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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. Craig Cool

    Question for Suze Orman,
    I have about $150K with Morgan Stanley in Mutual funds. My advisor has moved to Merrill Lynch.
    Should I stay with Morgan Stanley? Hear the received $9 Billion in funding from Mitsubishi Bank.
    Or go with Merrill, is this a stonger company since owned by Bank of America?
    Just trying to protect what we have and not have to put the $$ in Mason jars and bury in the back yard.
    Thanks.

    September 30, 2008 at 10:30 pm |
  2. Sue in NY

    If the FDIC insures bank accounts up to $100,000.00 and they have approximately 50 billion dollars to cover this amount, how are they going to insure $250,000.00. Do they have enough money or does the FDIC need to put more money into their insurance fund. And where does that money come from?Thanks

    September 30, 2008 at 10:30 pm |
  3. John J

    Good Evening,

    Is it a good option now to put money in low risk bonds rather than investing in stokes?

    Sincerely,
    John
    Minneapolis

    September 30, 2008 at 10:30 pm |
  4. Shahab

    What do you think caused the bailout to fail? Was it genuine concern for the average joes of America or just pure partisanship?

    September 30, 2008 at 10:30 pm |
  5. JR

    Suzie, in June, I move most of my 401k into bonds to minimize my loses. Do you think we are close to a bottom with this market? Is it safe to move my money back into stocks?

    September 30, 2008 at 10:30 pm |
  6. Gary from TX

    What I want to know is how much of this bailout money is going to non-US citizens and businesses. Individual home mortgatges are not the only type of loans that are at risk. Also how much are Wall Street traiders going to benifit from this bailout. I heard a comment from one traider who made over one million on the AIG bail out alone. It seems the ones who are pushing so hard for this are the ones whose careers are dependent on this industry.

    September 30, 2008 at 10:30 pm |
  7. Margaret Wilson

    All this fear mongering reminds me of the boy who cried wolf too many times. It makes it hard to believe that this as a "real" problem.:)

    September 30, 2008 at 10:30 pm |
  8. Leanne Lynn

    Suze- Just wanted to let you know that my bank (Wells Fargo) does not know of any upcoming changes that they intend to make with the new housing rescue plan that goes into effect Oct 1st- your thoughts on this? By the way. we owe $320,000.00 on our home and have been told it is only worth $125,000.00. We are looking at doing a short sale. Your thoughts... thanks.

    September 30, 2008 at 10:30 pm |
  9. bob

    Hi AC and Susan,

    I have a 2br investment condo that has lost $150k in value which i use all my life savings ($70K) as a down payment and am currently subsidising the mortgage by $400.00 a month. am thinking to let it go for foreclosure what do you think susan?
    thnx
    bob

    September 30, 2008 at 10:29 pm |
  10. Bryan

    Hi Suze–I have a significant amount of my cash in a money market based on tax free municipals. Is there any greater risk in this type of money market than others?

    September 30, 2008 at 10:29 pm |
  11. ron

    hI suzie,

    I am one month away from forclosure. i contacted citifinancial and they refuse to lower my interest rate of 12.9%. We are a one income household now and it seem like they don't care. I SAY FORGET THE BAILOUT, LET ALL OF US FALL TOGETHER. THEY WON'T HELP US NOW, IMAGINE WHEN THAY GET THE BAILOUT. WHAT DO YOU SUGGEST?

    September 30, 2008 at 10:29 pm |
  12. Greg

    Suze,

    We're maximizing matching funds retirement savings, but I have the chance to put an extra 30k/yr into retirement PREtax and am now putting in $1800/mo. Should we stop adding this extra money to retirement or just keep going and hope to refinance mortgage for college.

    $17k on 0% interest credit card–will be paid off before interest comes due
    no emergency savings
    no college savings for 13 yo or 11 yo
    $300k in retirement
    putting $23k in SEP IRA (wife's)
    putting 6.5 % matching funds retiremnet to get 7 % match
    197k left on 15 yr mortgage at 4.375 % fixed

    September 30, 2008 at 10:29 pm |
  13. george

    some of my funds are in an ira with a mutual fund broker. i have some additional funds to invest at this time. should i invest themin myh curren account ao into bankk cds for ashort period of time

    September 30, 2008 at 10:29 pm |
  14. Summer Walther

    You have covered the stock market, CD's, cash in the bank very well. How about bonds & bond mutual funds especially those considered very low risk . One example is the diversified portfolio of investments contracts issued by high quality financial institiutions such as Insurance companies and banks. Many of us have a substantial amount of 401K money in stable value funds to avoid the cycling of stock market. Considering this is a financial crisis, what does this mean to those value funds focused on this sector?
    Thanks!
    Summer

    September 30, 2008 at 10:29 pm |
  15. jennifer

    Why are foreclosures that are insured by MIP and PMI not protecting lenders?

    September 30, 2008 at 10:29 pm |
  16. Trey

    Suze,

    I graduated in May from college and I have about 60k in student loans. Should I consolidate my loans or do you think the interest rates will be even lower next July. Thanks

    Trey

    September 30, 2008 at 10:29 pm |
  17. Camille, Ohio

    What is a subprime mortgage exactly? Mine is a 30 yr fixed, 6%apr, that I've had since 2004, but I only put 5% down. It's been sold twice, and is now with Countrywide/ Bank of America. If the bailout goes through, will the government own my mortgage? What would it mean if they do? I have a good job, and no problems paying my mortgage (I actually pay extra to it each month), so I'm not looking at foreclosure or anything.

    Thanks

    September 30, 2008 at 10:29 pm |
  18. Tori

    Hi Suze! My company does not match our 401(k) contributions (but they do voluntarily contribute 10% for each employee into his/her Employee Stock Ownership Plan). I did have 10% going into my 401(k) but today switched it to 0%. I have credit card debt and am 36. Did I do the right thing? I'm thinking I should use that money for debt. THANKS!

    September 30, 2008 at 10:29 pm |
  19. Barb Hobson

    Question for Suzie:
    Financial Engines has advised me to re-balance my 401K by primarily changing my investments from mostly stock funds to 65% stock funds / 35% Bond Funds. Should I do it now or hold off in hopes the market rebounds even more in the coming days? I have about $200K in the 401K and about 10 years faway from retirement.
    Thank you!!

    September 30, 2008 at 10:29 pm |
  20. Robert and Katie (Peachtree City, GA)

    Hi Suze,

    We are having a home built and will be closing in mid-December. We are attempting to decide whether to lock in our mortgage rate now or wait until December. Do you anticpate mortgage rates will be going up or down...or...is it safer to just lock in to a rate now in this volatile market?

    Thanks!

    September 30, 2008 at 10:29 pm |
  21. Jean

    Suze,
    I am a 63 yr old grandmother. I sold my home a year ago and have $350,000 from the sale left in a saving account. I am looking to find another home and am wondering where I can put this money so it will make the most for me, and when should I buy?

    September 30, 2008 at 10:29 pm |
  22. doris

    To Suzie,Ijust retired and have been invested in growth and income mutual fundsfor the past 12 yrs I,m 65 and don't know if I should leave my investments where they are at this time I also have money in a 403b acct.thats in fixed funds not linked to the market I earn 4.5% interest but my fianacial advisor wants me to put it into a variable annuity thru met life so i can still have some growth.I don't need the money now I don't have any debts but I rent what is your advice

    September 30, 2008 at 10:29 pm |
  23. nancy

    My husband and I retired 2 years ago. We are 55 and 60 yrs. old. We invested 80% stock and 20% bonds. Yesterday was a hard hit. We want to reajust our portfolio. Should we ride this out and reajust after the fire goes out or should we reajust now.

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

    Hi Susie,

    I am right out of college and just received a job that has a great retirement plan. I am unsure of how aggressive I should be due to the market. Should I wait until the market gets better are invest more aggressively or just hold the money?

    September 30, 2008 at 10:29 pm |
  25. Holly

    Hi Suze –

    I'll be entering law school next year. How will the crisis affect my ability to get student loans?

    September 30, 2008 at 10:28 pm |
  26. Ruth

    Suze Orman – I'm a 69 year old woman that's retired. I switched out of stock funds I had invested with Vanguard, into Vanguard Prime Money Market and a IRA Money Market.
    Do you feel going with Goverment Bonds, would be the best way to invest?

    September 30, 2008 at 10:28 pm |
  27. Dan

    Dear Suzie,
    I remember inthe late 70's and early 80's when interest rate where in the mid-teens. Worse than now. How is this financial problem different today, and why cannot the market sustain higher rates and worse problems?
    Dan (Houston, TX)

    September 30, 2008 at 10:28 pm |
  28. Jane Shapiro

    Husband is semi-retired and we have been living with Social Security and dividends from his IRA. We have let Chase Bank handle our money in the Market – 70% stock, 30% cash. Spoke to the woman who manages our funds today and she said we should just sit and cut back on expenses and wait it out. My husband is 75, I am 60. We own a house which we were preparing to sell. Two small mortgages – total $80,000.

    What should we do. Dividends will drop and we will have to use principal.

    Thanks,
    Jane

    September 30, 2008 at 10:28 pm |
  29. Wayne

    Why has there been no discussion in Congress about a compromise on the amount of the bailout? Is $700 billion some magic bullet or could they come up with a package that could rescue the economy that has a smaller price tag?

    September 30, 2008 at 10:28 pm |
  30. donna jay

    I am three months behind in my mortgage and facing foreclosure. Iam considering just walking away and saving what I would have paid to the mortgage company, to use as dowmpayment on a rental. If I continue to pay the mortgage, and the home goes into foreclosure, I will be left with nothing. Not even enough to pay for a rental. What do I do?

    September 30, 2008 at 10:28 pm |
  31. Chris Mikola

    Hey guys,
    I keep hearing how the fdic limit is going from 100 to 250 for money markets and saving accounts. Are investments in standard brokerage houses (ie. 401k) also insured?
    Thanks,
    Chris

    September 30, 2008 at 10:28 pm |
  32. jill

    58 year old recently retired. No longer contributing to 401k. Is it to late to rollover into something else ie roth IRA or do i leave it alone during this crisis? Has been untouched for about 5 months and suffered recent losses..thanks!

    September 30, 2008 at 10:28 pm |
  33. Dave

    Suz,
    You have a completely different tone about finacial issues these day. When I see you on your own show you are telling people they shouldn't buy what they can't afford and I believe you don't think people in their personal life should get bailouts. So why are you for this bailout. It sounds like you must have some money riding on this bailout.

    September 30, 2008 at 10:28 pm |
  34. David

    SUZE SUZE SUZE,

    Ive been watching you religously for years and if theres one thing I've learned its FICO FICO FICO. I have a credit card which allows me to monitor my FICO score monthly. By keeping my eye on the ball I have been able to keep a great creit score, even though I have a very working class income, I receive constant offers for great credit rates . If we as Americans learn one thing from all of this its to take control of our finances and live within our means.

    Love ya Suze

    September 30, 2008 at 10:27 pm |
  35. Terry Campbell

    We have several annuities. Are some annuities 300 thousand dollars insured? They are Variable not fixed annuities.We were
    told they are fine.We are retired and we need this to be part of our income.Please let us know. THANKS

    September 30, 2008 at 10:27 pm |
  36. Ray Brown

    Hi Suze: Putting the whole bail-out aside, is this a good time to be in mutual funds in my 401K, considering I have 5-7 years to retire? Given the weekness of the dollor, a market slowdown, a 6 Trillon dollor deficit, and large trade imballance I'm very leary adout any involvment is stocks.

    September 30, 2008 at 10:27 pm |
  37. Brad

    Why is there a part of this bill that will bailout pension plans for only a portion of Americans. Shouldn't this include ALL Americans who have or may be hurt who have pension or retirement plans. Seems unfair, should'nt it be help for ALL Americans or LEAVE IT OUT?

    September 30, 2008 at 10:27 pm |
  38. Mike Lacefield

    Question for Susie Orman.....What would you recommend for a 58yr old retiree who is drawing from his 401-K rollover IRA which is worth $450,000. Thanks

    September 30, 2008 at 10:27 pm |
  39. Jeff

    I haven't heard any suggestions that the World Bank present loans to Wall Street. It seems that the middle class US taxpayers are having to carry the load for the world economy. What are your thoughts?

    September 30, 2008 at 10:27 pm |
  40. Delores

    Is a certified check written by a bank yet maintained outside the bank, under the mattress so to speak, considered a safe deposit and still insured by the FDIC?

    September 30, 2008 at 10:27 pm |
  41. Cindy Erickson

    We're told that credit has been forzen over the last week. How is it that JP Morgan Chase was able to take over Wa Mu?

    September 30, 2008 at 10:27 pm |
  42. Theresa Petrello

    Can someone please explain to me why there is still a proposal for a bailout?? Everyone I've talked to and a good 90% of the comments I read on many sites, have said they do not want any bailout!! The AMERICAN PEOPLE have said NO BAILOUT!!! So why is congress still trying to come up with a plan???? Please Suze explain this to me because, I can't understand why our Congressional leaders and both of our Presidential candidates are pushing for a bailout plan! I think the people they work for have spoken in amazing numbers, and can't understand why they're being ignored. Thanks.

    September 30, 2008 at 10:27 pm |
  43. Bob

    Suze,
    About 6 months ago I started my own bailout plan for my own financial crisis. I'm paying off about $100,000 in credit card debt. Thanks in large part to watching you, I am on track to be debt free by 2013. Most of my credit cards have interest rates around 6% to 10%. I have never had a late payment in as long as I can remember. If my interest rates don't change I'll be fine. What are the odds of that?

    Thanks!

    September 30, 2008 at 10:27 pm |
  44. Colleen

    Suze,
    Right now my company – a global life insurance and financial planning company based in France, has open enrollment for employees to invest in stock. We are guaranteed our money back and pay out occurs in five years. Any thoughts on investing?

    Thanks,
    Colleen

    September 30, 2008 at 10:27 pm |
  45. Romanna

    Suze,

    I have read your book Woman and Money, is there any advice that you would now change considering the situation our country is in. Do we continue to put away for retirement, how about Savings??

    Romanna

    September 30, 2008 at 10:27 pm |
  46. Jeff Wheeler

    I am having a hard time understanding how foreclosures can cause this financial meltdown we are experiencing. First only 21/2 % of mortgages are in foreclosure, that should not cause this kind of turmoil. Second, I venture the vast majority of these mortgages have private mortgage insurance. What good does PMI do if it does not help the homeowner or the banks?

    September 30, 2008 at 10:27 pm |
  47. Ken

    Suze, joint accounts are FDIC insured for $250,000 so, is an "or" account and an "and" account both considered to be joint accounts for FDIC insurance. Thanks Ken W.

    September 30, 2008 at 10:26 pm |
  48. Sandy

    I am a 64 year old self employed woman. I did everything I was told about saving and planning for the future. Today my portfolo is down a total of $16,000 over the last year, much of it in the last three weeks. Now what am I supposed to do about retirement?

    September 30, 2008 at 10:26 pm |
  49. andrew

    I am a 20 year old student who understands what's going on the economy. I have $20,000 to play with and no expenses. Do you think that a "buffet" bottom feeding approach can work if I stick with big cap companies.

    September 30, 2008 at 10:26 pm |
  50. christina

    Question for Suze:

    One week before Lehman failed I took out a student loan for my MBA. I thought I was doing a good thing between a one-month libor+4% rate or a fixed 9%. The libor would have to double before my variable rate gets to 9% but now that scenario looks very likely. Should I try to change my loan to a fixed rate or do we think the credit market will return to the situation it was in over the summer (at least).

    Thanks

    September 30, 2008 at 10:26 pm |
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