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September 30th, 2008
09:30 PM ET

Live Blog from the Anchor Desk 9/30/08

For what’s in the program take a look at tonight’s Evening Buzz.

Don’t forget to watch the 360 webcast during the commercials. LINK TO WEBCAST

And take a look at Anderson and staff on our live web camera from the 360° studio. We’ll turn the camera on at 9:45p 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 (445 Responses)
  1. Terry

    When all is said and done with the bail out package, and the election is over, I would love to see the winning presidential canidate show the American public what he is made of......

    One way to do this would be to bypass the parades, parties and pomp and circumstance that have become a tradition with each inauguration. During this crazy time they should save the tax dollars, have a simple ceremony and get to work.

    September 30, 2008 at 10:26 pm |
  2. Amy Charney

    Hi Suze,
    We finally – after having moved to North Carolina three years ago – sold our house in Boston. We bought a home on NC and are happily living here. We sold our house for $100K less than we bought it for in 2004, but still walked away with a check for $221,000. Where should we keep that money so it's safe?

    September 30, 2008 at 10:26 pm |
  3. CJ King

    Why dont we get back to the gold standard? It seems like our dollar isnt worth the paper its printed on. Can't the american people do something to make this happen?

    September 30, 2008 at 10:26 pm |
  4. Kitty Estabrook

    My pension plan is "almost fully funded." I understand this lessens my risk. How does this work, and if my state pension fund can do this, why can't social security? Thanks!

    September 30, 2008 at 10:26 pm |
  5. Derrick

    Banks/Financial Corporations will do what they're designed to do: Take the bail out money, strengthen their balance sheets and look after their investors. They're obligated to their investors, screw the American people. They'll have lawyers find loopholes in the law and pay lobbyists to keep lawmakers off their backs.

    September 30, 2008 at 10:26 pm |
  6. Rick DeRosa

    Suzie, I'm 61 work full time, own 3 homes-no morgages or car payments have a 780 fioc with only 6% debt of total credit. Have 401 with 300,000. Should I sell 1 or 2 houses and bank it? They are no rentals involved.

    September 30, 2008 at 10:26 pm |
  7. Matthew

    I thought this financial crisis was caused by credit that was too easy to get. I don't see how freeing up credit is going to solve the problem.

    September 30, 2008 at 10:26 pm |
  8. Faith Frankel

    As a 69-year-old with most of my savings in a self-employed 401K money market account, and some in a regular IRA in a mutual fund, I am actually afraid to look at my balances. The mutual fund has been steadily declining this year. I want to keep working at my freelance writing work but new projects are few. Should I leave my money where it is or get out of the mutual fund?

    September 30, 2008 at 10:25 pm |
  9. Joanne

    Question for Suze – Shall I move my money from a money market mutual fund to a money market deposit account.

    September 30, 2008 at 10:25 pm |
  10. Stephen

    Suzie,

    I am a 35 year old domestically partnered male who owns a house with my partner in Florida and have a separate home in San Antonio, TX. The home is currently under contract, but I have just learned that the buyers have not qualified for a loan as a result of the credit freeze. The buyers are also tenants covering the mortgage.

    Should I bail and put the home on the market, or keep them locked in while they cover the mortgage payments?

    September 30, 2008 at 10:25 pm |
  11. Susan

    For Suze. I am 50 years old and on Social Security Disability. I have a 401k from a previous job that I no longer contribute to. It has recently dropped from $20,000 to $14,000. What would be the best course of action in this situation? My finances are very limited.

    September 30, 2008 at 10:25 pm |
  12. Lisa in Durham, NC

    Suze,

    My husband and I have close to $100,000 in the stock market and on paper we are at a loss of $33,000 currently. It may take years to break even. You would not suggest cashing out, correct?

    What do you think about putting additional money into the market to purchase stocks that are oversold?

    Lisa

    September 30, 2008 at 10:25 pm |
  13. Brian

    Why would thebanks not just refi these arms and subprime loans?
    Would they benifit more since the first 5 to 10 yrs of the loan is intrest?
    Wouldn't this give the banks fresh and steady money flow and since they aready hav colected the intrest on these so called bad loans up front they would basicaly be getting a second bite at the apple. and the tax payer would not have to flip the bill.

    September 30, 2008 at 10:25 pm |
  14. Katie

    Suze,
    My husband and I want to take advantage of the "sale" on stocks and mutual funds by investing about $2,500. Is now a good time? Should we wait? And what is your take on green technology mutual funds?

    Thanks!

    September 30, 2008 at 10:25 pm |
  15. James

    Suze,

    If a bailout of the credit markets and Wall Street happens, what do you project the effect on the value of the dollar to be (inflation) and what will the effect on the commodities market be? These are affecting more of the common man right now. Everything I am hearing is that this will devalue the dollar much more and the price of gas, oil, etc. will skyrocket again! What say you?

    September 30, 2008 at 10:25 pm |
  16. Jeff

    Is the Senate bill lifting the FDIC insurance limit to $250k supposed to make us NOT take our money out of the bank?

    Just wondering what the REAL purpose is other than showing us the bill includes SOMETHING for us?

    September 30, 2008 at 10:25 pm |
  17. Sandi from Ada, Michigan

    Susie, please give us examples of what percentage of Americans use credit...And how many of us will be affected if our credit dries up.

    September 30, 2008 at 10:25 pm |
  18. Renee

    Hi Suze, Hi Anderson,

    I just recently moved crosscountry and am looking for a new bank. My question is- is it better to open an account at a credit union, such as Navy Federal, with the current bail-out situation than a regular bank? Or is there not much difference? Also, is one better to consolidate student loans through?

    Much thanks,
    adore you both
    -Renee

    September 30, 2008 at 10:25 pm |
  19. Deidre Hughston

    Question to Suzie,

    I lost my Mother in July and have inherited an annuity of which I have cashed out but the majority of it is still in a cash account held with Metlife. I have left it there because it is earning 3% and I wanted to keep it liquid since I will have to pay tax on it. Should I leave it there or move it to a bank CD?

    September 30, 2008 at 10:25 pm |
  20. bobbie

    my house has been for sale since may 1. we have dropped the price to point where we will, after paying real estate agent fees, just break even. Will someone be able to get a mortgage to buy house even at such a low price? thanks bobbie

    September 30, 2008 at 10:25 pm |
  21. Mike, Syracuse NY

    Suze, most of my retirement is in defense stocks. They are doing great right now, but should I stick with them. I'm 10 years from retirement. My house will be paid off in a few years and I have no other debt.

    September 30, 2008 at 10:25 pm |
  22. Michael

    Hi Suze, I'm 25 years old and have been aggressively funding my 401(k). I already have an emergency savings plan and very little debt. Should I be concerned about my 401(k)? I hear people say I should stop investing, invest less, or invest more so I can "buy low?" What do I do?

    September 30, 2008 at 10:24 pm |
  23. Jose

    Using the $700BN to buy Mortgage Backed Securities from FI's at discounts would mean that these institutions will have to take writedowns if they have not done so which would further reduce their already low capital. With less capital, the more they will not have the appetite to take on additional risks even if they do have the money. So how can this formula unfreeze credit? What a waste of taxpayers money on a flawed solution.

    September 30, 2008 at 10:24 pm |
  24. Robert E. Chicago, IL

    Hey Suze,
    Where is the government going to get the $700 billion dollars and should this high a price tag be a good thing when we are already trillions of dollars in debt as a nation?

    September 30, 2008 at 10:24 pm |
  25. Joseph

    What about managed 401Ks and 529s? Should we trust these managers to be conservative enough with our money?

    September 30, 2008 at 10:24 pm |
  26. Bob, Colorado

    Quick, go buy the Biggest house you cannot afford. Quick, buy all the toys you want, and max the credit cards. Someone is lining up to help pay for them. Quick Quick Quick....oops. too late!

    September 30, 2008 at 10:24 pm |
  27. Leonard Cowan

    My mother banks at United Heritage Credit Union. It does not state they are FDIC. They have NCUA and ESI. I have looked them up on Google and I am still not clear what they mean. Can you help? Please!

    September 30, 2008 at 10:24 pm |
  28. glenn

    I'm interested in the no bailout plan that a couple senators are pushing. They say we should try it and if it doesn't work then try the bailout. I would like to here the panel discuss this.

    September 30, 2008 at 10:24 pm |
  29. Angela

    So Bank CEOs want the American public to purchase their bad exotic securities from them...then what? They continue to make bad loans? How does this bailout get the banks to circulate money again? We have been in the habit of exporting debit.....When will we learn to export services and products???

    September 30, 2008 at 10:24 pm |
  30. CJ King

    I am 26 years old, and have held my job with a major corporation for the past 5 years. I am putting into my 401k, but this year alone I've lost more than half of my total contribution to the "change in market value". What would be my best bet to make sure I lose as little of that money as possible?

    September 30, 2008 at 10:24 pm |
  31. Travis Mitchell

    Hi Suze

    I'm 41 and just this year finally paid off all my student loans and credit cards and started investing in the market (mostly index funds, 75/25 mix with bonds)! I've already lost almost 10% since this spring!

    I'm single and rent my apartment, no kids and am a free lancer. I've got my 6 month emergency fund in place and health insurance. Now that I've got my head above water I'm looking to save about 1k per month (12k per year total to catch up). I've already maxed out my Roth this year. Should I keep investing in the stock market for retirement, or would there be a better course of action?

    Thanks, you're the best!

    Travis, Los Angeles

    September 30, 2008 at 10:24 pm |
  32. Aaron

    Suze, I am a 30 yr old young professional and thinking of stopping my voluntary 403b contributions during these tough times. Can you advise me?

    September 30, 2008 at 10:24 pm |
  33. Chad Rider

    For Students: I am planning on starting school this fall, I will be in need of student loans, should I be worried? I have fair/good credit- no derogatory avg score 670.

    September 30, 2008 at 10:24 pm |
  34. Rene Tapia

    Hello Suze,
    I am a student at the University of Texas at Austin and I am looking to graduate in May of 2010. So my question is do you think there will be student loans available in the future?

    September 30, 2008 at 10:24 pm |
  35. rex

    Suzie Today I changed my contribution in my 401k down to 1% until the market begins to turn around. I am going to put what was going in my 401k in our money market account. I have 6 years before retirement. Have I made the right move.

    September 30, 2008 at 10:23 pm |
  36. William

    Hi Suze,

    I just turned 25, earn just under 70K, and contribute 6% (max employee match) each pay period. I have almost 10K in credit card debt and 80K in student loans. Given the current market situation should I stop contributing to my 403b an use the extra money to pay bills until the market stabilizes?

    September 30, 2008 at 10:23 pm |
  37. JAMES AUMER

    Hi Suze, What would happen if we lowered everyones % rates on the arm as well as fixed to be all the same say 4.75%? wouldnt that keep everyone in a home and give more money back to those that are paying now more breathing room for more spending? I think most companys could handle a 4.75% back on an average price of a home of $200,000.00 over 30 years! I dont know if I am way out of the park on this one or not but a small gain is better than no gain! Thanks from Jim in Minnesota

    September 30, 2008 at 10:23 pm |
  38. Alex

    Suzy,

    If the credit card companies pull back on our credit limits, will that affect our FICO scores?

    Thanks.
    Alex

    September 30, 2008 at 10:23 pm |
  39. Evelyn

    Did anyone see the price of oil dropping? Did anyone see the price of gas go down? What is next...the price of food going back down?

    Who wants to bail out Mr. Oil?

    September 30, 2008 at 10:23 pm |
  40. Tonya

    Suze,

    I am working full-time and returning to school full-time to change careers. I recently took out a student loan to pay for my graduate education and already have prior student loans from my undergraduate years. What should I do now with any residual monies I may have left over?
    Tonya

    September 30, 2008 at 10:23 pm |
  41. Sussanne Zakhireh

    Hello Suze,

    We have been hearing a lot about banks and FDIC. But what about brokerage firms such as Charles Schwab? Millions of people, including me, keep our 401Ks in brokerage firms. What kind of protection do we have there?

    Thank you.

    September 30, 2008 at 10:23 pm |
  42. Cheryl

    Would it be smarter to pay off my house since I'm paying 5.78% and my savings is only earning 1.5%? I have no debt except the house ($139K). Savings about $123K not including 401K & IRA (an additional $200K). I'm a widow, 59 y.o., work F-T, annual income about $65K.

    September 30, 2008 at 10:22 pm |
  43. Mary H. St. Louis, MO

    Evening AC, 360 staff, and bloggers,

    Well at least we rode the rollercoaster on the way up today. Wow, what a wild ride this market is.

    Looking forward to see what Suze has to say tonight.

    September 30, 2008 at 10:22 pm |
  44. Raman

    Why do we need the gov to send more money to the firms that recklessly bet them on "stuff" they never understood? They ought to fail! Let the gov lend money to ordinary people and small businesses that need help directly. What is wrong with that?

    September 30, 2008 at 10:22 pm |
  45. Lisa in Clear Lake, TX

    Suze,

    What is your take on the idea floating around of changing the mark to market accounting rules for two years on only subprime Teir II bonds/mortgages? First of all what exactly is that rule, and how would changing it help the markets? Thanks for your time.

    Lisa

    September 30, 2008 at 10:22 pm |
  46. seth

    I bought a house i could afford, and now i will end up paying the mortgage of the guy who bought a nices house than i, that he couldnt afford! Owning a home is not a right! i lived without many things for years so that i could save a large downpayment.

    September 30, 2008 at 10:22 pm |
  47. Mary in TX

    AC this is a question for Suze Orman, I hope I am on the right blog. As most Americans, I am concerned even more today. I have stocks in money market accounts and continue to lose money. I just don't know what to do. If I transfer this money into cd's...will I be penalized? Will I have to pay taxes on it? I just want some solid advice.

    September 30, 2008 at 10:21 pm |
  48. Richard Hewitt

    I have the resolve for the bail out...just give every tax payer making less than $500,000 a year a $500.000 check.. the people will pay up their morgages, pay all their bills, buy new cars. remodel their house. and go shopping...tell me that would not be the best way to make the economy grow and take most everyone out of debt. and its cheaper than bailing out wall street. And afterall we are talking about the taxpayers money. who better to make it work than the taxpayer themselves.

    September 30, 2008 at 10:21 pm |
  49. William (Cincinnati)

    Suzy,
    I am 44. My retirement is in TIAA/ CREF. 70% in traditional, 20% in stocks and 10% in real estate. A friend suggested this is a good time to increase my stock percentage. I prefer to have something at my retirement rather than nothing. I lost retirment money several years ago due to a bad investment by my financial advisor. Am I too conservative with my retirement money? I appreciate your advice. William.

    September 30, 2008 at 10:21 pm |
  50. Beth

    Dear Suze,
    If we wanted to sell our "free and clear" home for top dollar by today's standards, within the next six months (assuming there is still a tight loan market) would it be wise to "carry the papers" and play bank with 15 to 20 percent down, run a credit check and verify ability to pay?

    September 30, 2008 at 10:21 pm |
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