have been looking into investing a little money (around 500 dollars) in stock before I head off to college, and I am waiting for the market to bottom out before investing, however when I do choose to invest what do you recommend I invest in? Thanks Kate Hoff I am a senior in high school and I have been looking into investing a little money (around 500 dollars) in stock before I head off to college, and I am waiting for the market to bottom out before investing, however when I do choose to invest what do you recommend I invest in?

Thanks
Kate Hoff

]]> By: John Lyman http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-377141 John Lyman Thu, 09 Oct 2008 19:22:50 +0000 http://cnnac360.wordpress.com/?p=12253#comment-377141 I hear today that Henry Hank P. is talking bout' the government buying stock in banks by the end of October in order to try and shore things up. I'd like to know from any of the folks at CNN if this is finally a thing that will divert us from a big recession, or if it's just another "prescription" bottle like the one's Ali showed on 360 last night. I get very mixed signals. The IMF says we're in for a long nasty walk on the coals, but every time Hank P. announces another "prescription," he sounds very vague about what kind of effect it will have. Are we so far into this that we're in for a long and deep time of trouble and the prescriptions will only aleviate some of the pain? I'm not sure who to listen to anymore. I hear today that Henry Hank P. is talking bout' the government buying stock in banks by the end of October in order to try and shore things up. I'd like to know from any of the folks at CNN if this is finally a thing that will divert us from a big recession, or if it's just another "prescription" bottle like the one's Ali showed on 360 last night. I get very mixed signals. The IMF says we're in for a long nasty walk on the coals, but every time Hank P. announces another "prescription," he sounds very vague about what kind of effect it will have. Are we so far into this that we're in for a long and deep time of trouble and the prescriptions will only aleviate some of the pain? I'm not sure who to listen to anymore.

]]> By: Todd http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376886 Todd Thu, 09 Oct 2008 18:17:20 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376886 This report was on ABC News. Will someone do the math for me. How much is the mortgage and is that amount representative of the mortgage mess everyone is talking about? Indymac, which was taken over by the Federal Depositors' Insurance Corporation in July, decided to reduce the interest rate on her mortgage, from 7 percent to 4.8 percent, generating a savings of $1,749 a month. This report was on ABC News. Will someone do the math for me. How much is the mortgage and is that amount representative of the mortgage mess everyone is talking about?

Indymac, which was taken over by the Federal Depositors' Insurance Corporation in July, decided to reduce the interest rate on her mortgage, from 7 percent to 4.8 percent, generating a savings of $1,749 a month.

]]> By: Luis http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376818 Luis Thu, 09 Oct 2008 18:00:50 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376818 I have a question about a principle. Since capital can't be destroyed only traded, if we are loosing, who's wining? Somebody must be wining. I understand that some assets can loose their value but unless our gold reserves are wiped, I understand that the capital is here and is just changing hands. I ask again if our markets are loosing value something must be growing in value. I have a question about a principle. Since capital can't be destroyed only traded, if we are loosing, who's wining? Somebody must be wining. I understand that some assets can loose their value but unless our gold reserves are wiped, I understand that the capital is here and is just changing hands. I ask again if our markets are loosing value something must be growing in value.

]]> By: Kristina http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376754 Kristina Thu, 09 Oct 2008 17:40:08 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376754 Suze, I am so panicking now and not thinking straight of what I need to do with 401k investment. I can not stand to see the money going negative everyday. What is your advise for who is having investment in 401k about this market down time? Will I move my money into money market now and take a loss or stay in to wait until the market goes back up? If stays how far down will it drop, do you have any idea? Thanks so much for your inputs Kristina Suze,

I am so panicking now and not thinking straight of what I need to do with 401k investment. I can not stand to see the money going negative everyday. What is your advise for who is having investment in 401k about this market down time? Will I move my money into money market now and take a loss or stay in to wait until the market goes back up? If stays how far down will it drop, do you have any idea?

Thanks so much for your inputs
Kristina

]]> By: Norma http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376609 Norma Thu, 09 Oct 2008 16:18:04 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376609 We did nothing WRONG !! We worked in our Small Business for 20 years, payed our bills, and put our extra money into income housing. Now our home and our income property are all upside down. Because of the economy ,our business is now almost completely dead!!! Because of this we cannot pay a mortgage that in the past, was easy for us to pay. This in turn has severely hurt our good credit. WHERE DO WE GO FOR FINANCIAL HELP !!!! We did nothing WRONG !! We worked in our Small Business for 20 years, payed our bills, and put our extra money into income housing. Now our home and our income property are all upside down. Because of the economy ,our business is now almost completely dead!!! Because of this we cannot pay a mortgage that in the past, was easy for us to pay. This in turn has severely hurt our good credit. WHERE DO WE GO FOR FINANCIAL HELP !!!!

]]> By: carolyn etienne http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376591 carolyn etienne Thu, 09 Oct 2008 16:07:18 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376591 October 9, 2008 When I first decided to comment on all the "latest events" it was October 1. In nine days the world has changed a lot! Who can you trust with your savings? The whole world knows about Sarah Palin and many aren't any more impressed with her than I am. Which is to say the lady needs to be educated first, then run for public office. Geography, sentence structure, etc. politics....world events.....I'm only a little worried about Obama. I haven't been this excited about a president since John Kennedy and did I mention I shook hands with his brother Bobby? I have the same excited feeling about Barack....We (my little cluster of a family) live in Southern Indiana. Our whole National Guard has been to Iraq twice. We have "the blade" Mitch Daniels in our Governor's seat. Only Dick Chaney and George Bush could be worse (I thought until I saw Sarah Palin )and now sorry to say, I have lost respect for John McCain. Who knew he too wanted to be a Bush Clone? October 9, 2008 When I first decided to comment on all the "latest events" it was October 1. In nine days the world has changed a lot! Who can you trust with your savings? The whole world knows about Sarah Palin and many aren't any more impressed with her than I am. Which is to say the lady needs to be educated first, then run for public office. Geography, sentence structure, etc. politics....world events.....I'm only a little worried about Obama. I haven't been this excited about a president since John Kennedy and did I mention I shook hands with his brother Bobby? I have the same excited feeling about Barack....We (my little cluster of a family) live in Southern Indiana. Our whole National Guard has been to Iraq twice. We have "the blade" Mitch Daniels in our Governor's seat. Only Dick Chaney and George Bush could be worse (I thought until I saw Sarah Palin )and now sorry to say, I have lost respect for John McCain. Who knew he too wanted to be a Bush Clone?

]]> By: Tony http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376575 Tony Thu, 09 Oct 2008 15:57:51 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376575 Suze, I feel that you are on track when you stated the u.s. economy is in the E.R. My question to you is; people like gerry willis, and others are very negitive when it come to pulling your money out of the stock market or 401k. It is very clear that they are not interested in the people. What is wrong with pulling out your stocks or 401k during these hard times? In my opionion, nothing at all ! And when you pull out your money why can't someone give good advice as where to put it enstead of watching for money disapear? Someone has to tell the american public it is allright to pull your money, and feel good about it ! Suze,

I feel that you are on track when you stated the u.s. economy is in the E.R.
My question to you is; people like gerry willis, and others are very negitive when it come to pulling your money out of the stock market or 401k. It is very clear that they are not interested in the people. What is wrong with pulling out your stocks or 401k during these hard times? In my opionion, nothing at all ! And when you pull out your money why can't someone give good advice as where to put it enstead of watching for money disapear? Someone has to tell the american public it is allright to pull your money, and feel good about it !

]]> By: NCaiello http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376571 NCaiello Thu, 09 Oct 2008 15:53:06 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376571 Why is no one discussing the role, or lack there of, of the Security and Exchange Commission. "The SEC was established by the United States Congress in 1934 as an independent, non-partisan, quasi-judicial regulatory agency following years of depression caused by over production of goods, the introduction of consumer credit, and the Great Crash of 1929. The main reason for the creation of the SEC was to regulate the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. The SEC was given the power to license and regulate stock exchanges. Currently, the SEC is responsible for administering seven major laws that govern the securities industry." Why do we need yet another government entity when the first one failed to protect the public from our current system failures? Why is no one discussing the role, or lack there of, of the Security and Exchange Commission.
"The SEC was established by the United States Congress in 1934 as an independent, non-partisan, quasi-judicial regulatory agency following years of depression caused by over production of goods, the introduction of consumer credit, and the Great Crash of 1929. The main reason for the creation of the SEC was to regulate the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. The SEC was given the power to license and regulate stock exchanges. Currently, the SEC is responsible for administering seven major laws that govern the securities industry."
Why do we need yet another government entity when the first one failed to protect the public from our current system failures?

]]> By: Sandra Albo http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376566 Sandra Albo Thu, 09 Oct 2008 15:47:36 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376566 Hi Suze, Thank you for your help. I was just about to buy a variable annuity from Met Life with money I had in a IRA Keogh plan that I have set up for retirement.I was not sure what was happenning wih Met Life needing to raise capital so I decided not to go through with it. Can you tell me what if any is insured with repsect to a variable annuity? Many thanks, Sandy Hi Suze, Thank you for your help. I was just about to buy a variable annuity from Met Life with money I had in a IRA Keogh plan that I have set up for retirement.I was not sure what was happenning wih Met Life needing to raise capital so I decided not to go through with it. Can you tell me what if any is insured with repsect to a variable annuity?

Many thanks, Sandy

]]> By: M. Leonard http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376565 M. Leonard Thu, 09 Oct 2008 15:47:03 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376565 When we look at our current economic crisis, each American must look in the mirror. The current generation's interest in making a quick buck, wanting it now, and believing they have a inherent right to the American dream is a major factor in what put us in this situation. Before we can fix our economic problems we must address the greed and the situation awareness of the everyday borrower, making them smarter, responsible, and accountable. When we look at our current economic crisis, each American must look in the mirror. The current generation's interest in making a quick buck, wanting it now, and believing they have a inherent right to the American dream is a major factor in what put us in this situation. Before we can fix our economic problems we must address the greed and the situation awareness of the everyday borrower, making them smarter, responsible, and accountable.

]]> By: Jerry http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376561 Jerry Thu, 09 Oct 2008 15:44:56 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376561 If I own stock in a financial service company and I need the money within six years, should I sell at this time? If I own stock in a financial service company and I need the money within six years, should I sell at this time?

]]> By: John http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376557 John Thu, 09 Oct 2008 15:41:39 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376557 Before the bailout was approved, we were told the 700 billion bailout was needed, or else our 401Ks would take a beating. Well, they are taking a beating anyway, so just what did we gain by giving away $700 billion to the banking industry? Before the bailout was approved, we were told the 700 billion bailout was needed, or else our 401Ks would take a beating. Well, they are taking a beating anyway, so just what did we gain by giving away $700 billion to the banking industry?

]]> By: Tony Burchfield http://ac360.blogs.cnn.com/2008/10/08/suze-orman-on-your-fear/comment-page-1/#comment-376549 Tony Burchfield Thu, 09 Oct 2008 15:25:35 +0000 http://cnnac360.wordpress.com/?p=12253#comment-376549 Is it possible to have a web site showing who and were the bailout money is going so the tax payer can track our money. Is it possible to have a web site showing who and were the bailout
money is going so the tax payer can track our money.

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