LIVE CHAT TRANSCRIPT: Bob Lachman Answers Financial Questions from Viewers

Upstate financial analyst Bob Nachman answered questions from our viewers in a Live Chat on Friday about the current financial crisis. What follows is a transcript of that chat.

bella89c says to (2008-10-10 17:29:31):
what do you mean i haven’t lost until i get out
laffinaunt says to (2008-10-10 17:29:31):
on our 401K’s….....which are suffering major loses so far…...can we write the loses off on our taxes?
dallasblaine says to (2008-10-10 17:29:31):
if you withdraw it you lost if you leave it in then it goes back up and you cover your losses simple
dallasblaine says to (2008-10-10 17:29:31):
aint that right bob?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:29:31):
bella89c if you are asking whether to get out, i would give this some thought.  selling while the market is down so much, normally can be a mistake.  If you want to sell anyway and fiedlity is not responding, i would keep trying, particularly in the evening or this weekend when it may not be so busy.
leah says to (2008-10-10 17:30:29):
again, if the mortgage companies go under will we lose our homes?
jodyny says to (2008-10-10 17:30:48):
i don’t think so.
bella89c says to (2008-10-10 17:30:52):
if i look at my 401k the numbers are way down does that not mean that i have lost money, it was at 150,00 in january and now it is showing 75000 , that looks like a loss to me
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:31:19):
dallasblaine:  i am not really in a position to give specific stock advice.  certainly with the governments backing, theyfannie & freddie should survive.  however, this backing comes at a price to existing shareholders.  its not as simple as it looks.
leah says to (2008-10-10 17:31:27):
yes you have lost money, that much I do know
patriciap says to (2008-10-10 17:31:28):
Hi Bob. I am 51 and have no retirement savings at this time.  I recieve annuity payments$3000 each quarter and $23,000 annually for the next 5 years.  Where is the best place for this money?
bella89c says to (2008-10-10 17:31:52):
thanks leah
leah says to (2008-10-10 17:32:4):
your welcome
dallasblaine says to (2008-10-10 17:32:12):
if you cash it in it is but its not like its not gonna come back up it will be very strong when all this is resolved im buying every stock option i can right now its a great return for me so far
laffinaunt says to (2008-10-10 17:32:19):
Can the loses in our 401K’s be written off in our taxes?
dallasblaine says to (2008-10-10 17:32:26):
nope
laffinaunt says to (2008-10-10 17:32:46):
i am asking the expert thank you
courtney says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:32:56):
bob what about my stock and i am still need of answer about pulling out my 401k
dallasblaine says to (2008-10-10 17:33:3):
fannie mae and freddie mac is a great opton right now
dallasblaine says to (2008-10-10 17:33:15):
i made 4k last week alone
leah says to (2008-10-10 17:33:19):
i don’t think u can write off 401k’s when filling taxes
dallasblaine says to (2008-10-10 17:33:25):
you cant
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:33:33):
patriciap:  continue to stick with a proper long term plan.  don’t let recent events alter a good long term plan.  as i have been saying, if this calls for investing in the stock market, it may end up being a good time to start.
dallasblaine says to (2008-10-10 17:33:41):
how do you know im not an expert
patriciap says to (2008-10-10 17:33:53):
thank you
dallasblaine says to (2008-10-10 17:33:55):
tell em bob
leah says to (2008-10-10 17:34:11):
because your writting isn’t in BLUE!!
bella89c says to (2008-10-10 17:34:16):
we can tell dallasblaine
alley327cat says to (2008-10-10 17:34:18):
My husband is a retired SC State Employee.  He receives a check every month from the retirement system.  Will the losses of the stock market affect his payments?
dallasblaine says to (2008-10-10 17:34:36):
im not trying to impersonate him im a stock expert too
laffinaunt says to (2008-10-10 17:34:53):
how do yuo ask him a question?
lpin1 says to (2008-10-10 17:34:57):
I got corp bonds ,Gov bonds,CD’s and some in the stock market should i get out are ride it out
dallasblaine says to (2008-10-10 17:35:11):
stay in lpin1
RoadRunner says to (2008-10-10 17:35:24):
so far this week alone we have lost over $5000 on our 401K, should we draw it out or stop contributing to it
Sjones2 says to dallasblaine (2008-10-10 17:35:26):
Hey dallasblaine, this is moderator Sjones1. Other users have reported issues, please cease or you will be booted from the chat
leah says to (2008-10-10 17:35:31):
listen guys all of us are gona be hurt by this one way or the other we all know that on our own
dallasblaine says to (2008-10-10 17:35:43):
ok sorry sjones
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:35:45):
courtney;your 401k is for your retirement.  if you have time, 5 years or more, i would not take money out of good long term investments at this point.  this can cause long term damage.  definitely continue to contribute.  you are buying more while the market is down.  stick with your long term plan.
courtney says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:35:45):
bob my pareents are at retirement age and they donot want to losse st ocks and what is the actual problem with the economy and what is going to fix this problem
leah says to (2008-10-10 17:35:55):
we just don’t know how badly
laffinaunt says to RoadRunner (2008-10-10 17:36:26):
we the 401k hoklders are paying for all the greediness
cassienicparris says to (2008-10-10 17:36:32):
do you think we are headed for a depression
leah says to (2008-10-10 17:36:53):
all tax payers are paying for this mess!!!
RoadRunner says to (2008-10-10 17:36:59):
you’re right
RoadRunner says to (2008-10-10 17:37:9):
laffinaunt
cassienicparris says to (2008-10-10 17:37:12):
does anyone think we are headed for a depression?
bella89c says to (2008-10-10 17:37:16):
we are already there laffinaunt
laffinaunt says to RoadRunner (2008-10-10 17:37:25):
i know
dallasblaine says to (2008-10-10 17:37:28):
bob? do you think that people are panicking and overreacting?
bella89c says to (2008-10-10 17:37:37):
no one wants to admit it
courtney says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:37:37):
thnaks bob I will use that in thought
cassienicparris says to (2008-10-10 17:37:42):
BELLA
leah says to (2008-10-10 17:37:44):
but i believe if we stick together as a country and watch what the goverment is UP TO we should be ok
SHANNONSHARI says to (2008-10-10 17:37:57):
MY SON WILL BE IN COLLEGE IN 5 YEARS. I HAVE FUNDS IN A 529 PLAN. SHOULD I WITHDRAWAL THEM AND LOCK IN A CD
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:37:58):
alley327cat:  pension plans generally have a sound long term strategy.  they assume that downturns will happen.  professionals are managing this fund and a bad year should not change it permanently.
laffinaunt says to RoadRunner (2008-10-10 17:38:6):
i’m worried as a tax payer, 1st cuz we are paying for this so called bail out…...and then they kill our 401ks
cassienicparris says to (2008-10-10 17:38:19):
DOES ANYONE THINK WE ARE HEADED FOR A DEPRESSION????????????
RoadRunner says to (2008-10-10 17:38:28):
yes
dallasblaine says to (2008-10-10 17:38:32):
i think we in one cassie
laffinaunt says to RoadRunner (2008-10-10 17:38:47):
we are in a deep recession
cassienicparris says to (2008-10-10 17:38:51):
well i mean, do u think its going to get bad.
dallasblaine says to (2008-10-10 17:38:52):
just far different one from the one way back in the day
alley327cat says to (2008-10-10 17:39:0):
Thanks Bob. I know nothing about these things.  It makes me feel better.
cassienicparris says to (2008-10-10 17:39:6):
I know im talking about do u think it will get as bad as the one back in the day.
ray8200 says to (2008-10-10 17:39:12):
I was one of the ones who rode it out untill today and sold did I screw up
Don Quigg says to (2008-10-10 17:39:20):
Hey Bob, I am an elderly man (70’s)  NOT in the market thinking this might be a goor time to purchase a little G.E. Stock. What do you think?
dallasblaine says to (2008-10-10 17:39:22):
is it any different?
Elizabeth Caswell says to (2008-10-10 17:39:24):
Is this a chat session between users or ask the financial expert????
laffinaunt says to RoadRunner (2008-10-10 17:39:33):
i dont know
leah says to (2008-10-10 17:39:39):
i don’t think we are headed for a depression but we are lucky this mess came out when it did!!!!  Or a depression would be like heaven, coz it would be a lot worse
dallasblaine says to (2008-10-10 17:39:40):
the goverment buying loans with money they dont have its a cover up
SHANNONSHARI says to (2008-10-10 17:39:43):
MY QUESTION IS TO THE EXPERT
courtney says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:39:48):
I believe cassienicparriss history repeats itsself and I believe that we might be heafing into one if we donot get this fixed.
laffinaunt says to RoadRunner (2008-10-10 17:39:50):
i asked about tax write off on 401ks loses and no response
dallasblaine says to (2008-10-10 17:40:17):
you cannot write this off on your taxes
bdriver says to (2008-10-10 17:40:22):
with the dow dropping, what would be the purpose of leaving my money in the stock market?
leah says to (2008-10-10 17:40:31):
i’m sorry but i haven’t understood anything the expert has said so far
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:40:41):
unfortunately i am not in a position to give specific stock advice.  i personally think you are on the right track looking for opportunities, not running.  just make sure to diversify.
RoadRunner says to (2008-10-10 17:40:46):
we moved all our investments to the SSgA Government Money Market Fund because someone said it would be safe, but we lost $2000 yesterday before the move was effective
cassienicparris says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:41:9):
bob..
tv7kat says to (2008-10-10 17:41:16):
Please be patient. We are trying to get to as many questions as we can. Thank you much!
laffinaunt says to RoadRunner (2008-10-10 17:41:18):
is he really answering or just running the same program?
leah says to (2008-10-10 17:41:22):
i think he’s afraid of being sued if he gives the wrong advice
cassienicparris says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:41:33):
do u personally think we are headed for a depression?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:41:39):
laffluent:  you do not get a tax benefit to taking a loss in your 401k.  however, i am not a CPA, so check with your tax adviser.
laffinaunt says to RoadRunner (2008-10-10 17:41:50):
thanks
tv7kat says to ciddykiddo (2008-10-10 17:41:53):
Please keep your comments to the subject at hand. Thank you.
dallasblaine says to (2008-10-10 17:42:2):
moderator? can we chat among each other in this room or is it for the ??‘s only
laffinaunt says to RoadRunner (2008-10-10 17:42:8):
good luck y’all i’m outties
cassienicparris says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:42:14):
i dont understand y bob wont answer me.
Don Quigg says to (2008-10-10 17:42:24):
Hey Bob, I am an elderly man (70’s)  NOT in the market thinking this might be a good time to purchase a little G.E. Stock. What do you think?
leah says to (2008-10-10 17:42:26):
are we indanger of losing our homes if our mortgage companies go under????
SHANNONSHARI says to (2008-10-10 17:42:30):
BOB,SHOULD I MOVE THE 529 TO A CD
tv7kat says to (2008-10-10 17:42:31):
Please keep your comments to the subject at hand. Thank you.
cassienicparris says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:42:42):
i dont think its really him on here.
dallasblaine says to (2008-10-10 17:42:51):
tv7kat was that to me?
leah says to (2008-10-10 17:43:12):
what does that mean the subject at hand?
Sjones2 says to dallasblaine (2008-10-10 17:43:25):
Private chats are an issue right now
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:43:33):
leah:  i would not be worried about the mortgage.  I am sure another company would assume this loan.
cassienicparris says to WSPA-FinancialExpert_BobNachman (2008-10-10 17:43:44):
NO ONE VOTE FOR OBAMA I THINK HE IS THE ANTI CHRIST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11
RoadRunner says to (2008-10-10 17:43:56):
Bob, is the SSgA Government Money Market Fund a safe investment
leah says to (2008-10-10 17:44:1):
what other company , they are ALL IN TROUBLE!!
Sjones2 says (2008-10-10 17:44:12):
All questions asked, even of individuals, will appear in the public window
dallasblaine says to (2008-10-10 17:44:18):
the goverment will assume the loan like bush said
tv7kat says to (2008-10-10 17:44:39):
Financial Questions only please.
leah says to (2008-10-10 17:44:42):
WELL WHEN IT COMES TO THE ELECTION WE ARE GONA LOSE ETHER WAY WE VOTE
meghan2105 says to (2008-10-10 17:44:43):
FINANCIAL QUESTIONS ONLY PLEASE!
Don Quigg says to (2008-10-10 17:44:52):
Hey Bob, I am an elderly man (70’s)  NOT in the market thinking this might be a good time to purchase a little G.E. Stock. What do you think?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:45:11):
shannonshari;first of all i would not make a rash decision.  however, if you cannot take it any more, your 529 plan probably has a cash or money market option.  you can change without taking it out of the 529 plan.  the 529 plan has many tax advantages that make it attractive
pam p says to (2008-10-10 17:45:11):
What is a dependable website to see how my bank is rated?
bdriver says to (2008-10-10 17:45:38):
Bob,  do u really think that leaving the money alone, it will rebound????
leah says to (2008-10-10 17:45:57):
and who is paying for these government loans? I thought we (the tax payers)were paying for these loans. Am I wrong???
dallasblaine says to Don Quigg (2008-10-10 17:45:59):
don look at the fannie mae and freddie mac stock its a goverment owned company backed by real estate hmm….?
we3lions says to (2008-10-10 17:46:6):
Hi Bob Thank you but I have another question. I have a eight year old and I was thinking of buying some stock for him now since it is so cheap what do you think? Dot
leroy says to (2008-10-10 17:46:54):
Do you think it would wise to get out of the 401k?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:47:1):
roadrunner:  although i have heard of this money market fund, i am not personally familiar with the specifics.  check to see if it is participating in the new government program that backs deposits in money market funds.  if it is participating, you are probably fine.
daba1570 says to (2008-10-10 17:47:20):
i have trust fund for grandchildren.it’s in my name ,but their name is also on it too.can i take it out or sell it or should i keep it in?
leah says to (2008-10-10 17:47:48):
leroy had a simple yes or no question so what is the answer
RoadRunner says to (2008-10-10 17:47:56):
we were told that it may not gain anything right now but it won’t loose anymore
Don Quigg says to (2008-10-10 17:48:11):
Whai’s Freddie Mac got to do with purchasing General Electric stock now - nothing!
tiger2 says to (2008-10-10 17:48:20):
I have money in money market & bonds.  Do I need to do anything differently?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:48:21):
we3lions:  this is a time to consider buying, particularly for those with a long term time horizon, like an 8 yr old.  if you proceed, stay diversified via a mutual fund or something similar.
courtney says to (2008-10-10 17:48:38):
bob what about buying a new house is it a good time
dallasblaine says to Don Quigg (2008-10-10 17:49:0):
sorry don just trying to help i made alot of money off them last week
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:49:45):
bdriver:  even though we all question this advice at times like this, i really do believe.  the market is already down almost 42%.  we have been through many tough times in the past and history has shown that staying the course really does work
Don Quigg says to (2008-10-10 17:50:55):
I have ZERO market savvy so that’s yhy I an here being ignored by the expert.
patriciap says to (2008-10-10 17:51:0):
If you are just getting into investments now,where should the money go…money market,CD,stocks?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:51:1):
courtney:  as with stocks (and most things), the time to pounce is when the opportunities present themselves.  clearly this is a tough hosuing market, so the buyers are in the drivers seat.
Don Quigg says to (2008-10-10 17:51:14):
Hey Bob, I am an elderly man (70’s)  NOT in the market thinking this might be a good time to purchase a little G.E. Stock. What do you think?
tv7kat says to (2008-10-10 17:51:51):
Don, Bob trying to get to everyone please be patient.
Don Quigg says to (2008-10-10 17:52:15):
okay, sorry
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:52:16):
tiger2: hard to say without knowing your particular situation and objectives.  as a rule, money markets and bonds are conservative.  however, it is a good time to kick the tires and make sure the money market and bonds you own are sound.
dallasblaine says to Don Quigg (2008-10-10 17:52:25):
bob do you think that alot of people are overreacting about the stock market right now?? thanks
dallasblaine says to Don Quigg (2008-10-10 17:53:33):
tv7kat? can we chat among each other in this room?
patriciap says to (2008-10-10 17:53:59):
If you are just now able to invest where is the best place to start?money market,stocks bonds?
meghan2105 says to (2008-10-10 17:54:34):
meghannews channel 7 : dallasblaine, you can chat amongst each other, but please keep the topic to finances and relevant to this chat… thanks!
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:55:5):
patriciap:  you are fortunate if you are just starting to get into investing.  you should have a plan from an adviser or website.  once you have a gameplan, i would proceed without hesitiation.  the market is down abt 42% from the top.  this will probably work out well, for new investors with long term time horizons.  stay diversified.  you are one of the lucky ones if you are just starting
patriciap says to (2008-10-10 17:55:27):
thank you
Don Quigg says to (2008-10-10 17:55:29):
I believe most folks are overreacting, but like I said - I have ZERO first hand knowledge dallasbline.
Sandra Wray says to (2008-10-10 17:55:54):
My Mom and I would like to know with all the budget cuts they are talking about what effect this will have on medicare and medicaid.  We are both disabled and the only sorce of income and insurance we have.
dallasblaine says to (2008-10-10 17:56:18):
sorry don i didnt mean to direct that question to you i changed it
Don Quigg says to (2008-10-10 17:56:46):
lol
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:56:47):
dallasblaine:  yes, i would say most people are overeacting.  this depends on each persons situation.  some people may need to overeact, but most don’t need to be selling because they are long term investors.
patriciap says to (2008-10-10 17:57:14):
dallasblaine you said you were an expert too. what are your qualifications
dallasblaine says to (2008-10-10 17:57:15):
thanks bob i totaly agree with you
Carolyn says to (2008-10-10 17:57:18):
Bob, did you answer my question about changing my 401 stocks to a more conservative level? only want to work 3 more years?
Sjones2 says (2008-10-10 17:57:27):
Bob: A dailup user called in asking which businesses will be hit the hardest?
reesev says to (2008-10-10 17:57:29):
i have limited funds & was wrongly guided to phizer several yrs ago.they have told me to hold on-it’s a long run stock,but i have lost more than 1/2 of it’s worth and the tv stock guys all say get out!! if so what should i do with the money?
dallasblaine says to (2008-10-10 17:57:54):
im a broker pat.
patriciap says to (2008-10-10 17:58:2):
ok
Sjones2 says to Carolyn (2008-10-10 17:58:27):
Please be patient Carolyn, bob has a lot of questions
Carolyn says to (2008-10-10 17:58:47):
ok
dallasblaine says to (2008-10-10 17:58:53):
fannie mae and freddie mac reesev
dallasblaine says to (2008-10-10 17:59:22):
{smile_smiley}
patriciap says to (2008-10-10 17:59:22):
just curious dallas.  other than fannie mae and freddie mac,where else do you think money should be invested
WSPA-FinancialExpert_BobNachman says to (2008-10-10 17:59:45):
reesev:  buying just one or a few stocks can be tough.  although i would not get out of the market, i would use more diversified investments, like mutual funds or indices.
dallasblaine says to (2008-10-10 18:0:17):
thats a tricky question but fannie mae and freddie mac are in my opinion the safest right now for a long term investment
rainey says to (2008-10-10 18:0:30):
Bob, I have my retirement funds in bonds, cash and money market, and mutual funds. I have lost enough money that I could have paid the penalty for withdrawal. Should I continue to lose my money and hope the market turns around?
Sjones2 says to Carolyn (2008-10-10 18:1:6):
dallas, please allow bob to answer the financial questions
patriciap says to (2008-10-10 18:1:7):
ok,dallas, thanks
dallasblaine says to (2008-10-10 18:1:12):
ok
courtney says to (2008-10-10 18:1:25):
what are we talking baout now. I hope that this new president cleanings up this mess thas bush has made.
patriciap says to (2008-10-10 18:1:45):
Sjones2 it was my fault I asked dallas a question directly. sorry
reesev says to (2008-10-10 18:1:53):
where is the safest place to put monies for educational purposes with a four to six year period to play with?
Sjones2 says (2008-10-10 18:2:4):
no problem, i just want to make sure we give out accurate information
dallasblaine says to (2008-10-10 18:2:5):
its ok pat.
courtney says to (2008-10-10 18:2:37):
I believe that we have the funds they just donot want to print out more money because they want to continue to take it out of our pockets
dallasblaine says to (2008-10-10 18:2:47):
sjones noone can give a accurate opinon right now on the stock market
Don Quigg says to (2008-10-10 18:2:54):
Country.  Bush is NOT a legislator. He did NOT make the mess???
WSPA-FinancialExpert_BobNachman says to bella89c (2008-10-10 18:3:12):
carolyn:  it is a tough call.  the problem is when you make this change to a more conservative choice, you are selling while the market is way down.  however, your goals and personal situation should take precedence.  remember, even though you are only planning to work 3 more years, you are hopefully planning to live much longer.  if so, you have a longer time horizon than 3 years.
dallasblaine says to (2008-10-10 18:3:46):
your right don
reesev says to (2008-10-10 18:4:31):
Thank you don quigg!!people will see what more of the same is with a dem congress but this is not the format i suppose…
Carolyn says to (2008-10-10 18:4:41):
ok, thanks Bob!  that helps a lot.
WSPA-FinancialExpert_BobNachman says to bella89c (2008-10-10 18:5:7):
reesev:  4 to 6 years is a short time frame.  i would take a moderate approach, mostly fixed income and maybe a small allocation to the equity market.  i would consider a 529 plan for the tax benefits.  look at http://www.futurescholar.com if you live in SC
Don Quigg says to (2008-10-10 18:5:42):
ty, It’s the darn incumbant Democrats and Republicans we need to replace in Congtess - lol
patriciap says to (2008-10-10 18:5:55):
I am going to sign off now and give someone else a chance.Thank you Bob and bye to everyone else
Sjones2 says (2008-10-10 18:6:43):
thank you patriciap
courtney says to (2008-10-10 18:7:26):
I just believre he is apart of all this mess
robbyc says to (2008-10-10 18:8:8):
I want to buy a mutual fund that is comprised of the stocks that make up the Dow.  I would think that this would be a good long term investment since it is so low right now.  What do you think?
WSPA-FinancialExpert_BobNachman says to bella89c (2008-10-10 18:8:53):
rainey:  obviously no one knows with certainty how this current crisis will pan out.  however, we have been through many serious declines and crises before.  historically the best course of action has been to remain invested.  with the market down abt 42%, you would likely be selling at a very low point.  also, remember, even if you want out of the stock market, you do not have to leave your retirement plan.  check the choices you have and switch to a more conservative option.
tygerbill says to (2008-10-10 18:9:16):
given the uncertanty in the financial world shouldn’t ones primary concern be the preservation of capital? assuming you have a litttle.
tygerbill says to (2008-10-10 18:10:35):
what is going on with gold price swinging so wildly?
Karen Spear says to (2008-10-10 18:11:10):
i"m 57.5 yrs old and my IRA is invested in stock and open end mutual funds. I have so far lost about 30K, should I be worried when I want to retire at 62?
joesixpack says to (2008-10-10 18:11:11):
i’m scared my kids won’t go to college because financial aid/scholarships will dry up - your thoughts?
rainey says to WSPA-FinancialExpert_BobNachman (2008-10-10 18:11:25):
Thanks Bob. Hopefully everyone will work together to bring our economy back.
ronniecumbow says to (2008-10-10 18:11:31):
would buying gm stock be a good idea now
RoadRunner says to (2008-10-10 18:12:13):
Bob, I jst checked our investments, and so far the SSgA Government Money Market Fund hasn’t changed we still have the same amount as when we moved everything into it, the ones we had before lost again today, so maybe we made the right choice
RoadRunner says to (2008-10-10 18:14:2):
not gaining anything, but at least we’re not loosing anymore
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:14:21):
tygerbill:  this is the tough question that everyone wants and answer too.  although it seems logical to take what you have and secure it, most people will ultimately need a good returns on their investment to be able to reach their long term objectives,.  as painful as it can be at times, having some allocation to the equity market is usually how you get the higher return (with risk).
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:15:13):
roadrunner.  this is how it is meant to be with a money market.  just check the government backing as i said before.
RoadRunner says to (2008-10-10 18:16:10):
ty
tygerbill says to (2008-10-10 18:16:11):
Considering that a banking holiday, Columbus Day (Oct 13) is Monday can we expect those in the financial sector to do somethin funny…..using this time to sneak something in, they have done it in the past.
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:16:31):
ronniecumbow:  for those wanting to know about what to do with a particular company stock, i am not going to be much help.  i do think this is a reasnbale time to consider buying into the stock market, however, i would use a diverse fund or index.
mdisch24 says to (2008-10-10 18:16:38):
I have a state retirement plan. Is my money considered safe?
dallasblaine says to (2008-10-10 18:17:1):
nope
mdisch24 says to (2008-10-10 18:17:38):
really?
citizen says to (2008-10-10 18:18:15):
What I would like to know is how can a government with 10 trillion dollars in debt help its economy by increasing that debt (by buying bad stocks).  In other words, can this problem really be stopped by the buyout?
mdisch24 says to (2008-10-10 18:18:17):
I don’t know what to do
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:18:33):
robbyc:  i am in favor of this approach.  as i have said, i think this is a good time to consider investing in the stock market but if i did this, i would use a diverse approach.  a fund or index that mirrors the DOW would fit this mold.
hburns says to (2008-10-10 18:19:40):
So, in the long run should we just sit back and not pull out our money,if there is anything left.
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:19:42):
tygerbill:the action in Gold is clearly a result of the day to day panic.  when people run for cover, they look for hard assets and cash.  gold fits this bill.
says to (2008-10-10 18:19:58):
We have worked hard for what little we have, 4000.cd and 6000. checking in Suntrust Bk. Is there the slightest risk we could loose our money?
JanBen says to (2008-10-10 18:20:7):
 I was laid off in July, now moving my 401K as a roll over to my national bank account.  Putting it into a rather liquid IRA so I can obtain funds if it becomes necessary.  Beyond the 20% fed income tax deduction from withdrawls, are there any other fees payable to the government?
Sjones2 says (2008-10-10 18:20:9):
mdisch24, please be patient, bob will get to your question soon
mdisch24 says to (2008-10-10 18:20:24):
ok
tv7kat says to (2008-10-10 18:20:28):
10 more minutes to ask questions.
tygerbill says to (2008-10-10 18:20:42):
If one thinks the Market is going to tank further (maybe 7500 DOW or lower) should on consider an inverse ETF?
Sandra Wray says to (2008-10-10 18:21:34):
If you can’t help me, could you point me to someone who can?
GERALD ABRAHAM says to (2008-10-10 18:21:41):
WE ARE RETIRED AND HAVE MUTUAL FUNDS AND BONDS. SHOULD WE BAIL OUT AND TAKE A LOSS.
Steve says to (2008-10-10 18:22:7):
I am disabled &draw SocialSecurity Disability, is their a program to assist disabled in rfinanceinh their home mortguage?
Steve says to (2008-10-10 18:22:17):
Thank you
Steve says to (2008-10-10 18:22:27):
Steve
ronniecumbow says to (2008-10-10 18:22:37):
were would be the besrt place to put my retirement, I am dealing with Trowe Price
Sjones2 says (2008-10-10 18:22:42):
We’ll be posting the text of this chat online at wspa.com along with a series of links on financial information, the Fed, the FDIC and others. Also, you can check out complete coverage of the issue by typing the keyword “economy” into the search field
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:22:42):
janben:  if you do the rollover properly, there would be no taxes or penalty.  if you did end up making a real distribution, you could be subject to a 10% penalty if you are under 59 1/2 and would also be subject to income tax.  dont do it unless it is essential.
citizen says to (2008-10-10 18:23:17):
I would very much appreaciate it if my question was addressed.  Thank you.
JanBen says to (2008-10-10 18:23:56):
Bob, one follow up on the 10% penalty, , , is that settled in tax season on the tax form? or at the time of any distributions?
WSPA-FinancialExpert_BobNachman says to (2008-10-10 18:23:58):
ronniecumbow:  this depends on age, needs, goals etc.  the longer the time horizon, the more i would put in the stock market.  t rowe price is an excellent fund company with plenty of choice and reasonable costs.  call up and pseak to one of their advisers.
Sjones2 says (2008-10-10 18:24:10):
citizen, please be patient, bob is trying to get to as many questions as possible under the time allowed
citizen says to (2008-10-10 18:24:23):
I know, thank you.
Sjones2 says (2008-10-10 18:24:28):
NP
Sjones2 says (2008-10-10 18:24:40):
{laugh_smiley}
WSPA-FinancialExpert_BobNachman says to citizen (2008-10-10 18:24:45):
citizen:  your question has run off the screen, please repeat.
citizen says to (2008-10-10 18:24:53):
okay
Sarah says to (2008-10-10 18:25:22):
I would also like a comment on my question
WSPA-FinancialExpert_BobNachman says to citizen (2008-10-10 18:25:25):
janben:  cant remember.  i think when you take the distribution.  check with the financial instituion
thunder says to (2008-10-10 18:25:45):
Mr Quigg, I have a home and a house in Myrtle Beach, I don’t rent. I own property in Spartanburg, that’s up for sale. I have a small savings. 100,000 in Roth IRA 40-50,000 regular IRA.  I can pay my bills. I have no belief of SS for me when I retire. I just hit 40 and am not in panic mode. I have no debt, or cc, I pay cash. I want to invest in the market that’s at a low. Not overly aggressive, solid under valued companies. I want to take care of my own retirement, no depenedance on the govt.  Help please
tygerbill says to (2008-10-10 18:25:47):
Weiss Research (free newsletter) saw this coming a long time ago.
tv7kat says to (2008-10-10 18:25:51):
I want to thank everyone for joining us in our chat room tonight. Bob has generously donated his time to answer everyone’s questions, so much thanks to Bob. 4 minutes left.
JanBen says to (2008-10-10 18:25:59):
Thanks Bob. ciao for now!
citizen says to (2008-10-10 18:26:4):
Will the government’s bailout (causing larger national debt) really help this “crisis” in the long run.  In other words, how will the bailout truly help the situation of the economy.
citizen says to (2008-10-10 18:26:6):
? mdisch24 says to (2008-10-10 18:27:59):
Will there be time to answer the question I posted earlier?
indigo40 says to (2008-10-10 18:28:4):
of the two evils which one is the lesser bankruptcy or forecloseure
tygerbill says to (2008-10-10 18:28:26):
Although our bank accounts are insured, who insures the VALUE of the $?? this is a problem coming down the road.
Sjones2 says (2008-10-10 18:28:32):
Two minutes left
Gerald@1106 says to (2008-10-10 18:28:37):
This is Gerald.IF you invest in Fidelity Funds, for instance. if Fidelity goes bankrupt or files for backruptcy, what happens to the money?
WSPA-FinancialExpert_BobNachman says to citizen (2008-10-10 18:28:39):
this is the big question.  i happen to think it could help prevent a much deeper economic decline and speed up a recovery.  remember this will not necessarily add to the debt permanently .  hopefully the government will get some of this money back.
WSPA-FinancialExpert_BobNachman says to citizen (2008-10-10 18:29:13):
gerald@1106:  this should not have an impact.  your money is segregated in the fund, not used by the company.
citizen says to WSPA-FinancialExpert_BobNachman (2008-10-10 18:29:23):
Okay, thank you so much for your time.  I know it isn’t a simple question.  Thank you for giving your service.
hburns says to (2008-10-10 18:29:29):
Should we pull our money out?
Gerald@1106 says to (2008-10-10 18:29:59):
Thanks.
Sjones2 says (2008-10-10 18:30:14):
Thanks everybody, Bob thank you for being here.
WSPA-FinancialExpert_BobNachman says to citizen (2008-10-10 18:30:19):
folks.  i have enjoyed answering questions but have to go.  sorry i could not answer all questions.
citizen says to (2008-10-10 18:30:27):
Thank you again!
Sjones2 says (2008-10-10 18:31:5):
Everyone asked some really good questions. Remember, if you question didn’t get answered, it may have been answered earlier in the chat. The text of this chat will be posted at wspa.com shortly and you can check it there.
Sjones2 says (2008-10-10 18:31:28):
Also, we’ll post a list of links and resources that will also be helpful.
citizen says to (2008-10-10 18:31:38):
Thank you also Sjones.
Sandra Wray says to (2008-10-10 18:31:54):
Thank you for your time.
Sjones2 says (2008-10-10 18:32:4):
And to keep up w/ our financial coverage in the coming weeks, wspa.com is indexing all our economic stories during this crisis.
Sjones2 says (2008-10-10 18:32:21):
Just type the keyword “economy” in the search field to find anything you missed.
tv7kat says to (2008-10-10 18:32:35):
And feel free to email us your questions to or !
Sjones2 says (2008-10-10 18:32:36):
Thank you all for taking the time to be a part of this chat.
ronniecumbow says to (2008-10-10 18:33:20):
what is the easyist way to buy into the stock market
tv7kat says to (2008-10-10 18:33:34):
oops i mean
charliegertz says to (2008-10-10 18:33:55):
is bob still here??
citizen says to (2008-10-10 18:34:4):
His time is up.
charliegertz says to (2008-10-10 18:34:19):
who can answer my questions
Sjones2 says (2008-10-10 18:34:33):
High Charliegertz, ronniecumbow, sorry you missed it, but we’ll post the text of the entire chat online.
Sjones2 says (2008-10-10 18:34:44):
We’ll also post links and resources with the text
tv7kat says to (2008-10-10 18:34:53):
Bob is gone. Thank you all for your questions.
charliegertz says to (2008-10-10 18:35:3):
im scared right now
Sjones2 says (2008-10-10 18:35:35):
And in case anyone missed it, once more, cutting and pasting from tv7kat: And feel free to email us your questions to or : And feel free to email us your questions to or !
Sjones2 says (2008-10-10 18:36:0):
sorry guys, we keep messing that email address up, it’s
charliegertz says to (2008-10-10 18:36:7):
charlie said it would
charliegertz says to (2008-10-10 18:37:1):
anyone here??
charliegertz says to (2008-10-10 18:37:15):
hello
charliegertz says to (2008-10-10 18:37:18):
??????????????????????????????
charliegertz says to (2008-10-10 18:37:43):
i wanna talk to bob
charliegertz says to (2008-10-10 18:38:9):
do you have his cell# by any chance?
charliegertz says to (2008-10-10 18:38:48):
its a real good question
charliegertz says to (2008-10-10 18:39:12):
bob?
charliegertz says to (2008-10-10 18:39:56):
bob?
reesev says to (2008-10-10 18:42:42):
is this THE charlie gertz news person?
Sandra Wray says to (2008-10-10 18:43:23):
Can anyone give me any information about budget cuts and what effect it will have on medicare and medicaid?  Or at least point me in a direction of someone who can?
Sandra Wray says to (2008-10-10 18:47:58):
I guess that’s a no.  Thanks anyway.
reesev says to (2008-10-10 18:50:41):
i’m not sure my oppinion will be appreciated, but one thing that people are not seeing in medicare/medicaid and ALL of the insurance issues of the election is that the insurance industry has been given WAY too much control.it is not about IF we have insurance,or IF it is taxed!Even if we have it & pay for years,they don’t want to pay when needed and will fight to the bitter end! Legislature has to change to take some of the power away from these industries