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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. Vickie Bennett

    Ask Suzi:
    Should I freeze my 401K through this crisis so we don't loose any more money. We are 44 & 40 years old?

    September 29, 2008 at 10:28 pm |
  2. Steven Shetler

    Susie;

    I'm currently contributing 25% of my paycheck to my 401K, should I stop altogether or reduce my contribution to 5% to get my company match?

    September 29, 2008 at 10:28 pm |
  3. Stephy

    If you owe credit card debt right now how should you get out of that debt not if you cannot transfer high rates of interest to low interest rate cards.

    September 29, 2008 at 10:28 pm |
  4. John

    I have several credit cards that are nearly at their limit. With my interest rates go up because of the crisis in the market?

    September 29, 2008 at 10:28 pm |
  5. tomrenonv

    This situation scares me to death. I'm considering stopping all contributions to m 401k to increase my cash flow. is this wise??

    September 29, 2008 at 10:28 pm |
  6. Elaine Naughton

    Anderson this is for Suzi, I inherited a Bond Fund do I have to worry about it? Could I lose all my money in it or do I just leave it alone and hope for the best?

    September 29, 2008 at 10:28 pm |
  7. Lilah

    I am really scared at what is happening with the bail out. What can we do as citizens to get congress to pass the bill. Is there anything we can do can we e-mail to congress our thoughts.

    September 29, 2008 at 10:28 pm |
  8. Mark

    A question for Suze. We have 2 houses, a rental that does not cover it's overall costs, and a larger home. We want to sell out larger house and move into the smaller rental in an attempt to reduce our outflow. Any suggestions given the difficulties with the credit markets?

    September 29, 2008 at 10:28 pm |
  9. marie watson

    should I continue to pay into my 401 k? currently I invest about $100. a week.
    Thank you , Marie

    September 29, 2008 at 10:27 pm |
  10. Anthony Dentino

    I'm a 30 yr old with about 20k in emerging markets (B.R.I.C.) mutual fund. This is 2/3rds of my total savings.

    Should I get out now?

    September 29, 2008 at 10:27 pm |
  11. John Wigle

    Suze, should I sell my treasury bonds and invest the money in a house to rent out in the Houston area?

    September 29, 2008 at 10:27 pm |
  12. Troy Graves

    What negative affect would be created if Congress passed a new bill giving tax payers some of this 700 billion to pay mortgages placing money into the market from the tax payer up?

    September 29, 2008 at 10:27 pm |
  13. Robert

    Question for Suzie:
    WHy should somebody who uses credit wisely care about the pain of those who use credit unwisely?

    September 29, 2008 at 10:27 pm |
  14. Joey Blanco from OKC, OK

    I have a few thousand dollars I have been saving for a good investment opportunity. Should I jump in now while the market is low, or should I hold on to it closely until the panic is over?

    September 29, 2008 at 10:27 pm |
  15. Jerry Jones

    Should I be worried about get a student loan for college?
    Please anwser, I'm Worried!

    September 29, 2008 at 10:27 pm |
  16. Jenny

    I was trying to pay off two Credit Cards with very high APR's – but now I'm wondering if I should be focusing on saving money instead of putting it into my credit card debt – which one is the smarter choice given the times ahead?

    September 29, 2008 at 10:27 pm |
  17. Jenny

    In order to stimulate the credit markets and get people spending, how about paying off consumer’s credit card debts?

    September 29, 2008 at 10:27 pm |
  18. Ann Loper

    I have some savings in a money market account. Should I worry about that since its not FDIC insured ?

    September 29, 2008 at 10:27 pm |
  19. Brandon Martin Seneca, SC

    Many Farm families have huge debt on there farm. The farm industry relies on cash flow so these debts are a necessary part of business. What happens to us and what should we do.

    September 29, 2008 at 10:27 pm |
  20. David Marchi

    HELP,

    I have all my college money for my 4 kids in college trust mutual funds. should i sell tomorrow and turn into cash?

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

    Suze, I work with a mortgage company as an underwriter. Credit was being tightened well before this for individuals. After this, people will still not be able to get loans unless they have GOOD credit. It is a lose lose. You may be able to keep your job but you will still not be able to obtain credit as in the past as many financial analysts and economist are saying.

    September 29, 2008 at 10:26 pm |
  22. Jessica

    Not only have we lost our moral compass but it seems that we have lost any sense of what this country needs. To the Congress...time is of the essence. This is not the time for the blame game. Just work together to solve the problem. So what if mommy scolded you. Grow up and do your job and save this sinking ship of an economy!

    September 29, 2008 at 10:26 pm |
  23. Minou, New York City

    Hey Suze, thanks to you (your books) I am debt free and I have a Roth IRA. Thank you!!!

    September 29, 2008 at 10:26 pm |
  24. john

    Hope all relies that this goes fall beyond the American makets as the Canadian makets fell 800 points and the world makets are falling now . It may be election time now but now is a time for all to become one and solve and problem that not show well for the US

    September 29, 2008 at 10:26 pm |
  25. Tracey Lake

    When will credit be available? I need to refinance by december..what are my options?

    September 29, 2008 at 10:26 pm |
  26. Patty

    I hate the bailout but Congress must pass somthing to save our economy and make it read so this can never, ever happen again,
    no matter who is in office in Washington.

    September 29, 2008 at 10:26 pm |
  27. Catriona Sutton

    Suzie,
    Where do I start. I follow and belive your philosophies. I am trying to raise a family we have $100,000. in savings thankmy listening to you as a real Estate agent tax paying mother of 4 should I buy stocks or real estate or leave it in the bank. As a real estate agent maried to a carpenter what should we do.
    Catriona Sutton

    September 29, 2008 at 10:26 pm |
  28. Al

    Anyone: Are credit cards the next house of cards? They are often given without security, especially to students in college.

    September 29, 2008 at 10:26 pm |
  29. Fjola

    Suzy, what will happen tomorrow? Will we keep losing a trilion $$$ per day until Congress is back from break? How much time do we have?? Today it sounds like we are 1.9 trillion in the hole, the loss of today and then the 700 Billion.

    September 29, 2008 at 10:26 pm |
  30. Danny, Midland, Texas

    I want to ask those who don't want a bailout, do they have investments or need student loans.

    I am an average joe and barely make enough money. Everything that I can safe I have put it away through investments. Now what little I have put in is going fast.

    I am really nervous now. All my hard work to put money away for my future in order to use and open my own business when I graduate is going down the drain.

    I see my future going down the drain fast and really worried if not scared.

    September 29, 2008 at 10:26 pm |
  31. John

    Constituents only have influence where the elected representatives have their seats up for grabs. The rest will do whatever pleases them, regardless of their constituents and regardless of whatever party they are.

    September 29, 2008 at 10:26 pm |
  32. Fran L

    A friend told me, that the time limit for the FDIC Insurance Company can be up to 75 yrs., to pay out the customer.. Is this true that the time limit can be up to 75 yrs before I can recieve my money back if a Bank fails?

    September 29, 2008 at 10:25 pm |
  33. Ted Schull

    Here's a practical question for Suze Orman: If I can borrow money at 5% from my 401-K, wouldn't it be smarter to borow the money, pay myself 5% and pay off my credit card debt? I have about $10,000 in credit card debt at > 10% interest (2 kids in college) and am paying well above the monthly minimums, but this market has me thinking that I should eliminate the debt and pay myself first. I continue to contribute to my 401-K as well.

    Ted
    Allentown PA

    September 29, 2008 at 10:25 pm |
  34. Roweena D'Souza

    The worrisome factors if Asian stocks continue to tumble and with all the rumors flying around of bank collapses is that foreign banks have hardly any protection. For a fact banks in India, insure only a paltry $2500 compared to the $100,000 here in the US.

    September 29, 2008 at 10:25 pm |
  35. eric Walker

    @Larry Wrote...Why is all of this economic backlash ignored the fact that in 1999 ‘alleged’ collusion by Acorn, Illinois State Sen. Obama and President Clinton ‘encouraged’....

    There's nothing wrong with expanding home ownership to those with less than stellar credit. There is something wrong with giving them home loans that double and tripple after 3 to 5 years. The banks thought they could pass the risk to others. I have missed a payment on a credit card and have a different one raise my rates from 9.9% to 24.99% because of it.

    September 29, 2008 at 10:25 pm |
  36. Al Ribas

    Anderson,

    I'm an engineer not an economist but why don't we go back to basics. Let's start restoring confidence with the public by increasing the FDIC insurance amount of banking accounts to $200-500K. This may stop the run to the banks. Subsequently, we can structure an economic bailout.

    September 29, 2008 at 10:25 pm |
  37. Suze

    My husband & I currently have approximately 500K in cash – in savings accounts (FDIC insured). We are in our late 30s, no kids.
    We are too scared to put our money into anything (stocks, etc) at this point, so can you please tell me when would be a good time to invest and in what?
    Should we wait until this passes and just keep the money where it is right now?

    September 29, 2008 at 10:25 pm |
  38. Cleve Lancaster

    This is extraordinary evidence of the isolation of our elected officials. They don't share our health insurance problems, they pay into their own retirement funds, and they get paid wheather they perform or not.
    It's not Wall Street that got us here, it's the professional politicians.

    My retirement is not secured, I pay my own insurance, and if I don't perform or my employer gets hit by the credit market failure I'm out the door.

    September 29, 2008 at 10:25 pm |
  39. Billy

    This is a question for Susie O
    My mom has POA for her life partner's finances. The majority is tied up in the stock market. It lost $11,000.00 today. Should she pull the rest out now or try to ride it out. The money is used for healthcare. What would you do?

    September 29, 2008 at 10:25 pm |
  40. martin

    Today not only big companies lost huge dollars. The biggest losers were the everyday worker who now have lost their ability to credit as well. How will the "new" USA" live without credit?

    September 29, 2008 at 10:25 pm |
  41. John Arack

    Suzi-Its on paper. The markets will adjust and eventually go back up..

    September 29, 2008 at 10:25 pm |
  42. Charlie O

    My question to Ms. Orman..if the market rebounds and goes back up, not that I tihnk it will,but if it does,,,does that mean the market recovers 1.2 trillion ???

    September 29, 2008 at 10:25 pm |
  43. Susan

    Roland Martin is correct that the American people do not understand it. The reason for this is massive but most it is because we are being inundated by so called leading financial experts and economist with different opinions. On one station we hear that indeed the sky is falling and on another we hear that this is just another scam to line the pockets of the "big wheeler-dealers". Fear can either paralyze or act as a catalyst. I believe this is such a huge decision placed in the hands of Congress men and women who are not professional financial specialist; more information needs to be transparent to all of us.

    September 29, 2008 at 10:25 pm |
  44. Hannah S.

    Question for Suzi Orman,

    I am a single mom who work very hard to support my family, 43 yrs old have $100k in mutual funds, $50k in 401K, and $350k in CDs in 4 different banks all FDIC insured. I am worried about the Safety of my money in the bank. I do not own a house becuase I sold the one I had a few months ago to move to California.

    September 29, 2008 at 10:25 pm |
  45. Scott

    Question for Suze:

    Hello live in the central valley. My home has depreciated 150,000 dollars (Bought in 2005). My neighborhood has become undesirable (section 8, foreclosures, rentals etc). I want to walk away from this home, but securing a home in a more desireable neighborhood first. I make good money and have no debt. I accept that I made a bad business decission and I am writing it off as that. Why should I not walk away. The banks are not willing to reacess my home for its current value.

    September 29, 2008 at 10:24 pm |
  46. Stephen

    I wish people would just wake up and listen to what Suzi is saying right now – we are not bailing out "Wall Street" - we're bailing out ourselves. Most of us are so linked and dependent on the markets. Wake up America - we need Wall Street!!!!

    September 29, 2008 at 10:24 pm |
  47. Eric

    Where does the lost money go to? The money did not dissapear, it went somewhere?

    September 29, 2008 at 10:24 pm |
  48. Harley

    Hi Susan

    We have a credit card w/ a limit of $5000.00. We have a extra $1500.00 on hand to pay on the card. We have a total of 3241.00 own on the card. We are walking in to a new home mortage. Should we pay it on the card or hold on to it and add it to the 6 month fund??

    September 29, 2008 at 10:24 pm |
  49. Rob Carter

    Jacob,
    As a 23 year veteran (retiring next summer) Youare sooooo right!

    September 29, 2008 at 10:24 pm |
  50. Yvonne

    I think the way the bill was presented to the public was wrong. It should have been called a bail out for "All Streets" instead of just Wall Street. Calling it a wall street bailout caused the Republicans to play politics because they knew the public did not understand it and that the majority of Americans would oppose a so called Wall Street Bailout, so the Republicans voted against it strictly to gain political points.

    September 29, 2008 at 10:24 pm |
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