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September 29th, 2008
10:02 PM ET
Live Blog from the Anchor Desk 9/29/08
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Search the AC360 blog
will paulson/bush be at work tomorrow?
Nothing good ever come out from Washington DC and we got the perfect example today. The house of congress should be ashamed.
Good evening Anderson. I have a question for Suze. If you have some money saved but also have some credit card debt, do you take your savings and payoff the debt or should you hold on to cash and continue paying as much as you can to pay off the debt?
I already have to pay into Social Security, That I will never see. What should I do Financially now for my retirement starting out. Where in the World is Congress? Its Crunch Time foget about Holidays!!!!
Kevin
i'm glad it didn't get passed. it was too rushed and probably not read very thoroughly. the fine print needs to be read the most or we will be back in this same situation in the not so distant position. but today after all that i got gas pretty cheap, like 20 cents cheaper than yesterday lol...
How about a bailout from the bottom up. Take the 700B and send some of it to every adult. This would provide over $400,000 each. Simple solution to let the taxpayers pay their home loans, pay for health care, pay for education, put money away for retirement, etc. Problem solved !!
Hello suze,
I have a quick question for you. I am curious as to whether I should increase my contributions to my 401k or whether I should just max out my Roth IRA and get out of debt for the next year? I have about 70K in student loans and about 10k in collections. I was over 100K in debt and believe it or not in one year I will be left with about 30k in debt (due to my new job)!
Thank you for your help.
Lodz
I am very concerned as are other citizens. Why can't the Goverment pay checks directly to the homeowner and the mortgage companies being copayees, so that the homeowner can only pay the mortgages.
This would give the homeowners relief and the money will get to the mortgage companies and banks, so that they can continue paying loans out.
or revote this plan in does the public want to loose $250 million or 13 trillion dollars
Hi Randi???
I am glad see you!!!! yes I heard that is bad news!!!! no bailout......
I live on MAIN STREET, and my credit card payments are increasing due to late payments because the banks are changing the due dates for one month. They then charge $40 for a late fee, and increase your credit limit. The next month, the due date goes right back to the original date. The only reason that they are changing the dates is to collect fees and raise interest rates. My credit rating is good, and I pay my bills on time. I have been unemployed for four months and I am living off of my savings and unemployment insurance. I cannot afford to pay these high interest rates. The banks should not be allowed to change our due dates! I am a middle class female who did not purchase a home the I could not afford. I pay all of my bills on time. I’ve done everything right, yet, there’s nothing in that bailout package that will help me. It’s only helping financial Institutions and people that received mortgages to purchase houses and equity loans to make upgrades that they couldn’t afford. I do understand that the bailout bill should be passed for the good of the country.
People are talking about the wealthy and the middle class but what about us at the bottom who are receiving social security and disability? should we be concerned about our benefits such as medical and medicare if this bill does not pass and the market continues to go down?
OMG Anderson....I just heard ultra right wing Republican Glen Beck say "There comes a time when you have to do what's right for the country" in support of the crisis package faliure. The sky must be falling after all!!!! But then, he's not up for re-election in a swing state LOL.
Anderson Watching you live,
Whose fault this MESS IS doesn’t matter at this time. A blame game is so political at such a crucial time. We have heard from both sides the administration is truely untrust worthy. WE NEED A SOLUTION, we don’t care who has it or takes credit for it. Something should have passed today.
Who can we trust on either side, so confusing. I Believe we need prayer! I trust God to work it out, not humans for his light and wisdom can soften tough hearts, humble the prideful and calm the toughest storms….WOW what a storm we are in.
However, I do think accountability for this mess that affects all americans, shareholders, mortgage holders, non-sharholder, non-mortgage holder yet a tax paying American is called for.
Sincerly , Jean Shelton, Ct.
This question is for Suze:
All this talk about how "today" will control the day to day operations of the financial institutions, but how do you feel the day to day living of the middle class citizen will be effected, that normally live paycheck to paycheck, with little savings these days?
Question for Suzi Orman–I'm 61 yrs old and retired from Fed. Govt. I have the majority of my 401K/Thrift Savings Plan money in stock market. I don't plan on taking anything out until I'm required to by age–should I move it to Govt bonds or let it ride out in stock market????
Assume the bailout is finally passed...what is the outlook for our economy in general. Will this bailout really improve or secure our current economy?
My question is this: I have heard a lot about 401k and other investment plans but I have not heard anything about money in a pension, like one a person might have through your union...any advise on this please? Have we lost all of that with the stock market falling?
Thank you...
In February I did not have a good feeling about the market. I sold everything including my 401K and I put all my money in secured CDs. Should I get back in the market now?
I have a Question for Suzi, What can you do it you are 60K upside down on the value of you home to mortgage and your mortgage company will not negotiate with you unless you fall behind and ruin what little credit you have left? Not to mention the fee's to buy the rate down
Question for S. Orman tonight...I will not pull out assets from my 401K, but should I stop or reduce my new payroll contributions until this bail out mess settles down?
Ask Suzie what I should tell my seventh grader who is worried about his Dad's job because of all the economy stuff. Wanting to know what is going on. What is the right thing to say and Suzie, What do you think will happen now?
I heard that multiple Democrats voted against this bill???? As many as 70-90... Are you kidding me to say that 12 Republicans stopped it??? How does our government work? Only 12 people can stop it? Since when does the minority have that much power over such a vote like this? There is no way that this is 100% Republican's fault. The Democrats could have passed it. How many of Nancy Pelosi's own committee members voted for it? Did any vote against it?
How long will it take before we see 25% unemployentment if this mess continues? When the stock market crashed in '29 it took many months before the problems showed up on main street. Will it take that long again?
Will be getting a VA loan to purchase a house, but since it seems that rates may be heading downward, should i wait to purchase? Thanks in advance!!!
Kev
My question for Suze Orman is this.
I'm 31, and recently quit my job to attend graduate school full time. I transferred my retirement money into an IRA and it's invested in a brokerage account (mutual funds). It has lost nearly $1000 in the week it has been invested. Should I be worried and did I do the right thing?
Erica – Austin, TX
Ok, what is the back up plan since 12 Republicans and 95 Democrats were not for the bill? Usually in debates, if someone does not agree with an idea, then they usually offer a counter idea. I saw none of that today and I'm getting depressed by this Congress and these politicians. I say we look at our rep. and senators and think twice about re-electing these folks into office.
What is going to happen to the value of the dollar?
I put the max into my 401K and in the last 6 month I lost over $25,000. God knows how much I have lost today so ..
1- Should I reduce the amount contributed?
2- Should I move all bonds?
my question to ms suzie is that if she recommends switching your 401k to ira? will that be a safe move?
hi everyone..
great to have you all with us today. what do you think about this whole market mess? tough to feel good about your financials these days, eh?
I understand that FDIC will pay you. My question is what happens when there's literally thousands of people getting money from the FDIC.....will they dry up?
What is wrong with Pelosi? If she would have kept her big mouth shut, all that good bipartisan word would not have been in vain. She essentially slapped the faces of those who worked so hard to save our economy by taking a last minute swipe at the GOP, when she thought the bill was going to pass, just to help the dem's presidential candidate. . Nice job speaker of the still do-nothing congress. Don't have a nice vacation.
Question for Ms. Orman, good or bad idea to withdraw pension funds to pay off all debt (car, student loan, federal tax, credit cards) and restart retirement fund from this point ? I am 44.
hi am a Nigerian and i was just curious, how does the current financial crises affect the value of the American currency when changing to another currency and could this get bad enough that the value of the American dollar goes really low.
Looking at the current situation of the market, what is your advice regarding investment in FOREX in Euro or Pound? It may happen that U.S. dollar may lose its value.
President Bush needs to declare a banking holiday, similar to the one declared by President Roosevelt in 1933, to allow the Government to reconstruct the financial and economic systems.
Anderson, for Suze, If this is due to bad mortgages, isn't there a better way to get them back on a paying bais? Why can't $700M go to that?
Why don't the Democrats use these two day to write the takeover plan, fire the incompetants, put the crooks in jail and save main street. Let wall street fend for itself.
No Bailout. The Party is over.
What can I, as an average middle class american, do with my money to keep my family safe? Is this whole wall street crash going to effect EVERYONE?
Question for Suze Orman:
As of Oct. 1, I am eligible for a brand new 401k plan. I do not currently have one or have a rollover–but is starting one now a mistake?
Question...
What does this crisis mean for me when I have a home loan to close on next week?
How can I find out how safe my bank is?
This a question for Suzie Orman, I have all my money in mutual funds I am 50 years old, and I have lost about 5,000 over the last few weeks,
should I get out now and stop the bleeding, or hang in there
I have recently inherited a stock portfolio that is losing money fast. I am currently living off of it, should I cash it in or try to ride this out.
hey Suzy... how long do you think this storm is going to last. And will it effect the dollar value in international market
QUESTION FOR SUZIE:
I was under the impression that the bailout only created artificial "help" because consumer confidence would remain high and later the actual deficit would make the market dropped anyway.
Correct?
Queston for Suzie.......should I suspend contributions into my 401K?
Can someone show us "the numbers"? In other words, where did $700 billion bail-out number come from and and where will the dollars GO... Maybe it's on a bar napkin somewhere or, heck, maybe even a spreadsheet? Or did we throw a dart at the wall ...
Questions for Suzy Orman: Is it a good idea to buy AIG stocks now????
Hello! As a 27 year old this is really the first recession I have observed. As an individual with historical context, could you please put the present situation in perspective for those of us that are young and in experienced? I watch the news and read the articles, all I see is mass hysteria over the present situation. Is it really that bad or is this a bump in the road? Thanks for your help!