Live Blog from the Anchor Desk 1/23/09
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Want to share your thoughts on tonight's headlines? You're in the right location. Just scroll down and post your comments. This is where you can "chat" with Anderson and Erica during the program.
Financial expert Suze Orman will be joining Anderson and Erica tonight to answer your questions. Want to know what else we're covering tonight? Read EVENING BUZZ
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Suzie,
If I have no debt and have matched/maxed my 401k and IRA, where would you recommend me investing at this horrible time? Treasuries? Gold? Bonds?
my wife, 41 now, had contributed over $25000 in 1999 towards her retirement fund and left that money with Merril Lynch as she quit that job. Now, it is less than $17000 and just don't know what to do with that. Pulling the cash may have a penalty or the lost money may never be recovered.
Watching Suze Orman, it's obvious that she really doesn't understand what's really wrong with the economy. She's talking about mortgages as the key problem. This is simply not the case. The real problem at the moment is the fact that the banks are all "technically" bankrupt and they're not willing to put money "out there" when they know that to be true. Ask her about "the impact of credit default swaps" - versus the impact of mortgage defaults.
When in this country did people begin believing that banks were their friends and weren't out it to make money?
What are David Gergen and other panel members' reactions to President Obama showing up at the State Department with Hillary? Have other Presidents done this? Did Secretary Clinton need extra assistance? Will he be going to all of the other cabinet members' agencies?
Also, stimulus gift cards could offer the ability to track where the money is being spent.
It has been refreshing to watch the first three days of the Obama administration. We live in a very complex world and it is clear the new President has the intelligence to handle complex issues. His approach to foreign policy makes me feel safe.
hi anderson/erica, i took money out of my ira the state and fed taxes were about 30%. im still paying back taxes.
Suze-
I am looking to retire in the next two years. I have the option to purchase up to 5 years of service credit which will increase my monthly allowance by $700. and use my 401K funds to pay for it. It will cost about $87K to make this purchase. Is this a wise decision?
I think Suze missed the point...when you are barely paying the rent, utilities, and food you are already worried about how to feed you children much less how you can save 8 months income. Sounds great but pie in the sky for some of us.
@ Jill I have a better idea, why not give a large portion of the money to every American that file a 2007 tax return. I am will to bet more than half of will be put back into the economy, the other half would be deposit into the banks thus increasing the banks cash flow.
I see where President Obama is trying to move on the economic situation while the Republicans are trying to change it and slow it down to do what they want done. They tried for 8 years and what they did failed to work so why do they now still want to try the same thing again with a new President. I do not know that what President Obama wants to do will work but I do know that what the Republicans want to do has failed so why don't they go home or maybe go fishing?
BofA gets a "double bail out" and I get in interest rate increase - My mastercard went from 12% to 15% to 20% in One Year!!!
The Ilinoise governor knows he is going to be impeached and has to be trying to blow our minds with his absolutely non sensicle news conferences,either that or he has already blown his mind.
Suze, you didn't answer. Where is she going to get the money? That is circular. I don't get it either. The point is, you can't do it to begin with. This is the one point that makes me crazy and feel like a failure.
Hallelujah and Amen! I love Suze Orman! She is so right! We need to get these mortgages back on track. People need to be able to stay in their homes.
Do you think it would be a good idea if part of President Obama’s stimulus package would be to give out stimulus gift cards which could only be used to buy products.
My daughter has money in the bank that she cant touch until shes 18. Wha twil happen to it should the bank go bankrupt?
The money used to sod the National Mall is not a bad idea or a waste. We all can see that its needed, and it will put people to work. Hopefully some small business will get the bid.
Obama is the President and Michelle is the first lady so the media and the public is allowed to have an opinion about them..but when it comes to the girls...please lay off!!! They are children and certainly should not be used in a marketing plot by any company...Hands off!!
Hi Erica! Getting closer to the day when Obama adopts a pooch
David,
Although President Obama's "I won" remarks this week were abrasive, I think that the level of decisiveness he has shown this week is encouraging. With so many (for lack of a better word) problems to handle right now, eliminating as much partisan bickering over the "little things" is exactly what President Obama needs to be doing.
George W Bush has released hundreds of detainees from Gitmo. The most interesting one was released to return to Saudi Arabia in 2007. The guy went through some kind of Saudi program and promptly went to Yemen to become one of the top guys in Al Qaide (sp?). Bush did it, not Obama.
You can't call yourself a democracy and hold people indefinitely.
The economy is driven by small and medium sized business, not large corporations. I know it makes news to give these large corporations bail-outs, but if you want to help the economy, really help the American people, than start helping small and medium sized business.. the largest employers in the country.
i have question 's for the big money folks on capitol hill. why are you even thinking about the grass, buying cars for goverment workers, spending so much on all the cars used to transport the x presidents for last weeks meetings,i guess i could go on& on but i'm sure many plain folks like me have the same questions plus many more but this would be a start to get answers to these problems we have. we have cut back to help but i don't think we will see much in our lifetime[70&75yrs old] even though i plan to live to be 100] it is time all took responsiblity for our choices. i think all of us need to cut back espacially the goverment as it is our money that is being spent on all the foolishness from the past several years made by many groups!!!!
next question for susie o. my husband is retired G.M. do you think his retirement will hold out or should we pack for the poor house? we like many didn't make good choices in the past& we are responsible , so we aren't looking for a bail out, just some advise.
thanks
TGIF Anderson! It's been a great week! CNN's coverage of the inauguration was awesome! By the way, you definitely deserve a long siesta!! 🙂
YES! Please solve the real estate problem! As an attorney that represents plaintiff's whose land is taken by eminent domain it makes me very sad!
suze,
is there any danger in the near future of loosing my social security benefits that i receive for disability (or for the most part , anyone that is on social security)
suzie you told me to hold on too my stock and now I owe that and much more..........minus zero...thanks
Happy Friday Erica Hill!
I know you guys are tired but I was so impressed by your coverage of the inauguration. Really, a job well done. You all deserve to take an entire month off (although I think us bloggers would riot). But you guys should be incredibly proud. It couldn't have been easy to accomplish such a feat!
I agree with David Gergen. The President's first week was as flawless as his campaign. I believe he has hit the ground running and established a dynamic pace for the next four years. He seems well equipped to take on the myriad of economic issues facing the country. I do however question the premise of the current and two previous economic stimulus plans. They have been based on the premise that the best way to stimulate the economy and expand credit markets is through tax cuts, tax rebates and helping large financial institutions that have the worst balance sheets and assets. Shouldn't we be thinking outside the box and creating new institutions to provide credit and capital to small and emerging businesses rather than trying to resuscitate and carry the bloated carcasses of dying financial behemoths?
Its been a remarkable week and I cant wait to see what's in store for America in the next couple of years.
Anderson and CNN ya'll did an outstanding job this week. I think I'm gonna sleep for two days straight.
I am really intrigued by Obama's ideas about volunteerism and rewarding service by providing grants or some such for college tuition. Have we heard anymore about this since November?
this is for Suzi:
I have lost 35% of my 401K. All of my 401K is vested in stocks. Any suggestions what do I do now.
so even if Pres. Obama gets the ok for the stimulus package, when will we being "seeing" the money?
Suze,
I stopped contributions to my 403B (I'm a teacher) in October and I'm stashing away cash in a money market. When should I begin my contributions again to my 403B??
Hi Team,
Hope everyone is doing well this evening. I watch your show every nite. I think that the President is doing well for his first week. Seems like he had everything planned before his first day! But he needs to be more consistant regarding his actions. He is giving the impression that he is a tat big wishy-washy.
The current state of the economy is both devastating and extremely complex. As college students we are worried about the economy and job market we will enter this year and next. With loans and other expenses and hopefully new entry level jobs, what do you suggest we do in order to keep ourselves afloat and finincially secure in this world market?
What's wrong with re-sodding the Mall?
All that grass is grown somewhere by workers.
Workers will have to lay it down.
And more workers will be needed for maintenance in the future.
...and, who wants a run down and shabby looking Capital of America?
I do not agree with Gov. Patterson senatorial pick. He should have picked Andrew Cuomo. I am glad Caroline Kennedy dropped off; she doesn't have experience and her interview with the reporters showed that. I just hope that this new senator doesn't shoot like Dick Cheney
suzie, i recenlt sold some real estate and have to decide what to do with the proceeds of 25K. i have 14K in credit debt and no savings. what should i do? save some and pay some? pay off all my debt?
I talked to my children and asked them what they thought we should do with all of their money we are borrowing and spending; They think it should go to building decent schools for them and all the other children that we are borrowing from!
@Joe A. Lower interest rates aren't necessarily bad for those of us who have been good borrowers. Because of my credit record I was able to get a line of credit that was a point below the fed rate; so now I pay less than 3 percent which is even less than my main mortgage! Ready to renovate! (I refused to take out the size line that the bank was encouraging me to which is why I am still in the clear.)
A word of support for the mall re-sodding. The mall is in terrible shape. I went there last summer after not visiting it for a few years and was appalled at how rundown the area was. You also may recall there were several muggings occurring too due to lack of lights and security. Symbols are important and the mall is a major reflection of our country to the world's visitors. Enough of the cheap shots. Yes, it sounds easy to pick on it but that certainly sounds like a "shovel-ready" project to me.
Are you kidding me?
RE this post –
I am 37 years old, married with one son. My 401K has dropped to 44K and only have 24K is savings. I have a great job making 137K per year, wife makes 40K. You always talk about having at least an 8 month emergency fund and I think we will need it in the near future as my company is laying off left and right. We have mortgage of $2,200 (29 more years on fix) per month and car payment of $500 per month. Credit card debt is zero and usual monthly bills. With the 24K in savings, is this a good amount for the emergency fund?
Seriously, you are making $177K per your post, figure a min o f$100 bring home, with only about $36K in bills, and you only have $24K in savings? Is that enough? Where does your other $75K go and how long will you be happy with $300 a week in unemployment. You really going to ask that? you wouldnt happen to be Thain would you?
In law, treason is the crime that covers some of the more serious acts of disloyalty to one's sovereign or nation. I feel that Madoff and some of those CEOs should not just be charged not on fraud , but on treason!
In this economy, would it be better to take out the loans for graduate education, or get a job and save for grad school without debt?
It depends on the demand for your major – and if you can even find a job.
I think Michelle Obama has a right to be offended by this company naming the dolls after the first kids... however well intentioned (if), it's clearly a move to make money and legally, a violation of publicity rights, which are equal to property rights.
Much thanks to Peter for cutting through the crap to get through the government spin on Gitmo. Americans have become accustomed to fear, almost to the point of passivity when presented with often misleading "facts." To borrow a quote, "There are... lies, damned lies, and statistics."
Why don't they let US look at the proposed stimulus package? I'm sure we could decide what's important and what is pork. Obviously, our Congress can't.