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February 11th, 2009
09:45 PM ET

Live Blog from the Anchor Desk 2/11/09

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Filed under: Live Blog • T1
soundoff (629 Responses)
  1. Rikki, Fargo, ND

    I think that is the best thing I've ever heard Suze say! I've never understood why when customers are having a hard time paying their balances at 9.9% interest how do they think they are going to be able to pay it at 32% interest?

    February 11, 2009 at 10:40 pm |
  2. Carrie Bradshaw, Upper East Side

    Suze,

    You are my new Hero! Thank you, thank you,. thank you for calling out the credit card companies for the injustice that they do! i cannot believe that someone called them out. You are wonderful!

    February 11, 2009 at 10:40 pm |
  3. Kevin

    my wife and I put our life saving of $300,000 and bought a $650,000 house which is worth around $550,000 now. we couldnt make all the monthly payments because we both are out of jobs. so the bank sent us a letter accelerating the foreclosure process and denied us loan modification because we have $300,000 in equity. please let us know what we should do in order not to loose the house.

    February 11, 2009 at 10:40 pm |
  4. Chris Sosa - Boston, MA

    Suze, thanks for giving the bankers another needed verbal smack!

    February 11, 2009 at 10:40 pm |
  5. Margie from California

    For Suzie Orman
    We invested in a Condo 3 years ago as a Rental, put 15% down and we are upside down,$150,000 ,should we keep paying the mortgage or "short sale it"? but I do not want to ruin our credit . ;/

    February 11, 2009 at 10:40 pm |
  6. Clarence Albuquerque

    The one's to blame.... who can't handle a little blame? especially if it doesn't cost the bankers any money.

    February 11, 2009 at 10:40 pm |
  7. noella kanoelani sherwood

    I am the main caretaker of my 97 year old mother and my 77 year old brother (totally disabled). I am 63 and just retired. I have a small 401k and keep loosing money. I went to IRS to find out if I could take my 401k to help me take care of my Mom and Brother without being penalized. Help

    February 11, 2009 at 10:40 pm |
  8. Jo Ann, North Royalton, Ohio

    The government needs to crack down on the credit card companies. They are robbing people without a gun.

    February 11, 2009 at 10:40 pm |
  9. Tuan

    Hi Suze,

    I've started paying back my >150,000 student loans (I went to medical school!), around 750 a month. Is it wiser to just increase the amount I'm putting in a month (up to 1000, 1250) or put that money into a ROTH IRA or other mutual fund? (I know, I don't need that money at this point or the next 5 years)

    Thanks!

    February 11, 2009 at 10:40 pm |
  10. BettyAnn, Nacogdoches,TX

    Suze is right! Let's all make a pact to not pay our credit card bills until they lower the interest rate!

    February 11, 2009 at 10:40 pm |
  11. Richard

    Suze I negotiated settlements with credit cards then got hit with 1099C which now created a huge tax problem. I already lost my house to foreclosure and now own the IRS.

    February 11, 2009 at 10:40 pm |
  12. david d

    I am a waiter whose income has been cut nearly in half in the past year. My mortgage payments have slid behind 2-3 months. I have incurred some serious credit card debt with a lower income, so my lender said they are unable to mitigiate. What do i do when it seems that walking away from my house is what is unavoidable.???

    February 11, 2009 at 10:39 pm |
  13. Trevor

    I have 3 homes one is an investment property in Florida. I owe $350,000 but the house is only worth $180.000 I have not missed a payment the Mortgage company will not talk to me I cannot afford to keep paying for the house. What will happen if i walk away from the house can they come after what i have in savings account and other properties?

    Thanks

    February 11, 2009 at 10:39 pm |
  14. wanda Brooklyn

    The people have spoken loud and clear.Wall street head honchos have been knocked down quite a few pegs today on capitol hill, it was a beautiful thing to see. No longer will they be able to sit back and craft their "blueprints of greed" towards the American people,without being held accountable for their deeds.It truly is a new day.

    February 11, 2009 at 10:39 pm |
  15. hannah

    Why does noone do something about what is going on with the banks and credit cards? Citibank is raising interest when the card is good for 2 more years and never a late payment. Some schemes going on.

    February 11, 2009 at 10:39 pm |
  16. Ed in Fort Pierce, FL

    Is it advisable to take out an equity loan to purchase a property. I own two homes outright and can afford a payment using an equity line on one home. I don't feel comfortable investing in anything else.

    February 11, 2009 at 10:39 pm |
  17. Chris

    Earlier you spoke of a homeowner whose $600K home is now worth $100K (and they're still paying as if $600K), then Anderson cut to a commercial. What ought that homeowner do?

    February 11, 2009 at 10:39 pm |
  18. Judy Kuykendall

    There is a marvelous exhibit on aprons touring the nation. One lady in the thirities did ANY JOB she could find out in the West: driving school buses, baby sitting, cooking, cleaning houses, ANYTHING in her area. Everyone could benefit by seeing the exhibit and reading the stories of the women.

    February 11, 2009 at 10:39 pm |
  19. Don Gandy

    I lost my job last year and need to roll over my 401-k. I lost nearly 40% of the value last year. I am only 47 but am not sure whether to stay in a 60/40 equity / bond split including global equities or move everything to a cash fund. Hate to be out of the market totally. Where should I put this over the next 2-3 years?

    February 11, 2009 at 10:39 pm |
  20. Dwight

    This question is for your guest, Suzi Orman.

    My wife and I are planning to take money we saved in our IRA to use as a downpayment on purchase of our first home. We think the penalty for withdrawing the funds will be less than the rebate and mortgage tax credit we will pay to purchase it. What do you think about this plan, Suzi.

    Thank you and have a good day.

    February 11, 2009 at 10:39 pm |
  21. Carly - North Tampa

    I am in my early 60's hoping to semi-retire in 5 years. My banker who is one of my financial adviser is suggesting I take a portion of my 401 and roll it over into a IRA so I can have more choice of options to invest. Is this wise in this troubled economy? Should I just stay where I am and hold out? Thank you!

    February 11, 2009 at 10:39 pm |
  22. Ashley - Hamlin, NY

    Thanks for reading my question Cooper, and thanks for answering Suze. I will certainly pay a lot of attention to my student loans – but I can't quite school. I want my journalism job too much.

    February 11, 2009 at 10:39 pm |
  23. Cynthia

    Suze, what do you do if you have been unemployed for over a year and I can't find a job? My spouse's job is now our sole income and our 8 month savings has been depleted. His income now only covers the mortgage, food, and utilities. I am still looking for a job. I have spoken with the creditors they have agreed to lower payments, but we have don't have the money to pay them. Do I file for bankruptcy or just continue with the creditors calling me for payment?

    February 11, 2009 at 10:39 pm |
  24. kenneth Davis

    David Gergan- I welcome you and B. Hussein to the real world. It's a little different than the campaign trail. I am glad to see that you are now speaking with some seriousness and the loving twinkle for the president seems to be fading from your eye.

    February 11, 2009 at 10:39 pm |
  25. Nan

    I Owe 18K on my house to be paid off in 3 years. Should I pay it off now. Should I lend my childrren money tobuy a house I am 59 years old.

    February 11, 2009 at 10:39 pm |
  26. Ahmed

    Suzi I have a house it has 2lone 20&80 now my problem is the 20 percent is9.375 . I try to reduce the interest but they won't do it I have no problem paying my bills so I need help to reduce my Interest

    February 11, 2009 at 10:39 pm |
  27. John Oliver

    Question for Suze:
    Why can't lenders simply convert 30 year mortgages to 50 year mortgages like in Europe. This would lower monthly payments for borrowers and lenders wouldn't have to write off.

    February 11, 2009 at 10:39 pm |
  28. Srini

    HI Suzy
    I changed my job in June 2008. I have 401K in both companies, is this the right time to roll over my 401K?
    Srini

    February 11, 2009 at 10:38 pm |
  29. Douglas Kilmer, Rockledge Fl.

    I saw some analysis on the Rachel Maddow show. I think that the source was CBO but may have been an other non-partisan source.

    – Every $1.00 of Food Stamps causes $1.62 of Domestic economic activity, becase it flows through the layers of the economy all the way back to farmers and other such producers.

    – Every $1.00 of Unemployment Insurance causes about $1.50 of Domestic economic activity, because it is spent on food, clothing and shelter for the people who are unlikely to be anything but frugal.

    – Every $1.00 of tax rebate causes about $1.03 of Domestic economic activity, because people can save or invest this money. In the extreme case they could use spend it abroad.

    February 11, 2009 at 10:38 pm |
  30. shawn from nj

    I have a very stable job, I don't see any signs of trouble considering we are still hiring, I'm currently contributing 10 percent to my 401k, but I'm only 23 and obviously have many years before retirement, but just scraping by with not much money left by the end of the week. I've heard alot of people talking about losing their 401k's and mine is currently losing money every quarter. Ive been thinking about maybe contributing less for a while till i can get my student loans and debt paid off but my company only matches a hundred percent for the first 3 percent contributed, and 50 percent after. Should i stick it out and deal with scraping by, or should I get my debt paid off and go back to contributing more when I'm more financially stable? Should I be worried about my 401k dissapearing?

    February 11, 2009 at 10:38 pm |
  31. Venky

    I am 38 year old and started my 401-K only in 2007 end. Is it a good idea to contribute 12K towards 401-K.

    February 11, 2009 at 10:38 pm |
  32. Anne

    Anderson, Great program and thanks 4 helping keep things in Washington transparent!

    My ? 4 Susie–last yr we chose 2 sign a deed in lieu of foreclosure 4 r house in NC. My husband was injured in 2d tour in Iraq, and his medical care necessitated r relocation 2 SC. We live now 30 mins from VA and Army Hosps.

    His permanent medical Army retirement is just 40% of his base pay (1300/mo) from which they deduct his VA comp (60%=$1069). Even tho between the two he is 100% it does not equate 2 100% of his base pay when he was activated as Army Reservist in 2003. Long story short, we just received end of Jan a form from GMAC for $79K which is what we owed on r NC home. We did not receive any credit for the amount of $ they sold the home for at auction. Why not?

    R income in 2008 was my SS Dib which was $9232.80 b4 medicare deduction, his Army Retirement disability $7380.65 but there were deducts for Tricare and SBP and Life insurance premiums.

    Needless 2 say we could not afford 2 b in SC and keep r house in NC .

    How can we pay taxes on this imputed income from deed in lieu of foreclosure?

    February 11, 2009 at 10:38 pm |
  33. Yvette

    I had to close my business after 8yrs, could not find work for 1yr after working 2 months I had emergency surgery for which i had no insurance and was back out of work for 1 month. I am now working again. But I have had no opportunity to save money to move if I have to, I can not file bankruptcy chp7 because I filed in october 2001 and I do not qualify and I don't make enough money at this time to qualify for a chapter 13. If the bank decides not to work with me, I will be out on the streets as they sell my home march 17th. Attorneys and other agencies wont help me cause they say time is too short and there is nothing they can do for us. What do you say Suze?

    February 11, 2009 at 10:38 pm |
  34. DAWN

    I really think that this whole financial crisis is because of the dishonesty that this county has become. I am a small business owner and I try to do everything right. I know for a fact that more than have of the small business people lie to the governments, state and federal with under the table stuff. I believe if we had a monitor to capture these thiefs our governments would have alot more money to pay for things that we need.

    February 11, 2009 at 10:38 pm |
  35. Dan L @ Los angeles

    Suzy, I am not working at the moment, however I have some savings left. I want to start a business that would eventually wipe out all my savings. Should I go ahead with my plan? I am trying to start a small retaurant that serve specialty desserts. I am just uncertain about the economy right now. Please advise.

    February 11, 2009 at 10:38 pm |
  36. Sal Mangione

    Suzie- What about these CEO's cashing in? Should they be caped like the NFL?

    February 11, 2009 at 10:38 pm |
  37. David Greene

    I am 57 year old with a pension. In addition, I just got laid off from my new job. I have a nest egg that I can pay my credit cards off and not pay that interest. Should I cash in my 401 nestegg?

    February 11, 2009 at 10:38 pm |
  38. Robert

    Good Night Anderson,
    Great Show i watch it every night,
    question for Suzy,
    We have savings and good credit , my wife and i now we can afford a use. Should we get the house? of course is with our reach. we have no debt and i'm employed.
    Thanks
    Robert

    February 11, 2009 at 10:38 pm |
  39. kent fairbairn

    Did the stimulus plan include the senate version of the tax credit for homebuyers of $15,000. It was the only thing that will get the housing market headed in the right direction.

    February 11, 2009 at 10:38 pm |
  40. Amadou

    Hello Suze,

    I have about $24000 in a CD account with 2.7% interest. It is a risk free CD. I am considering to take this money and purchase some shares at my company because I know that will give me more profit in long term. It is a good idea? If not where is the best place to invest.
    Thanks

    February 11, 2009 at 10:38 pm |
  41. Elizabeth

    To Suze Orman
    My husband is retired and currently collecting a quarterly distribution from an AIG annuity IRA. Is it wise to leave it in the current account or withdraw it to a regular bank savings account? Thank you!

    February 11, 2009 at 10:37 pm |
  42. Glen Up North

    Denise: wait! Isn't depreciation of your house a tax deduction? Or am I misguided here? Whatever you do, talk with a trustworthy tax accountant about this before you accept the bank's word on anything regarding your taxes.

    February 11, 2009 at 10:37 pm |
  43. peter

    hey..with the auto buz and housing in such a mess..the tax credit for hoem buying along with deductions for buying homes made ssssoooo much sense...why get rid of them..it would have helped people spend and buy...dont any of these people in Washington get it???

    February 11, 2009 at 10:37 pm |
  44. Kevin

    The government got it wrong!!! They tried to repair the roof on the house before fixing the foundation. How can we expect banks to lend when the value of the collateral that we use to back the loans, i.e. houses, continues to fall through the floor. TARP would've worked if it was the last step in the process after stabilizing housing and unemployment. Stop blaming the banks for not lending and tip your hats to the elected officials that made a bad situation worse by starting at the end and effectively handcuffing banks. Now they scapegoat the banks to cover for their mistake.....every one of those elected officials ought to be fired!!!!!

    February 11, 2009 at 10:37 pm |
  45. Ellen Mrja

    Suzie: Yikes. I'm 54 and thought I'd be retiring in three years. But my pension has tanked by 40%. (Yeah..it was in the market.)

    So where do I put it now? Thanks, Suzie.

    You rock, Anderson.

    February 11, 2009 at 10:37 pm |
  46. Camille from Staten Island

    I am 60 years old and seriously thinking of retiring at the end of this year. I have worked for a big computer company for the last 36 years and will receive a pension and have saved my 401k. I moved all of that money at the beginning of this crisis and it is 100 percent in stable fund. Do you think I should wait given the financial economy as it is today?

    February 11, 2009 at 10:37 pm |
  47. Mark

    How about a REAL Bank Stimulus??? Since Federal Income taxes pay nothing other than interest on the loans from the Federal Reserve, why doesn't the Federal Reserve give us the bail out?

    February 11, 2009 at 10:37 pm |
  48. ralph johnson

    what does Suzes think about indexed annuity?

    February 11, 2009 at 10:37 pm |
  49. Enyi

    HI Mr. Cooper,

    This is a question for Ms. Orman. I am planning on going to Paris next year to finish up a Master's degree. I am looking at the Stafford Loan options and the college is listing lenders such as Bank of America, Wells Fargo, Citizens Bank etc. Why are these loans coming from Banks?

    February 11, 2009 at 10:37 pm |
  50. Alice

    Suze, Should I take a loan out of my 403b to pay off my charge card 9.9% now up 13.99%

    February 11, 2009 at 10:37 pm |
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