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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. Shillie, Sioux Falls, SD

    @ Lance... from personal experience, you have at least 6 months after you graduate before your loan payments start. So, if you're lucky you'll find a job within that time period and it won't be an issue. If you're unlucky like myself, I graduated May of 2007 and still haven't found a full-time position after my internship ended in May of 2008, then it's fear over both finding a job and paying loans. Good Luck!

    February 20, 2009 at 10:49 pm |
  2. Bea

    Thanks for working so hard on the webcast Erica.

    February 20, 2009 at 10:49 pm |
  3. Richard

    Why not focus on all the people who will be helped by the President's plan. Better to have a few people benefit unfairly, than to have a restrictive program that fails to help many of those deserving assistance.

    February 20, 2009 at 10:49 pm |
  4. Xavier Sztejnberg

    I am a unemployed banker, I just got let go from Blackstone 2 months ago how will this stimulus package help me?

    February 20, 2009 at 10:49 pm |
  5. Jim,California

    Trust our Government with my money- HO HO HO thats like trusting a drug user in a pharmacy.

    February 20, 2009 at 10:49 pm |
  6. Tony-Seattle

    I am not in trouble, I followed the rules, I was conservative with my home purchases.
    I am pissed at the government, I am pissed at all the greedy americans that got their self in trouble by poor decisions.
    They only have themselves to blame, they were greedy.
    That said I see not options except to help keep them from going into foreclosure.

    Pissed in Seattle!

    February 20, 2009 at 10:49 pm |
  7. Dodie from Irvine, CA

    @vHakeem

    Only bad business causes us to sink... not name calling

    February 20, 2009 at 10:48 pm |
  8. Marge

    wells fargo continues to give out fraudulent loans to people who they know can not afford them by asking them to borrow money short term in order to show they have money in the bank .... I am appauled.

    February 20, 2009 at 10:48 pm |
  9. Joseph Cecil

    Dear Sirs:

    Considering the unimaginable havoc and financial destruction leveled not only on the United States economy, but the world by these revered bankers, I find it simply incredible and beyond belief that some commentators view bank nationalization with fear and trembling.

    It is inconceivable that the U.S. Government would give CEO's bonuses of 20 million after wiping out 80 billion of their bank's equity. Citi and Bank of America are technically insolvent.

    February 20, 2009 at 10:48 pm |
  10. Michelle

    Anderson is there a way for 360 to investigate
    what the people are saying about the behavior
    of banks with regards to refinancing and credit
    cards ?

    February 20, 2009 at 10:48 pm |
  11. Beverly

    If the crises America is going through is unprecedented, then how can anyone say that President Obama's plan will work or will not work? At least he has a plan. All I am hearing from news reporters, political analysts and politicians is their personal opinions on Obama's plan. What plan do they have that has been PROVEN to be sound? Please don't say tax cuts because that has proven to be unsound and please, do not keep talking about what Reagan and other past Presidents have done because they have not had to do what President Obama is faced to do all at once so their methods aren't firewalls for todays problems either. It is not Obama's tone that is upsetting the public – it's opinionated people with no credability on solving these problems talking down ONE PERSON who is trying to address the problems.

    February 20, 2009 at 10:48 pm |
  12. johnny

    Why didn't the government just give the bailout monies directly to the taxpayers? That seems like it would have a more stimulating effect.

    February 20, 2009 at 10:48 pm |
  13. Keith

    I believe that having the Fed take over these big bad banks should be done sooner rather than later. These banks are trying to make back their bad debt by overtreating and mistreating their good customers.

    Over 90% of the people are still working. Smaller, more responsible banks are still treating their customers well and making money. The Fed should take over these big banks for use as a second option bank. The Fed bank could lend money to working customers, and rates that are fair, but a point or so over the rate that someone could expect from a fair bank. The banks that won't lend will fail. The smaller, more responsible banks could have the the opportunity to buy branches and grow.

    The Fed could make money from lening, instead of investing in banks that are loosing their customers. Banks would have to lend or Fail, and the credit markets will flow.

    The soner the Fed does this, the better off we will be, and the less money the taxpayers have to waste on the banks that will never be able to pay the money back.

    The clip you just ran on City supports everything I am saying about bad customer service.

    February 20, 2009 at 10:48 pm |
  14. Jasmine-Spokane,WA

    Companies are getting bailed out. Why are they still trying to go through loop holes!? They need to learn to be greatful for what they have.

    February 20, 2009 at 10:48 pm |
  15. Polly, OH

    People who say their neighbors should, unequivocally, be able to pay for their home because someone else could pay for theirs– those people don't know what it's like to be poor. They don't even *recognize* that people are in trouble– they don't ideologically accept that some people are not as privileged as others.
    It's rude and useless and needs to stop.

    February 20, 2009 at 10:47 pm |
  16. Barbara

    I am wondering if anyone is thinking about the Law of Attraction and all the negative energy that is being generated about the economy. Fear has a very low vibration and attracts like energy which is also a low vibration. It may be helpful to begin a program of more positive and hopeful feedback for the public so that we begin to attract some higher vibrations back to us. Fear begets Fear. Thanks for the chance to speak out.

    February 20, 2009 at 10:47 pm |
  17. David, NY

    Anderson,

    I am very scared with all the things that are going on. I don't know how much people can handle. I am afraid that even with a good education degree I am not going to be able to find a job upon graduation.

    February 20, 2009 at 10:47 pm |
  18. Carmen-Helena Tellez

    Bail the citizens directly and save the economy. The government should give $50,000 grants to every adult citizen for 4 specific goals and no others: a. Pay off credit crads;b. Pay down your home's principal; c. Pay for college for yourself or a minor child; d. Invest in a business that will hire at least one mopre person besides yourself. That's all. The mpney will circulate and bad assets will be eliminated.

    February 20, 2009 at 10:47 pm |
  19. Craig - Santa Clara, Ca

    Hey Clark Howard !

    U R the Man !

    February 20, 2009 at 10:46 pm |
  20. Ken Banks

    It doesn't matter whether Obama's talk is negative. The people realize that borrowing all this money for bailouts and stimulus plans will have a disastrous effect. What drives an economy is the spending power of the middle class, not freeing up credit, saving banks, or bailing out bad mortgages. Borrowing money removes future cash from the taxpayers and sends it overseas. It performs the same function as credit card loan sharking; that is an actual reduction of available cash for consumer spending. The only fix to this economy is the identification and correction of those policies that have driven the consuption power of the middle class near extinction.

    February 20, 2009 at 10:46 pm |
  21. EJ (USA)

    This 'homeowning' thing is overrated. If so many families didn't base their self worth on owning a home then perhaps there wouldn't be such a mortgage crisis. I'm fine renting for half the price and don't have the energy to deal with the maintenance required for owning a home anyway.

    February 20, 2009 at 10:46 pm |
  22. starr formerly known as vincent

    Not everyone who needs mortgage assistance made "bad" decisions.

    Thank you Tom, for a very balance report on mortgages. If we do not help eachother we will truly fail.

    What has happended to Americans helping each other?

    We need to do whatever we need to do to solve the mortgage problems. We all stil affect each other -i.e. if my neighbors' houses go into forclosure, my property value plummets.

    February 20, 2009 at 10:46 pm |
  23. Lorraine Yamauchi

    Where is the compassion? People who are not in foreclosure or bankruptcy should look at the positive and consider themselves lucky they can still pay for things. In troubled times we need to ban together and help each other.

    February 20, 2009 at 10:46 pm |
  24. Isabel, Brazil

    The person who paid the mortgage properly can not be harmed ... they should also think these people ...

    February 20, 2009 at 10:46 pm |
  25. Michelle

    Anderson I saw today that people are having
    trouble with jumbo loans. So why is it assumed
    that only irresponsible people are facing the
    possibility of losing their homes. This crisis is
    not monolithic.

    February 20, 2009 at 10:46 pm |
  26. Mave

    The refinancing things is a bit frightening even for those of us who aren't behind on our mortgages. Who do you trust to refinance your home. When I purchased my home, they pushed the variable finance, no down agressively. I would hate to refinance to get a lower interest and realize my mortgage had been purchased by a company with questionable ethics.

    February 20, 2009 at 10:45 pm |
  27. Jeff Foreman

    All this $$$ to bailout Banks, and the Auto industry that failed to prepared for a pyridine shift. Banks did not see the shifting market, and kept lending $$$ when the housing market was shifting. The Auto industry kept building gas hogs rather then leading the shift in the market for better gas mileage cars.

    I’m being asked to take a 20% cut in pay…who’s going to be there for my family and me. I went to my bank to ask for some type of help, and what Wells Fargo said to me is that my loan has been sold. Wells Fargo suggested that I call CCCS, a credit counseling company.

    All this talks of bailouts almost 800 Billion Dollars to shore-up the economy, after 750 Billion Dollar TARP bailout. I feel that the first 750 Billion Dollars should have been divided-up amongst the American Tax Payers. Most of us would have paid-off our homes, bought cars, and spent this money at the mall. There would have NOT been a better “stimulus” package!

    Please, with your experts; help me understand this…

    February 20, 2009 at 10:45 pm |
  28. John

    I am so glad you have Clark on your panel. He is a true American I would do anything he suggests.

    February 20, 2009 at 10:45 pm |
  29. Kathy, Chicago

    On a good note, AC, I worked last week-end and we are having better sales in Feb than we had in Dec. I don't know yet if it relates to the passing of the stimulas/pork package, or not.

    February 20, 2009 at 10:45 pm |
  30. Dodie from Irvine, CA

    (((Solution))) Look at 2008, 2007 and 2006 Tax returns!

    The way to determine whether someone lived over their means and bought a house they could not afford and one who was responsible and now lost their job is by looking at the last 3 years taxes including this year. The taxes will paint a ‘portrait’ of the person’s financial capability.

    February 20, 2009 at 10:45 pm |
  31. Mary

    My thoughts exactly, when will the responsible people be rewarded for living within their means?

    February 20, 2009 at 10:45 pm |
  32. Barbara in Boston

    Hey, Maureen, I heard that condom sales are up since the fall. LOL.

    February 20, 2009 at 10:45 pm |
  33. Raymond Brazzel

    Bush bailed out instead of auditing the big baks banks have forclosure magazines .banks in bed with realty companies (a realtor gets about $12,000 for every house it sells using the bank to use the credit buro to make payments impossable and most families beliave they can work hard and make it if every thing goes ok but when the economy lays of and business people loose cut the bank gets to keep allteh money and the realtor gets to resail it again and agian .Capitalizme is just a modern word used by rich people to say they have and are heartless to those who don,t have a great man once said "if one man has to coats give a coat to the man who has none "Qoute Jesus Christ. The goverment and wall street and those banks should been prosicuted big goverment helping out big busness.Goerge Bush and Dick Chaney used there office to get rich the sets we honored them with the minute bush was elected gas went up ove 40% ,$2 dollars a gallon and keept going up until they lost there office and did nothingexcept put American sons and doughters lives died for his greed capitalizm .We are not capitalist or comunist or socilist we areWE THE PEOPLE FOR THE PEOPLE BY THE PEOPLE . wERE IS aMERICAS HEART ITS YOUR MOMENT SEE YOU ON JUDGMENT DAY . tHANK YOU AND THE LOOK YOU GAVE THE REST OF THE WORLD WHAT SELFISH NATUION WE,VE BECOME

    February 20, 2009 at 10:45 pm |
  34. Carrie Bradshaw

    So basically what the bailout means is that irresponsibility is being rewarded? ...Nice.

    February 20, 2009 at 10:45 pm |
  35. Glen Up North

    Bridget, that is very observant of you to say the media may be the ones scaring us and not Obama. Fear "sells". Shock "sells". But one thing we (and I'm sure news media) also saw around the Inauguration: Hope "sells" just as well. My guess is that it's hard to capture tangible "Hope" in this situation at this time. Hopefully that will change soon. (I wonder if anyone ever tried a news-based, "Good News" TV station?)

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

    What happens to the senior citizens/retirees who lost money and have done everything right. Pay their mortage lost money in the savings and 401K?

    February 20, 2009 at 10:44 pm |
  37. Jasmine-Spokane,WA

    How can you regulate who gets what? I'm at a loss as to what the government is going to do to access all of those people's contracts. Is there an issue of client privelage?

    February 20, 2009 at 10:44 pm |
  38. Dave Woodall

    I think it is easy to question the nationalisation of the banking industry, but why would you trust the present banks in the US to do what is best for its shareholders and its customers. The business model used by the US banking system is based on what "I as an individual get now" and not a realistic long term return. Why is the US banking system in disarray when in countries Canada, Spain and Australia where regulations are in place these countries banks are in better conditions. Greed has resulted in the financial crisis based on short term goals that people had little or no real impact on. it is time to move from stupid politics and focus onthe realities.

    We need to get back to true economic fundamentals. Why does the media support the philosophy of the banks and associated financial institutions.

    February 20, 2009 at 10:44 pm |
  39. lynn

    Thank you Bridget you are exactly right!!! Never have I seen the media pick, criticize and ponificate more than in the past year. They are definitely part of creating the fear in people.

    February 20, 2009 at 10:44 pm |
  40. Dorothea

    i don't understand why you people on cnn expect so much from a new president whom has done more in a month than the last administration did in 8 yrs and you never held bush accountable for any thing , i think our president is doing fine and handling things the best way he can ... considering the mess wer'e in and no one -not no-one put bush under the the mag... now the only thing that seems to give this country a negative out look is watching these cable shows , Geejuss ' my god you people are so depressing just shut it off for a minute , and maybe David Gergen should run for president since he has all the damn answers , give the president a chance for godsake he has enough hate to deal with , you people are so polarizing just to get ratings , what can you offer the country as far as the lite and happy thoughts .... god help us everytime you make the news it's all NEGATIVE.... AREN'T WE SUPPOSE TO HELP THE COUNTRY AS A WHOLE STOP COMPLAINING ....

    February 20, 2009 at 10:44 pm |
  41. Hakeem

    We will all sink if we do not stop this blame game. Lets move on or we will all sink

    February 20, 2009 at 10:44 pm |
  42. Greg -

    Thank you, Enrique!

    Bank of America earned $4Bn in 2008, and remains a profitable company. It lost money in Q4 of 2008 for the first time in 17 years!

    It lent $118Bn in the fourth quarter of 2008 alone.... they're definitely open for business.

    Folks need to check out the facts.... thank GOD for David Gergen. At least there's one panel member with his head screwed on straight –

    February 20, 2009 at 10:43 pm |
  43. lance

    Please, ask Clark Howard if you're in college how much should you fear? Fear of making sure your tutition is paid and fear of getting a job?

    February 20, 2009 at 10:43 pm |
  44. Shillie, Sioux Falls, SD

    As far as the "Obama needs to stop being so negative" goes, he promised us transparency, isn't that what he's doing? No way do we want to go back to the old customs of the Bush administration who kept everything a secret inside the White House doors, tell us the straight out truth.

    February 20, 2009 at 10:43 pm |
  45. Lori from IL

    Just my opinion, but I think the media needs to dispense with the "anger" talk - I feel it only incites more anger.

    February 20, 2009 at 10:43 pm |
  46. Dodie from Irvine, CA

    John! Words will not cause an economy to tank. Bad business does

    February 20, 2009 at 10:43 pm |
  47. Heather - Spokane, WA

    I hate to say this but I do not really pay attention to those studies about the sex lives or other things about people because they only use a small amount of people for their studies so that doesnt mean that everyone in the country is having that problem

    February 20, 2009 at 10:43 pm |
  48. ericacnn

    Hmmm... re: webcast, it is apparently working. My sister has mentioned she always has a tough time seeing it, too. I'll check in with some of our tech folks on Monday for a better understanding of what issue may be

    February 20, 2009 at 10:43 pm |
  49. lynn d from Rhode Island

    We've always lived beneath our means. Always saved. The foundation of entire retirement fund is Bank of American stock over 6000 shares amassed over 35 years. What will happen to us if the bank is nationalized?

    February 20, 2009 at 10:43 pm |
  50. Brock

    With congress and the president ramming the stimulus bill through without so much as a hiccup, our country is already nationalized, so the banks are not a problem, just another item on the list.

    February 20, 2009 at 10:43 pm |
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