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September 30th, 2008
09:30 PM ET
Live Blog from the Anchor Desk 9/30/08
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Why are putting a bandaid on a broken leg? We should be fixing the credit problems properly. The stock market will rally, and bailing the banks will only put money in the pockets of those who have enough. Give the money to the people, the hard working american taxpayers. It will trickel down and help alot more than giving money to banks, ect to bail out the rich.
I have a adjustable rate mortgage that will reset in 4 years. Should I refinance now while the rates are low.
Ken.
Albany, NY
Why don’t they include Fico score reform or add an amnesty type bail out for Americans and lower interest rates on credit cards and mortgages? There are many people that have money to spend but are excluded from helping the economy because of a flawed credit rating system.If this was included in the bailout bill would it pass?
A question for Suze-
What is the best advice for consumers who have "dangling" credit cards?
That is, credit cards that are open, but not active?
Can closing nonactive cards harm your credit score?
Thanks!
Deneen
(Pittsburgh, PA)
An FDIC question-
Presently, if an account in a given bank is insured to $100K, am I mistaken to think that if I have multiple accounts, joint accounts, POD/ITF accounts, IRAs, etc can increase the insurance at the same bank to much more than $100K by several hundred thousand if the assets are distributed properly?
Why can't these bailout meetings be open and televised to the public. The republicans are saying it's the democrats fault and the dems are blaming the republicans. If the media can dedicate the court tv channel to the OJ Simpson trial, why can't they televised these bail-out meetings so the American public can decide for themselves who is doing what.
Question for Suze Orman.....My husband and I are 67 and 69 respectively. We have 80% of our money in a money market fund thru an investment company which is not FDIC insured. Should we rollover that money to a FDIC insured IRA plan in a bank, or is it safe in the money market fund thru the investment firm?
Good evening,
What is this other bailout plan, seen earlier on Lou Dobbs, where there would be no taxpayer money used? Is it something to consider and why isn't it?
Suzie,
My mortgage balance is over $800,000.00 and I had the home appraised at fair maket value by a real estate agent and it appraised at $385,500. because of all the foreclosures in my neighborhood. I am currently 2 months behind and in April 2010 my mortgage payments will jump to 6200 a month. I currently have the house on the market as a short sale. Not sure what to do...I do not want to walk away from my home. My investor is not working with me.
Any suggestions?
why can't the govt just give the 700 billion to the people? wouldn't that help the economy?
Will this bailout make the U.S. dollar fall even lower against the Euro and other currencies?
It is a shame that the members that voted the will of their constituents are being criticized of playing politics and giving into the pressure being put on them by voters.
Suddenly millions of Americans who never bought stock are going to be the owners of insurance firms, brokerages and mortgage companies. They broke it, we bought it — so we might as well enjoy it.
Ron Paul would have never accepted this.
JZ
Hi Suze,
I'm 27 yrs old, and self employed. Right now I only have and IRA, but haven't contributed for the past year. Is it a good time to contribute a big chunk of money since stocks are down and I'll get more for my money?
thanks,
John
Los Angeles
Why is their legislation in the bill allowing the Treasury Secretary to bail out foreign central banks?
Anderson, I have watch CNN almost all day, for the last two and a half months, and I haven't heard anyone addressing the goverment's thrift savings plan. how safe it has been during this stormy weather? where would it be the safest place to put our money? I'm a postal supervisor, I still have 12 yrs. to go before retirement.
By the way continue to keep them honest!!!
Nelson
Question for Suze,
I just started a new job 6 weeks ago. I had to invest in a pension with AIG. I have a choice to invest in a 403b should I do that now or wait?
Why are the American people not being represented in this bill?
Why are they attaching a mental health bill?
QUESTION FOR SUZY ORMAN-
We have one year left on our ARM and are looking at refinancing to a 30 year fixed. Our current rate on the ARM is 5.625%. With the uncertainty of rates moving forward, should we lock in now at the best rate we can on the 30 year fixed? Or wait to see how everything plays out?
Thanks so much!
Jennifer in Illinois
what would make me support this bailout :
1. execs involved in companies taking federal funds are sacked, new hires salaries and benefits kept at a moderate rate
2. if you want the taxpayers money, you must bring all outsourced jobs back to US and hire our OWN talented workers
3. bipartisen oversight, and regulations with teeth
Do you think the banking industry is the only industry the government needs to bail out?
Is this bill going to help the housing market and auto industry?
Suzzie, with millions of American's losing a significant portion of their savings, when will the Government raise the $3k dollar exemption for losses to $15-25K dollars?
@@ Lori (Canadian living in Japan) evening everyone…
I still don’t understand why the amercian people are not behind the bailout…don’t they get it….if they want to borrow money the banks need money to lend out!!!
aaahhhhh….conservatives!!!
Lori, Americans (both sides) don't want to bail out Wall Street.
What is the most important thing current college students should be worried about? Getting loans, interest rates, or entering the job market?
What about low income people. Everyone talking about middle class and Rich what about low income. People who make 40,000 a year and dont have a house? Why should we have to pay
I am on the inbetween on the whole bailout subject. I am for it because it will help our economy, but I really dont want my hard earned money going to greedy CEOs. I work with individuals who have Cerebral Palsy, all of them different levels of severity, but the majority have never worked a day in their life and they rely on social security and other government funding to keep them going, and knowing that this affects them, I want the bill to go through. I just dont want this to be a 'safety net' that these companies use when they mess up.
FLOW DOWN?? There is little to flow after the guys at the top of the business are allowed to skim of what they want first and it is FRAUD! I am so, so sick of hearing this philosophy. Obviously a lot of people don't realize how prevalent greed is in this country. What a shame.
AC,
I was on the tour bus today in NYC, next to a couple from UK. They said if the US economy sneezes, the UK catches a cold. How has the past two days affected the World's economy? How are banks in other countriesperforming?
hi suze,
my mother passed away a month ago in wisconsin. my siblings and i are now in the process of dealing with her estate. among other things, she has willed us several mutual funds made-up of stocks and bonds. apparently we have to deal with this within a year. i'm concerned that the oveall portfolio value is going to shrink significantly if we don't take some sort of action. is there anything we can do to safeguard this money?
joe
tapei, taiwan
Will the current crisis cause credit cause credit card interest rates to increase? Thanks.
Suze, I have a tax deferred compensation plan through my employment with the State with about a 70K balance. I lost about 2000 in the last few days. I currently have 60%of my deferrals in the stable income fund, 20% in large cap mutual funds and 20% in balanced funds. My question is should I change my future deferrals to 100% in the stable income fund? I have a pension which will probably give me 60% of my income in retirement and I have six years to retirement. Thanks.
Suze,
There is still so much public resistance to a Wall Street bailout...it seems that many people think that we can weather this without a bailout. Is that possible? Not everyone is maxed out on credit cards, over their heads with a mortgage or living beyond their means...
from what i have heard from Mr. Velshi, the credit freeze will only prevent those with bad credit and no down payment from borrowing, so the bailout will enable credit institutions to loan to the ones that put us in this mess to begin with by borrowing money they has no business borrowing to begin with?
Why can't the 700 billion be divided amongst the American people to stimulate the credit market (economy) instead of giving it to Wall Street? For a family of five this would be over $11,000.
We hear that FDIC covers bank deposits of up to $100k. Can you please explain what that means? Does that mean that you should not have more than $100K in total in any bank, regardless of the number of accounts you have in that bank ? Or does that mean that you can have as many accounts as you'd like at the same bank as long as each account has $100k or less in it?
Thanks,
Cindy Neumann
Suze,
Is SIPC insurance at Fidelity safe? I have a cash reserves
account there and wonder if it is safe like FDIC insured?
Thanks!
Hey, phil from boston, ma: you think Obama will do better? Have you seen which corporations are funding him? Time for third-party or independent candidates!
Suzie @ Andy!! LOVE YA BOTH!!,
I currently have no credit card debt and pay all my pills on time. Without the bail out, Will I be able take another student loan next year?
Suze:
What about people with no debt to pay off, living frugally, have the 8 month emergency fund and make too much for a Roth IRA?
Shall we just keep funding our 401K's and IRA's to the max?
I have a contract on a house (going through a divorce). Should I wait to tie down an interest rate in hopes of rates going down should a bail out pass?
I am so fed up with politicians! None of them are leading and no one is telling the truth with the exception of Ron Paul and others like him. I am going to switch my vote for Obama to a 3rd party candidate and vote out all incumbents. It's time to clean house Anderson!
As a 21-year old new college graduate about to start a career starting next year, what should my investment goals be? Should I stick with the 20% in 401(k) plan that has been popular advise from most of the experienced people I have talked to. If so, how aggressively should I invest whatever I put in that investment account? If not, what other savings options do I have?
Why not point out that the banks can't borrow money because the funds loaning to them has lost confidence in the banks decision making. The bank made bad loans and now their credit rating is horrible. The banks are too leveraged bottom line. They should not be bailed out. Where are the alternatives?
I'm so glad everyone id behind this $250,000 FDIC. We need all of our branches now behind this revised "investment(Bailout) plan.
I am 63, just lost my job...when should I take my pension? I need some of it to help pay my bills including a mortgage.
Suze Orman,
1st of all, you are my hero. I'm a junior at Southern Methodist University in Dallas, Texas and I'm trying to go ahead and put some money away. Yesterday I opened up at $1000 6 month CD with Citibank. I'd like to put some more money away (around $2,000). What should I do with it? Should of put it in the CD? I want it out of my savings, because I WILL SPEND IT!
Again, you rock SUZE!
B-PAX, Dallas, Texas
Good evening, anderson. Have a question for Suze. I was very surprised to see Suze keep mentioning yesterday about losing a trillion dollars in the stock market. I think there is a difference to losing stock value ( which to me is a perceived value of a stock – speculation ) to bailing out Wall street. Why shouldnt the Fed directly be the lender to small businesses or home mortgages on an interim basis and let Wall Street suffer for their mistakes ?
Thx
- pady
What we should do if our money is on the stock market? we will sell everything and get the cash or we'll better wait?
thanks
Evening Anderson and everyone,
Market recovered 50% today but the impact of Monday hasnt been seen yet–how long until we begn to notice?? Everything is so unsettling latly....
Suze,
Most of us out here are not on "Main Street", we are on "the rest of us street". We can't afford to buy a house, buy a car or even get new credit. We are living paycheck to paycheck and don't have $100,000 in the bank. That's why I think we don't want this bail out to occur - it doesn't seem to benefit us at all. What are the ramifications of this not passing? The "every day " people out there don't want this at all.