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September 29th, 2008
10:02 PM ET

Live Blog from the Anchor Desk 9/29/08

Don’t forget to watch Erica Hill’s webcast during the commercials. LINK TO WEBCAST

And take a look at Anderson and Erica on our live web camera from the 360° studio. We’ll turn the camera on at 945p ET and turn it off at 11p ET. LINK TO THE BLOG CAMERA

Wondering why some comments are posted while others aren’t? Here’s a post that may help: LINK TO COMMENTS POST

We’ll start posting comments at 10p ET and stop at 11p ET.


Filed under: Live Blog
soundoff (346 Responses)
  1. Robert Bryant

    Suzie or Anderson,
    With such a huge influence that hundreds of lawmakers had on the market today, my first thought is the pontential for "insider trading" in the hill; especially when the bill was expected to pass and yet a few had the knowledge that it would not. Am I paranoid?

    September 29, 2008 at 10:24 pm |
  2. Swede Swenson

    I am from the Red State of Kansas but I am 100% for the Resolution that was voted on today!!!

    September 29, 2008 at 10:24 pm |
  3. Keith S

    The banks and finance companies that bought the derivatives did so to mitigate risk.

    The executives of the bank and finance companies that were counter-parties to these derivatives told their boards of directors and investors that there was no risk. There for all the interest and premiums were pure profit.

    All the interest supposedly being "pure profits" meant extravagant bonuses.

    If the interest and premiums had been held as reserve against the changing market conditions, instead of being paid out as bonuses, no bail out would have been required.

    September 29, 2008 at 10:24 pm |
  4. Joanne

    How could lawmakers go on holiday? When I have a crisis at work, I go in on the weekend, stay late etc...whatever needs to be done to get the job done. They just go on holiday....it is discouraging.

    September 29, 2008 at 10:24 pm |
  5. Lisa

    I wish I could have Suzy O advise if I am better off taking the tax hit and cashing out part of my investments to pay off all of my credit card and mortgage debt so that I only have to manage property taxes, utilities, gas and food. This is pathetic!!!!!!!!

    September 29, 2008 at 10:24 pm |
  6. Jackie

    I lost $47,000 dollars today about 9% of my portfolio. My investment manager remains silent but yet I hate to bother him knowing everyone else is losing money also. Should my investment manager have any constructive answers to help me minimize my losses at this point in time, since we are deep in this mess?

    September 29, 2008 at 10:23 pm |
  7. Kevin, Galveston Tx

    Suzie: I am 23 and setting up my retierment. Should I do a Roth or basic IRA now???

    Kevin

    September 29, 2008 at 10:23 pm |
  8. Bob

    What would you do if you had a lot of money in the money market at a bank .
    I know about the FDIC and its policy.
    But what if something happens to the FDIC.

    September 29, 2008 at 10:22 pm |
  9. Anthony

    We need a change in our adminstration now so we could pull out of Iraq and save a lot of money of tax payors?? Mccain will defintly not help us out this crisis.

    September 29, 2008 at 10:22 pm |
  10. Suzy McNeil

    let me clarify the checks I am talking about is instead of paying the money to Wall street, they pay the money to the homeowners with copayee as the lending institutions

    September 29, 2008 at 10:22 pm |
  11. Mary

    Suze and Anderson – I live near the Texas coast and every hurricane season we are reminded to get our "Hurricane Preparedness" kit ready. In view of the downturn of the economy, what do you recommend that average middle class people do as far as lifestyle changes for a "Recession Preparedness" strategy? I am trying to figure out how I need to plan ahead for my family. If things get worse, what comforts of life should we be prepared to give up first?

    September 29, 2008 at 10:22 pm |
  12. victor ozio

    suze me and my wifes portfolio was worth 1 million 1hunderd thousand dollors a month ago today its worth 800 thousand dollors what do we do sell or hold steady . bleeding in texas

    September 29, 2008 at 10:22 pm |
  13. chris, baltimore, md

    @Leslie Taylor: Very well said. I am an average American who don't have the funds to invest in the market. My home was foreclosed when the interest rates went up and I couldn't afford the payments. I don't understand what giving the market 700 billion dollars of my tax money will do for me and anyone else in my position. Let the companies fall, they deserve it.

    September 29, 2008 at 10:22 pm |
  14. James Smith

    Queston for Suzie: Should I cash out my 401K into a money market account if I already lost 30%.

    September 29, 2008 at 10:22 pm |
  15. Donna Cross

    Suze:

    Do you see inflation in the near future?

    Donna from San Diego

    September 29, 2008 at 10:22 pm |
  16. Caren Smith

    Hello Suze,
    Am I correct in understanding if a person has more than $850,000 in a single certificate of deposit under an individual name, should the individual go into their bank and add named beneficiaries to the account in order to insure it, or should the money be transferred to other banks? Please help, I have an elderly neighbor who is really worried about this as they have already lived through one depression.

    September 29, 2008 at 10:22 pm |
  17. karen

    Ms. Orman – with retirement funds thru Goldman, mortgage thru citibank and stocks thru smith barney, should we move it all to something safer. wish the credit card companies would go under and forgive our debt.....

    September 29, 2008 at 10:22 pm |
  18. Megan Dresslar (Shoreline, Wa)

    Suze,
    My question for you......
    Is there find way to solve problem without bailout or lend to anyone back their feet???? or can we save our money? where is my money goes? or how can we save our money without problem?

    September 29, 2008 at 10:21 pm |
  19. John Arack

    Pelosi was talking about Wall St GREED and regulating and Taxing markets. Not The Republicans...

    September 29, 2008 at 10:21 pm |
  20. Marc

    Does everyone understand that if a bank fails that the
    FDIC has 99 years to pay!!

    September 29, 2008 at 10:21 pm |
  21. Kathy, Chicago

    To Suzi-with all that has happened, should we all tighten our belts and cut back on spending? Won't this hurt the economy, especially with the holidays coming up?

    September 29, 2008 at 10:21 pm |
  22. Genevieve M, TX

    Hey Randi!! Have fun taking over for Erica the next few days on the webcast! 🙂

    September 29, 2008 at 10:21 pm |
  23. Bruce

    Question for Suzy Orman:
    Why do I still get Credit Card offers, Car Sales and promotional financing everyday in the mail? If the credit markets are frozen, shouldn't this stop? I work in printing, and I know how much this costs to produce and mail.

    September 29, 2008 at 10:21 pm |
  24. mike from Kansas City

    Anderson, Question for Suzie O.:
    Do you think it will become more difficult to access money in bank / savings accounts? Is it best to keep more cash in your pocket or stashed at home vs. in the bank?

    thanks.

    September 29, 2008 at 10:21 pm |
  25. David, Indiana

    You do what's right for the country, but the compressed time frame, there's not much time to get discomfitted house members calmed down. Not much time for back and forth communication all around

    September 29, 2008 at 10:21 pm |
  26. Ron In Texas.

    Hi Anderson, I am sure glad the bill did NOT pass. Do your views know that almost 20% of this 700 billion is going to go to ACORN. What a rip. Poor ole Nancy, she don't know the difference between the Punch Bowl and the Toilet Bowl. More trash mouth politics from Her and Barney.

    September 29, 2008 at 10:21 pm |
  27. malik

    For Susie Orman:

    With over 41% of American Homes "upside-down" do to the current Economic crisis what are your suggestions for getting the Lender to "write down" my Loan, and if the 700 Billion dollar Bail-Out had passed would it have offered any relief?

    Thank you

    September 29, 2008 at 10:20 pm |
  28. Pat in Maryland

    Hi. I have a question for Suze Orman. I have my retirement accounts at Vanguard, which is not FDIC insured. Is that a risk? Should I move my money to another institution which is FDIC insured?

    September 29, 2008 at 10:20 pm |
  29. jacob

    no one to blame but ourselves, if we didn't go out and get a bunch of credit cards and buy things we can't afford, I don't think we would be in this situation. wouldn't ii be a good idea to cut budgets on other things such as enlistment bonuses and use that money to help the econmoy? over half of the soldiers in the army get a huge enlistment bonus, I recieved $25,000 for fours years of service and others got $40,000 for a six year contract. can we really afford to give out money to new recrutes? the military waste money likes its nothing, I see it everyday, I've been in for over seven years. I think we need to learn how to re-budget our military as well other things and get our priorities straight.

    September 29, 2008 at 10:20 pm |
  30. Mark R. Anderson

    I respectfully disagree with Mr. Gergen. I am totally against this bailout and I am glad it failed. We as Americans have to stop spending money we don't have. I am totally against throwing $700B of tax dollars at this problem when nobody has even said this plan would work. Name me one politician that said this plan would solve the problem and would guarantee that they won't come crying for more money later on. Also, if so much of one dollar of taxpayer money is used, I want names! Who is responsible? Who is going to jail????

    September 29, 2008 at 10:20 pm |
  31. Sandra

    Not sure how anyone can go home when we have not solved the financial problem.

    We pay them to represent us lets not pay them.

    No work no pay.

    September 29, 2008 at 10:20 pm |
  32. Danny, Midland, Texas

    I am afraid that we are not going to see the results of the failure of the bailout until all banks shut down or something worse.

    September 29, 2008 at 10:20 pm |
  33. Deborah

    my question is for suze orman. I took a 5/1 arm and the mortgage will need to be refinanced by next may. I don't know what to do. My property went up 40% and now it is back to what i bought it for. I don't know whether to refinance now or wait till next year. My property is in los angeles. My rate was great, 4.3% and now i am looking for a higher rate. I am thankful that i have a good job and i don't have any other debt but this home. I'd love your feedback from those people like me that took these loans but i was mindful whether i could afford it so I took this seriously. I only put down 10% but put some money in fixing the place in order to increase the value

    September 29, 2008 at 10:19 pm |
  34. Lisa K., Kentucky

    Two questions for Suze Orman: I have heard it takes a day or two for FDIC to step in for a failed bank. My questions are (1) Where can I go to see the condition of my bank? (2) Would it be practical to have a day or two of emergency cash on hand in case of bank failure? (I do not carry cash, using cash cards instead)

    September 29, 2008 at 10:19 pm |
  35. EJ (USA)

    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?

    Good question, Larry. Maybe Anderson will also pick this question to ask Suze.

    September 29, 2008 at 10:19 pm |
  36. Rob McHenry, Illinois

    Please no bailout. Please don't lend the market $700 Billion dollars that we don't have. Isn't that how this whole mess started, borrowing money to people who can't pay it back. Let the market find its own bottom. Not one held up by money we don't have.

    September 29, 2008 at 10:19 pm |
  37. Michael

    They will be fired on Nov the 4th Just watch.We are fed up with this polotics and congress has no regard for the American People.

    September 29, 2008 at 10:19 pm |
  38. Ron Ganley

    I wish our leaders would actually lead instead of playing politics and patting themselves on the back. I applaud those that did not vote the bill in, those are the ones that do not get bullied or panicked into passing a bad bill. Most that have voted the bill in do not even like the bill, however, they have fallen for the scare tactics that the Bush administration is known for. A bad bill is not better then no bill. Scrap the bill and start over without being panicked to accept a bill that no one wants.

    September 29, 2008 at 10:19 pm |
  39. Olivia

    I have a question for Suzie Orman:
    I am about to close on a sale of property and will recieve over $100,000 for the sale of the property. I paid cash for the property when I purchased it and will make some profit. What should I do with the money? Should I invest it in the market, buy gold, put it under my mattress (my grandmother's suggestion) or just put it in the bank?

    September 29, 2008 at 10:19 pm |
  40. John

    We don't trust the President. We don't trust Congress. We don't trust corporate America or Wall Street. I think we said that today. Congress heard us, then took a holiday.

    September 29, 2008 at 10:19 pm |
  41. Joe

    I currently don't have a retirement account but can join in October – employer matches 3 percent. Should I wait a year and use the cash to pay down my credit card (18%) or sign up for the minimum.? 48 years old. Thanks

    Question for Suze Orman

    September 29, 2008 at 10:19 pm |
  42. Ann Marie

    What should your average American do? Should we take money out of the bank and keep it home? Or will that just make things worse?

    September 29, 2008 at 10:19 pm |
  43. Sonya

    I am a 31 year old recently divorced mother of 3. I had to move home with my parents in December of 07 and now needing to move out on our own. I am only part-time at my job but worried about moving to a new job that is full-time with the way things are. I have a little bit saved up and have to pay all of my boys' daycare and I am so scared about getting out on my own and not being able to feed my children among other things. But I know I cannot stay in a 3 bedroom ranch with my 3 boys and 3 adults, it is just not working. Are the government funding for WIC, food stamps and other helpful benefits going to be affected by this mess as well?

    September 29, 2008 at 10:19 pm |
  44. Ken E

    Can Suzie tell me what to do with my Retirement fund. I have TIAF- CREF. I am 53 . What should I call and tell them to do with my account tommorrow.

    September 29, 2008 at 10:19 pm |
  45. Rhonda in Colorado

    Why are 'we' the American people being ignored in this? We did our part, we called our representatives. Not because we don't understand what's happening (I read the bill as drafted) and I saw what it would not fix, it was a toothpick to prop up a mountain with out real substantial change behind it.

    September 29, 2008 at 10:19 pm |
  46. Chris Lewis

    Why can't we approve the bail out and give each tax payer 200,000 of it. Therefore we can pay off our morgages and credit card debt. And by doing this it will creat a stimulous to our system. The money will flow back into the system and recover wall street. And if you take in 190,000,000 tax payers and give 200,000 to them there still is a hellish amount of money left to restructure the banks and the morgage companies. As well as support our troops and infrastructure.

    September 29, 2008 at 10:18 pm |
  47. Lugan

    Why cant the Democrats vote for the bailout if they believe in it if its the right thing to do. Arent they the majority?

    September 29, 2008 at 10:18 pm |
  48. Chris Kelly

    Let me rephrase the prior question. I plan on retiring in 10 yrs.
    Should I cut my losses now and transfer my portfolio from various mutual funds into a money market within the 401(k)?

    September 29, 2008 at 10:18 pm |
  49. Hannah S.

    need advice from suzi Orman. If you have $300,000 in CD's and insured by FDIC. is the safest thing to do with the money is buying a home

    September 29, 2008 at 10:18 pm |
  50. Jeana

    Suze, If bad mortgages are the reason for this mess, why can't the government bail out Americans who are struggling to pay their mortgages? Would this work?

    September 29, 2008 at 10:18 pm |
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