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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
question for Suzie Orman....
In these financial times would you recommend an Index fund annuity?
Are they a safe place for one's money?
Suze,
I've been sitting on 150K cash. Should I invest now as lump sum or dollar cost average in or just hold onto cash?
Anderson , If so many people in Congress don't trust the Paulson and
the President why did they not bring in Experts to advise both party's while they were coming up with a plan?
Is it possible that in couple years we have repeat with credit card debt?
I'm 57, single and have very little in my 401K (30,000). I also have about $12K in credit card debt. Should I take my money out of 401K and pay off my credit cards off. Once the off the credit cards I would have more money for savings (currently on $1,200 in savings).
Hello everyone - this is an alarming night. Yes, all of you who are deeply offended by the outrages on Wall Street are absolutely right. Earlier this year, after all, the financial firms paid out some $30 billion in bonuses to their folks - and now we as taxpayers have to keep them afloat. Yes, there is good reason to be angry.
But there is a real danger here that if we don't act, we will be engulfed in a much, much bigger catastrophe that will punish every one of our families, no matter what your economic position. Please remember that in the amended, compromise bill that was voted on today, there were specific provisions that within a short number of years, if the U.S. government had not fully made up the losses it suffers in buying up these toxic mortgages, it can tax or force these financial companies to pay the difference. This is one of many safeguards that has been built in to protect us as taxpayers. So, I see this as a matter of investing in some insurance to protect ourselves and the rest of the country.
Please remember this, too: this bill is now pegged at $700 billion and all of us gag at that number. But we send about $500 billion a year - every year - to petrodictators overseas when we buy foreign oil. Let's please keep this in perspective.
And good for Suzie Orman to tell us some hard truths - and to help us through this.
I like your show and particularly like David Gergen and Ed Rollins.
Dear Anderson, Suzie and Ali:
How do you think the financial crisis will affect Social Scurity Disability payments?
HEY SUZE!
I’m a nurse and my finace is a teacher (both so-called “recession-proof” jobs) and are both employed full time. My question is that when the time comes for us to buy a house, will the money be there for us? We are both in our mid 20s, so we have some time, but how long will we have to wait?
thanks
I am a recent college graduate and I opened a mutual fund account after all the advisement I received while in college and now I'm afraid to keep inputing money since it drops everyday. What should I do?
I'm not sure if anyone was actually "for" the rescue plan or bailout, whatever you want to call it. I am also for those in Congress representing their constituents, but when does the common good for the country overrule that? It is about those on "main street" but not at the same time. We are trying to create an either/or situation when it really isn't.
If I Have $120K in a single account in a bank is the entire amount covered under FDIC if I put my child on as "POD"
What's the point of keepingyour money in FDIC isured banks if the dollar goes under...sure you'll get your money back but it wont be worth anything. Wouldn't it be wise to invest in gold?
Suze –
I'm in a position this week to pay off my home equity line, CC debt, as well as a small business loan. Now i'm wondering if I should keep the cash and not pay off the loans?
thanks
For Suzie,
If I have liquid cash, what is the best thing to do with it right now?
What is going to happen when China pulls all their investiments from the USA because of the low payback?
Question for Suze Orman. I've heard that bonds are a good investment in these times, but what kind of bonds. Savings bonds, government bonds, munibonds? This is very confusing.
Anderson,
Good Evening! My question is for Suze. I have $100000 sitting in the bank and also have 8 months of savings for emergency need. Should i put that $100000 to pay off part of my mortgage?
I lost money in my 401k today due to the market. Susie, do you suggest taking out the rest of the money in my 401k and transfering it into an IRA that is backed ny the FDCI ?
AC –
Can't the president force the house to come back and work out a new deal to bring up for a vote? Seems like something that should be in his power.....
Regards – JP
Can someone please explain – how come our congressional leader fail us again saying 'someone's speech' alienated them so that they had to vote against the future of our country. Do they know what they are talking about? Do they know the present situation that we are facing?
Shame on them! I will make sure that they never ever represent the people again.
Could this be a good time to buy a house?
Thanks
Question for Suze:
I've been contributing to my 401K through work for about a year now. Should I stop contributing and put my money into savings instead? I'm only 34 years old and am in it for the long haul, but what if my money evaporates and there is no long haul?
Hi Anderson, hi Suzie:
I'm trying not to panic. Please tell me what to do with the $21,000.00 that is left in my 401k plan. I cannot just watch it dwindle away anymore. I am 40 yrs old with a young family and I lost my job and our house. My husband's income is barely enough. This is a wake up call for us all to pull together and vote out the Republicans for the good of our country.
I have a question for Suze Orman. I use credit cards for everything, but pay them off each month. Could this "credit crisis" affect my ability to use my credit cards in the future?
Question for Suzie....
If I have some cash right now, is there any smart place for it? I hate to take advantage of a horrible situation, but is there any way to possible come out ahead thru this? or should I just leave it in my mattress?
Hi Suzie,
If the problem is that credit is not easily available to the banks, why not the fed give the banks a loan at a low rate? Will that not solve the problem? Just a naive question.
Pat
What about retirement accounts like my teamster pension? Where do they invest the money?
Danny, Midland, Texas September 29th, 2008 10:20 pm ET
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.
Yes Danny..... I agree with you..... I am afraid that too... we are going broke.......... or we lose our money......
Please ask Suze.
I currently fund my Vangaurd IRA every month, appox. 600.00. Should I continue?
I have a domestic partner. We are in our early 40's. Still paying off credit card debt, and we own a home.
AC;
Keeping them honest: Your economics guy stating the big corporations borrow from banks to meet payroll – that's not keeping it honest. Banks would look at that as bad lending. Working capital loans are for growth, equipment funding, short-term needs – not the paycheck going to an employee.
Any company in that need would be on the brink of failure.
I'm only 31 and have a 401k. How can I make some money with this market downturn? Should i just take some money out of a savings account to buy "blue chip" stocks like IBM or Apple now that they've also gone very low?
Suze
what do we do now with our mutual fund IRA. convert it to money market? cash it out and buy gold??
Suzie,
Is it a good time now/tommorow to invest in individual stocks with such low prices?
Mark
Madison, WI
Suzie....Annuities....
I have funds in an ING Annuity that is not State Insured...should I move it @8% penalty....
Hi Erica@ anderson
I would like to know what is in level 3 of all this securities that we are buying from this banks.
I paid taxes, like most american, , It should be and open book of what is this bailout. i agree we need to do something, how ever i need to know what is this "soup" of this bailout.( l personal lost 30,000.00 in the stock market) So i feel the pain, i work pretty hard. i believe we need to have regulation and do the bailout. (even if i feel pretty angry that we have to do it)thanks, maria
I have cash in a credit union that is not totaly insured. Is it advisable to put the excess in tax free municipal bonds ? Are they safe , considering that the major insurers of these bonds have been degraded and they may not be able to cover the principals ?
Is this the Right Time to buy a home in chicago.
I am in the minority - a first time home buyer. R 30 yr fixed interest rates headed up or down?
We are a couple in our early 30's who has approximately $5000 that we would like to invest. What would you advise that we do with our cash?
so if you do have some cash stashed, isn't this a good time to jump in the stock market and take advantage of the drops? and what should you buy? Help Suze!
Question for Suzie... Should americans take their 401 k money and pay off debt? Especially if they are not retiring for another 25-30 yrs
Love you, Suze!
Who's a better investment for America's economic future? Obama/Biden or McCain/Palin?
Suzie, I have a pension paid for by my job. I also have a 401 k plan which I put in to. Through Wacohvia Know what?
Ken, Wyoming
Is now a good time to purchase precious metals in the form of coins, etc.?
Suze, to protect 401(k) money should we borrow against it and keep the borrowed funds in an fdic insured account. We can repay the 401(k) in full with the funds–we can keep track of interest we paying on the loan–at this point we are losing more than the interest we would have to pay on the borrowed funds. What do you think? Also, should we stop the weekly contributions?
If we have more than $100,00 in a money market fund, should we move portions of it to other money markets to be sure we are insured?
what is the gverment insured amount of a joint credit union account?100,000 or 200,000
Hey Anderson, question for Suze Norman. My father is 66 years old and has about 120K in his 401k but yet goes to work and is employed. Can he take out lets say half of his money and put it in his savings without penalty?
The government could pay off most people's morgages in the country for waaaay cheaper than this bailout.