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October 9th, 2008
09:41 PM ET
Live Blog from the Anchor Desk 10/9/08
For what’s in the program take a look at tonight’s Evening Buzz.
Don’t forget to watch Erica Hill’s webcast during the commercials. LINK TO WEBCAST
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We’ll start posting comments at 10p ET and stop at 11p ET.
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Search the AC360 blog
Anderson,
We keep hearing about 401K losses for those who have yet to retire. I've retired this year and have seen my 401K drop almost 40%. What do we do as retired people who cannot replenish our 401K without going back to work?
Thank you,
Clifford J Laureno
San Jose, CA
I'm mad.
I'm mad that the Republicans deserted their posts for 8 years and many of them embraced corruption and now they have the audacity to ask for my vote.
I'm mad that the Republicans can run a campaign based on negativity instead of issues and think they have a prayer of winning.
1.20.2009 – The End of an Error
What would be the risk of buying GM stock now that it's below 3.00. Do you think they willl be bought out? I can't believe they would go under... Shoot I want a Corvette..lol
What happen with AIG and the wasteful spending. Is anyone in the governmetn going after that money. The tax payers money.
I would like to know if anyone at AIG is being held accountable for their wasteful spending? Imagine this is only 1 company we know of that was caught spending on retreats who is goiung to make sure this doesnt continue to happen ? I mean its a joke how the congress and these ceo's are taking the tax payers as suckers!
Hello. Can you please report on the "short sale" that took place today on Wall Street? Why is the SEC not releasing names of the crooks who took more of the working man's money!?
Question for Ali Velshi: When companies are selling stocks, what are they doing with the money that they are getting? Bonds? T-bills? Cash holdings?
Related: Why is the US $ going up? Why are we not talking about that?
What do I think about the Crisis? It is a disgrace! Mccain and Palin should be ashamed to allow and encourage such behavior at their rallies! What if at Obama's rallies some black man blurts out kill that honky. What do you think would happen? Great job Obamas for being a classy gentleman and woman.
I am proud to be an American. However having Palin as a VP will be a dissater to our country and our image in the world. We are in 21st century racism and pointing fingers in these tough times does not create a leader. I have always been a repubulican but today I vote for Obama, we need a cool and calm president to lead us through these touch times and end these unwanted wars, and bring our sons and daughters home. He can regain our image back in the world.
2 things
Real estate is not an investment it is a business–can be a great one but it is a business.
Second, unlike the commodities market, the stock market is not a zero sum game. There can be multiple winners, and there will be.
Jeff
For those of us in our 30s and 40s with significant time before investment, do your experts recommend reallocating what is in our 401k and 403b accounts? I hear a lot about not taking money out of the accounts but I wonder if reallocation to something like bonds is a smart move.
If I have an existing, untapped line of home equity, should I tap it now if my lending institution hasn't yet frozen it? If so, should I take advantage of the spread between prime rates and high-yield money market rates to generate some additional income?
Adriana-It took us MORE than 8 years to get here...
I'm so tired of the name calling...The who knows who and hung around with who garbage. I'm sure at one point in our lives we all associated with a less than stellar person.
Move on to the issues that really matter!!!!!!!!!!
Keep namin' names Anderson.
I can't believe the mess we are in. I just bought George's Soros book "The Credit Crisis of 2008". Did you know he wrote the book EIGHT months ago? How was this such a suprise when people like George Soros were predicting it. Surely someone should have been listening to the market maestro.
Ugh – so depressing.
Keep up the excellent reporting.
Naming these culprits, I expect at least 3 of them to commit suicide from all the pressure. It happened with the Enron breakdown.
They should take all these CEO's who caused this mess and deport every single one of them to 3rd world countries.
Hmm, above water.. guys people are waving theirs arms. Their drowning not saying hello
Hello Bloggers. I can only hope that if anything, we learn something new regarding how to fix the financial meltdown. Perhaps it is just a matter of time or maybe new methods to effect it need to be determined.
Hello everyone, I did what Kelsey Grammar did, I took my money out of the market in the event that Obama is elected. He said he would tax capital gains and I take him at his word. If he is not elected and the market starts to rebound, I'l go back in.
I have the chance to pay off all my credit cards. If I keep them at zero will that hurt my FICO score?
ACORN should be on that culprit list since they intimidated and pressured the banks to give high risk loans to people who could not afford them.
I don't have any money in the stock market. Wouldn't this be a good time to invest?
is now a good time to try your hand at investing? Are stock on sale so to speak? Do I invest ,lose and then watch the gain? I am 36.
Where have all the economists gone? Why are they caught at surprise like the rest of us? Where are their rigorous forcasting models? Where is the difference?????? I don't understand it.
I just want someone to tell us honestly how they are going to fix this without the middle class paying for it when most can barely pay their own bills because they are losing their jobs or having their hours cut way back.
What should an investor 63 years old do? I don't have 20 years for the markets to improve before need to tap my retirement funds!
considering the drop in the price of stock, is it a good time to buy.
Good evening Anderson // Erica // Bloggers,, Dow is still looking pretty bad, i realise its gonna take time, but DO WE really have time? i smell another depression coming, are we gonna make it soon Ali?
How can we fix the stock markets?
Will stock going up exchange before happens?
Does anyone think we have hit rock bottom yet? Does anyone believe that any president can change America in 8 years? We give America to the Republicans and they screw things up, now you want to give America to the Democrats. They can't fix this in 8 years and we all know that.
I don't get it. Banks needs to be proactive with their customers. The stratigest guys need to start running data mines in their portfolio, figure out what accounts have already adjusted and reach out to their customers and re do the loan. Take another app, do another apprisal on the property, set new terms. So, that way people can make payments on their house. Some money is better than none. Yes, they will have to write off some of that loan.ANd yes the fed will pay for it. However its a known sum. Unlike buying bad loans house and all and not knowing what it is really worth.
Don't you have to have money to make money right now? As usual the rich will be picking off the bargains since the poor have to sell what they have to survive.
Yes, we need to hold on because it's a "paper" loss. For those with cash, it's an opportunity to pick up bargains. Here in Asia, there's a big savings culture and that may mean an opportunity for more direct investment back to US.
I am 36 yrs old and never invested in stocks and mutual funds, is now a good time to invest?
Hi all. I'm finding the economy pretty spooky right now. Nothing seems to work. If this message gets to Allie (spelled wrong), can you tell me how the current stock market free fall affects us working stiffs. I don't even look at my 401 K. I hope it recovers before I retire, but does the investor threaten companies, can we all lose our jobs because of this? Thank you
I wonder if anyone in Washington understands the economy well enough to fix it.
Evening AC, Erica, 360staff and bloggers,
Looking forward to your show and always the good advice you guys have to offer.
Poor people got layoff from work..... ouch!
Good Evening Anderson, Erica, bloggers!
I just want to thank Ali for his down to earth explanation of our current situation. It would be immpossible for me to understand it otherwise.
Washington appears to not have the answer to the economic downturn. Should like the President need to meet with Washington outsiders to seek solutions. After that meeting, then meet with other world oconomic leaders. We can't afford to fall further.
As to your list of culprits: The Federal Reserve needs to be very high on the list of culprits. They are chartered to assure the stability of the monetary system, achieving full employment, stable prices, and steady economic growth. They act independently, but answer to Congress (and are audited by the Congress). They (and their Reserve Bank System) are responsible for auditing banks operating within the US. If, as part of their audits, they could not see the poor loan practices and rein them in, then their several-thousand strong agency is not performing their duty. Mr Bernanke and his organization were asleep at the switch.
Certainly, any given company’s defective practices or bloated bonuses may contribute to the problem, but with a problem as systemic and pervasive as this appears to be, the real culprits must be the either the architects or operators of the system – this, in both cases is the Federal Reserve and the Congress to which it answers.
Adriana.... I'd settle for a keeping above water instead of sinking week after week.
I agree with you... Tracy in Boston....... I also glad I don't have stock either.
Hi Anderson, here we go again!
Good Evening Anderson Erica & Bloggers
It took us 8 yrs to get here. Why does everyone think it will get cleaned up and put to right in 3 weeks. You guys have no sense of time.
Hellooo Anderson, Erica and best bloggers!!!
Oh boy! big dive below 679 points *whistle* not good day for stocks in the world..... including Asia plummeted too! 🙁 meltdown!!!!!
OMG! Within one year the Dow lost almost six thousand...that's
6,000 points!!!
I'm glad I don't have stocks!!