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February 20th, 2009
09:45 PM ET

Live Blog from the Anchor Desk 2/20/09

Want to share your thoughts on the stories we're covering tonight? 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.

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Filed under: Live Blog • T1
soundoff (569 Responses)
  1. Paolo

    Kindly ask the money experts what we can do to waive annual membership fees in our credit cards. My credit card company told me that I wasn't qualified for a fee waiver and they can't disclose the reasons.

    February 20, 2009 at 10:42 pm |
  2. concern/denver Colorado

    i would rather bailout home owners ..than to bail out Banks or Wall Street ..they are truly a bunch of crocks

    February 20, 2009 at 10:42 pm |
  3. Gary

    I, dont want to bail out any banks or home mortages. I made less thatr 35,000 lastyear and i was able to sypport my family. My wife and I have two sons, one moved out last year the other graduates this year, we own our home, we both have cars and no credit card debt. I feel if I was able to do what I did then anyone can...

    February 20, 2009 at 10:42 pm |
  4. Gary - Glendale, AZ

    AC –

    Signs of the times…

    It’s time to allow the free market ad capitalism to correct this problem – foreclose as required! I refuse to pay for ‘Joe’ the plumber.

    February 20, 2009 at 10:42 pm |
  5. Fay - California

    Do the people who are complaining about the housing bailout have a better plan for it? Something HAS to be done.

    February 20, 2009 at 10:42 pm |
  6. Anthonia-Oakland,Ca

    Woooah! This ecomony is horrible i can't believe so many people are losing their homes and jobs! I hope that the stimulus package works out the better for all Americans.

    -Anthonia

    February 20, 2009 at 10:42 pm |
  7. Don Nyman

    I am an American working in Bangkok and have a hard time reconciling the panelist who are so cavalier about wiping out bank shareholders but have no issue with subsidizing people who refuse to pay their mortgages. I believe that many of the banking problems were caused by governmental laws such as be required to loan to people that could not afford homes. A simpler approach would have been to have the government give direct support for the poorer of our society. I own a home and have always paid on time. There are many who will take advantage of the new regulations. Why penalize thise who are investing in America; most who are not rich.

    February 20, 2009 at 10:42 pm |
  8. David, NY

    Good Evening Anderson,

    It is always a pleasure to see you.

    I am not happy with the way that people are being forced out of their houses. We are going to have a worse economy since it will lead to a country with a lot of homeless people.

    February 20, 2009 at 10:42 pm |
  9. Monika

    Anderson,

    14 banks going bust is no big deal. There are a gazillion other banks which are doing just fine because their CEOs were less greedy.

    Now the economic situation affecting people's sex life negatively, now that's newsworthy! LOL Glad you jumped onto that important story. LOL

    February 20, 2009 at 10:42 pm |
  10. Clarence

    Just read the plan... just read the bill... (all 1000 pages).... just read the fine print before signing.

    February 20, 2009 at 10:42 pm |
  11. Larissa Simon

    Hi Anderson, can we talk about how the new first time homebuyer credit is a slap in the face to the first time home buyers who purchased a home between April 1 – December 31, 2008? Aren't they all in the same situation? How can a person who closed on their home on December 30, 2008 will not only get $500 less, but they will have to pay it all back?! This should be added in the dictionary as part of the defnition for UNFAIR!

    February 20, 2009 at 10:42 pm |
  12. Steve - southern Illinois

    Enrique

    If Bank Of America is a 'profitable bank' as it seems you are saying, why did BOA stock drom from $40+ to around $3 a share?

    February 20, 2009 at 10:42 pm |
  13. Glen Up North

    Am I right in thinking all the high-interest-rate, investment-style banks were the first to suffer in this whole situation? 😦

    February 20, 2009 at 10:42 pm |
  14. Jo Ann, North Royalton, Ohio

    How are they going to determine who made "bad decisions?"

    February 20, 2009 at 10:42 pm |
  15. Bessie

    Hi Anderson, I hope that the Federal Government do take control over the banks because we, as striving citizens need help. The banks are vampires. They are sucking all the blood out of us. When you deposit cash into your account one day and a check go through that same day, they say that the check was returned and charge a $35 – $40 Fee. This is rediculous. We are told that my cash deposit do not count until the next day. These fees need to go back down to $12 – $15. And this is being nice. When cash is deposited that money should be available right away. Once upon a time, this is how it was. This is only happening to the poor.

    February 20, 2009 at 10:42 pm |
  16. Cindy

    I think to that it is SO wrong that I have to dole out money to give to people who tried to live above their means!! They need to lose what they have to learn not to live that way!

    Cindy..Ga.

    February 20, 2009 at 10:41 pm |
  17. Renee

    I just wanted you all to know that those of us that live in Florida don't wear those palm tree shirts every day. He must be a newbie! 🙂

    February 20, 2009 at 10:41 pm |
  18. Isabel, Brazil

    Fl is (or was) my dream of consumption?

    February 20, 2009 at 10:41 pm |
  19. lynn

    Mike in Syra.: Have you ever listened to an entire speech of President Obama's? Or just what the media choses to cherrypick? Last week the media was all complimentary about the president going to talk directly to the people and how that reassured him; now they are singing a totally different tune!

    February 20, 2009 at 10:41 pm |
  20. Brandon

    Jean, come on now, you can't put all republicans in one group...just like it's not smart to put all democrats in one group, if we could just put the whole left wing right wind thing aside for a moment, we might get something done.

    February 20, 2009 at 10:41 pm |
  21. Mark Bachman

    Regarding the Housing Crisis in America:

    The reason this is happening is simple. Its the ongoing philosophy that property should increase over time. Why? No one buys a car
    thinking it will double or triple in value over 10 or 20 years.
    A home is to live in, raise kids in, sleep in and sit down and enjoy dinner in. The idea that a home should continually increase in value is rediculous and always has been. How can a young family making an average income afford homes above $200,000

    February 20, 2009 at 10:41 pm |
  22. Bethany-MI

    @Jean–Its more of a matter of using fear to pass an agenda in my opinion. Remember on the campaign trail President Obama lashing out against Bush for this kind of thing...but here it is again anyway.

    February 20, 2009 at 10:40 pm |
  23. shelley

    As long as you weren't using your home as a cash cow to keep up and surpass the Jones", does the value of your home really matter? We live in FL and whether our home is worth $200,000 or $5,000, our mortgage is still the same as we agreed upon with our lender from the beginning. We didn't buy our house to enter into this buy, live in it for 2 years, then flip game; nor did we buy our house to use as an ATM.

    February 20, 2009 at 10:40 pm |
  24. dick Galle

    What happens to bond holders if a bank is nationalized, eg Bank America?

    February 20, 2009 at 10:39 pm |
  25. Dodie from Irvine, CA

    @ Loren... I completely agree with you!!!

    I am tired of the 'fat cats' getting fatter on our tax dollars

    February 20, 2009 at 10:39 pm |
  26. Lori from IL

    I think the reason for Obama's "gloom and doom" talk it the high expectations being put on him - He's trying to make people realize this won't be a quick fix. We all know how impatient our nation has become.

    @ Dodie - I agree, last fall the administration didn't seem to want to acknowledge there was problem, let alone think "outside the box."

    February 20, 2009 at 10:38 pm |
  27. Laura

    Parents are retired in their 70's, their stocks were primarily in one private bank. Parents used dividends for daily expenses, and lived modest life style. Primary bank lied. Said they were stable, didn't invest in "bad" mortgages and not to worry. Bank wouldn't buy stock when parents tried to sell last August, now my parents have lost almost everything.

    Why should my parents lose everything, while bank executives get to keep jobs, salary, bonuses...homeowners, who lived beyond their means in some cases, get help, and companies who engaged in risky behavior get bailed out? Yet two retired people now have to worry how to live out their retirement b/c of the irresponsible executives and C.E.O.'s unethical behavior, as I see it.

    February 20, 2009 at 10:38 pm |
  28. niwat, Chicago

    Hi AC, AC360 and bloggers,

    Well before solidifying nationalising the 14 banks policy, What is the progress of the first TARP that poured to community and regional banks in the past october? Did they stimulate and strengthen local microeconomy? if yes, i think the same injection wouldn't be such a terrible idea..only this time it will be in a grand scale.

    Happy Weekend! ...

    February 20, 2009 at 10:38 pm |
  29. Tom Klemesrud

    Eliminate the short, double-short, and triple short Electronically Traded Funds; and all of a sudden these banks will be solvent again.

    It used to be a short-seller had to actually obtain shares to borrow in order to short-sell them; that is, back in the days when the law was such that you couldn't sell something you didn't own.

    These banks are insolvent because of predatory short selling, and "mark to market" when there is no market to mark to.

    February 20, 2009 at 10:38 pm |
  30. Dixon Cisco

    Anderson, is there anything in the package for individuals with student loans? I attended an online school and ended in 2003? I am presently having to pay back the loan, but with 10 kids, what if I can not pay the loan? Any thing in the President's proposal to help me and millions of student loan individuals.

    February 20, 2009 at 10:38 pm |
  31. Dulcie - Denver

    David Gergen,

    While I agree that Nationalization of banks should be a last resort, I hope they don't wait too long if they need to do it.

    I've recently moved some significant assets out of Chase and into a stable local bank. I think it's safest and also the right thing to do – support local businesses.

    February 20, 2009 at 10:38 pm |
  32. Imad From Chicago

    Hello AC,
    I just wanted to say that The call of Bank Nationalization by your guest Howard and others in the media is irresponssible and dangerous. These rumors have caused Trillions of dollars in wealth to evaporate from peoples retirement accounts, 401ks and pension funds which is many times larger the stimulus plan. Not everybody who owns the bank shares or stocks in general is a rich banker.

    February 20, 2009 at 10:38 pm |
  33. Lauren--NY

    Thanks, Erica. 🙂

    Gail, that was a very informative post; thank you...so if it's possible to nationalize the banks as a *temporary* solution, perhaps if we're heading in that direction it's a viable option. If we have survived it before, we can survive it again.

    February 20, 2009 at 10:38 pm |
  34. Steve

    "the fact that departments get big chunks of money without specifics" is what I meant to say.

    February 20, 2009 at 10:38 pm |
  35. David, Indiana

    David Gergen, I think the public private partnerships that the Treasury Sec. mentioned will help, something fast, as you said, I know the situation is urgent.

    February 20, 2009 at 10:38 pm |
  36. Dodie from Irvine, CA

    CaseyJ – Novato, CA

    If you are in the legal business, I believe the business will definately go up.

    February 20, 2009 at 10:38 pm |
  37. John

    People have to realize that the United States of America is the best country in the World by far and its the capital society, businesses, and individual entrepreneurship that created this great country.

    Sure the system is not always perfect, but just because of a recession, we should not change the whole system. No socialistic or communistic country has done better. We the American people survived 10% unemployment in the early 1980s, we survived 9/11, and we survived the 1987 October crash. We should not listen to Obama's attempt to create Fear among everyone so he can push his agenda of socialism and wealth redistribution.

    February 20, 2009 at 10:38 pm |
  38. Isabel, Brazil

    @ Dodie
    In my country I have lived both sides of the coin: nationalization and privatization.
    Businesses more productive, competent and profitable are privatized and businesses less productive was nationalized.

    February 20, 2009 at 10:37 pm |
  39. M Filbert

    if we have our ira/roth portfolio with citibank aka smith barney..and if citi is nationalized...does that mean like someone -i think said on your show that we lose all of our money in those accounts????

    February 20, 2009 at 10:37 pm |
  40. Jasmine-Spokane,WA

    Armed police officers have always gone into people's houses for foreclosures.

    And speaking of Madoff, he needs to be grounded like a teenager. get everything he likes and take it away from him!

    February 20, 2009 at 10:37 pm |
  41. Jo Ann, North Royalton, Ohio

    Everything is about sex, money, and power.

    February 20, 2009 at 10:37 pm |
  42. May from Tennessee

    The story about the foreclosures in Florida is so sad! It's getting bad everywhere. I wonder why the President didn't put a mandatory freeze on all foreclosures until his plan begins on March 4th? I mean, wouldn't it make sense to do that to allow time to assess these troubled loans in order to see who may qualify? These houses are sitting empty...the mortgage co's aren't doing anything with them. What an outrage!

    February 20, 2009 at 10:36 pm |
  43. Jordan Pincus

    Have I (we) been paying more for products and services such as my auto lease, food, vacation expenses etc. during the past decade because of the overheated consumption fueled by the phony wealth of the housing bubble?
    Please explain.

    If so, isn't it all the more insulting to ask me to pay the bill for some of these same people?

    February 20, 2009 at 10:36 pm |
  44. lisaonline

    it is really too bad that [most?] people find stress as a reason to engage in less sex. i'd personally rather think of sex as a stress-reliever. bye bye headache! (and sometimes, even if you CAN afford a night out – there is nothing wrong with spending nights INN!)

    February 20, 2009 at 10:36 pm |
  45. Mazl Ndukwe

    I, believe that the republican posture as in not "shaking the president's extended hand " is the reason for his perceived low beat message on the economy. He tries too much to convience the American people to buy his ideas.

    February 20, 2009 at 10:36 pm |
  46. Mike, Syracuse NY

    The worst thing I can think of for the economy is having the likes of Barney Frank and Chris Dodd running our banks.

    February 20, 2009 at 10:36 pm |
  47. Maren in Oregon

    We hear so much about foreclosure of homes and millions of people losing their homes. Where are they? I mean, where are they going? Relatives? Their car (if it hasn’t been repo’d)? The local under pass? These are people with substance – maybe not money – but substance. Maybe an in-depth report on how Mom & Pop Middle Class Foreclosure Victims are really coping would be instructive, illuminating and, probably, scary as hell. At least we know they aren’t having sex.

    February 20, 2009 at 10:36 pm |
  48. Isabel, Brazil

    It’s a horrible excuse that because of the economic crisis, people are too depressed to be sexually active.
    Guys, sex, provided that insurance doesn’t generate spending. Or generates?

    February 20, 2009 at 10:36 pm |
  49. Steve

    Banks need a reality check. If assets were valued at X amount of dollars 5 years ago and Y amount of dollars today, then make the adjustment and ask for help. They need to sell bad debt, and more than likely take a loss for that. If they can't do this, than who else, other than the government, can take over and make this happen?

    February 20, 2009 at 10:35 pm |
  50. Alyson Cline

    Evening Anderson – Nationizing the Banks will hurt the common people. Many people count on the dividends from common stock to support their lifestyle – including seniors who have this as their retirement income. A reduction in income impacts the ability to pay obligations including their mortgage payments We invested in good faith followed the "rules" of investing for the long term. Rather than wipe out the common stock holder eliminate the mark to market for the next 5 years, replace the uptick rule to slow down the day trader impact on all stocks.

    Alyson in Arizona

    February 20, 2009 at 10:35 pm |
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