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September 14th, 2009
09:21 AM ET

The Economy 1 Year Later

This week marks the first anniversary of the collapse of Lehman Brothers. So much has happened in that year that affects your wallet. At 10:30 this morning, we’re gathering CNN’s superstar money team for a panel discussion on what’s gone right the last year, what’s gone wrong, and what may happen next. As part of the segment, we’re going to have them answer your questions about the economy. Housing, 401(k)s, investing, the car industry, banking, unemployment – whatever you want to know about, just post your question below. We’ll pick some of them for the gang to answer on air.

Filed under: Heidi Collins
soundoff (43 Responses)
  1. Mark

    What do you think is going to happen when 10 million people exhaust their unemployment benefits?

    September 14, 2009 at 9:28 am |
  2. Mark

    How long do you think it will take before the country is subjected to massive inflation and California goes bankrupt?

    September 14, 2009 at 9:30 am |
  3. Rene Johnson

    Hello Heidi – Here's a question for you on the economy:

    I heard recently that the US government was considering doing a "Cash for Clunkers" type program this fall, only for appliances.
    Basically getting cash or some type of credit when one trades in iold non-efficient appliances when buying a new, efficient ones.
    Any information on this program and when it might be announced?

    Thank you.

    Rene Johnson

    September 14, 2009 at 9:31 am |
  4. Bernadette Loesch

    Dear Heidi, Here is my take on the role of Wall Street. This entity is a vehicle and conduit for Capitalists in this country. The Capitalists run and control the United States. Paulson was part and parcel of this equation. His influence on the Bush/Cheney Administration convinced this already deeply involved White House to go along and coverup the horrendous financial mess. Paulson walked away from the mess with millions of dollars while his company went under. The VERY LAST thing Capitalists want is oversight and regulation. With Obama's Administration cleaning up Wall Street business practices certainly has the Capitalistic sector quaking in their collective boots. Too bad for them. It's long past the time that govenment flexes its muscle and shows Capitalists who is truly running this country. If the Capitalists are uncomfortable with this then let them take their shady and unlawful business practices to other countries. They wouldn't last long as other countries have measures in place to protect their citizens against what we have tolerated for too many years.

    September 14, 2009 at 9:34 am |
  5. Linda Ford

    Obama is looking more like a narcissist every day, with his almost daily campaigning speeches on TV. He's killing his audience with over exposure....! Most are tuning him out now, and also switching from CNN viewership...

    If he is serious about his health care plan, he needs to leave medicare alone and do something about the taxpayers money being 'WASTED' with ACORN. There's the funding for his health care plan....but could he get it past Axelrod??Emmanual??

    Almost without exception, when Obama gives another speech or appearance, the stock market takes another tanking.. He needs to stifle so our economy CAN RECOVER..

    September 14, 2009 at 9:36 am |
  6. Joe L.

    Why has there been so little discussion about the credit default swap market? The various bets and guarantees in the CDS market linked the financial companies and banks in such a way that they were all "too big to fail". If Congress, in consort with then-Treasury secretary and current Obama advisor Larry Summers had not passed the Commodity Futures Modernization Act in 2000, which deregulated default swaps and other derivatives, the financial system never would have collapsed.

    September 14, 2009 at 9:36 am |
  7. Mike Armstrong TX.

    There talking about a second dip in the resesion the last time this happend it went from a resesion to a depresion our we heading for a remake of the 1930's .

    September 14, 2009 at 9:41 am |
  8. Eric from Ft. Lauderdale

    Question: Since Wall street has failed to learn the lessons of the past in relation to this debacle, what can we as consumers do to protect ourselves and our finances from falling prey to the irresponsibility of the financial markets?

    I lost my job in Feb, and I find myself being impacted massively by the irresponsibility of these idiots!. I don't know them and they have literally destroyed me and my family as well as the middle class in the USA.

    September 14, 2009 at 9:45 am |
  9. David

    I can't believe I've spent almost 3 years looking at the stockmarket. What was the point of that? I'd like to know today.

    My question is if the market was so high up to the pt of last yrs collapse why didn't banks, investment firms have money to weather the crisis better.

    September 14, 2009 at 9:45 am |
  10. Robert Blazek

    Call it reverse "Robin Hood", a worker earning $25,000 a year subsidizes the pay an individual earning $100,000,000! Why do we subsidize extreme compensation? Extreme compensation is anything in excess of 40 times the lowest pay scale within a particular company. Because payroll expenses are tax deductible, we are systematically redistributing wealth from the poor to the ultra wealthy, reverse Robin Hood. If compensation in excess of 40 times a companies base pay becomes non-deductible, then the issue of executive compensation just goes away. This will place the burden of extreme compensation squarely on boards of directors, exactly where it should be.

    September 14, 2009 at 9:46 am |
  11. Ken Jezek

    About 30% of the stimulus money has been allocated. Now the economy is improving. But just because two events occur close in time does not imply cause and effect. Why should we believe the stimulus has in fact benefited the economy given there are no external controls to guage true effect?

    September 14, 2009 at 9:52 am |
  12. Bob Threlkeld

    How realistic is the prospect for strong regulatory reform for the banks and other financial institutions? Will it make it through the Congress?

    September 14, 2009 at 9:58 am |
  13. Bruce - Hingham MA

    The Government is telling you to save.. save.. save your money. My question is; When can we expect to see savings interest rates to go up? It seems the banks don't care about our savings. All they seem to want is to hoard their money and make the quick buck with credit cards and associated fees.


    September 14, 2009 at 10:03 am |
  14. nigel donnelly

    good morning
    i agree with all the things things that have gone wrong and what needs to be fixed.
    but there is one thing that no-one is talking about that is pitting all of us with medium incomes in the poor house,something we are addicted to ,and cant go without,we sometimes pay these bills before we pay for food our or rents because we cant survive without it.
    no-one is looking at the outrageous prices we are being charged for our phones,cable tv,and internet.
    the average family pays 150 dollars a month for these services even though we cant afford them.
    some who have cell phones fully loaded are paying hundreds of dollars a month.
    it is these companies who should be looked at and regulated ,they make more money of us than any bank ever will.


    September 14, 2009 at 10:04 am |
  15. Bobbie

    Can anyone tell me what else I need to do to avoid foreclosure on my home; Bank of America says it's delayed because of the federal government. I have been working on a deferment or modification or anything for over three months now and the bank says to keep making payments. What? I have no job, but I have income, just not enough. Where can I go to ask the federal government where my relief is under the restructure and recovery act? And where can I go to get a job? All of this is priority to me, long before healthcare insurance that I have already been without for years. When will all these institutions get it? I agree that all things involved are vital to a total recovery, but how am I suppose to pay for any type of healthcare insurance when I may not even have a place to live, food to eat, a car to drive to a job I don't have, etc.? Please reply. Thank you.

    September 14, 2009 at 10:06 am |
  16. Marsha

    Why all the coverage of the handful of malcontents in Washington this weekend? And why pay attention to them? Back at the beginning of the Bush administration one and one half million people demonstrated on the mall for women's choice rights. The news media barely mentioned it and Karen Hughes of the administration issued a statement saying the demonstration was irrelavant. At least Mr Obama isn't going to dismiss these rabble rousers by call them irrelavant.

    September 14, 2009 at 10:10 am |
  17. janet gardiner

    Why does wall street think they could base our economy on futures? This is one sick mentality. No more BAILOUTS for anyone! Shut down the banks they are all private corporations, and so is the Federal Reserve. Give the Peoplee their money back now!!! This situation has been going o for 50 years, they have made all the cost of everything and anything unrealistic. Lets not forget they have either sent our jobs out of the country or created low low wage jobs. Shut them down now!!

    September 14, 2009 at 10:11 am |
  18. Mike Armstrong TX.

    I have a second question since our government likes to fourtune tell what is there predictions for capital gains at the end of the christmas shopping season .

    September 14, 2009 at 10:24 am |
  19. ronald

    Dear Heidi
    Thank you for the opportunity to obtain a response to some of my thoughts about the economy.
    First question is why this nation continues to suck on the oil pacifier when other alternative fuel sources exist, have existed and never have been truly implemented in this nation.?
    I am not mentioning our countries choice for corn ethanol,since it was among the worst choices for ourselves and federal subsidies made this choice materialize.
    Does not this nation wish to embrace change, or is big business intend to sacrifice ourselves decade after decade again.
    Since the gas (shortage) OPEC 1970s, when our nation to date has walked one step forward and fifty steps backwards, why have we not even learned from the Brazilians whom felt buying oil in dollars is screwing ourselves and implemented sugarcane ethanol was their best choice and why our nation has yet to not feel sugar beet ethanol can be our best choice?
    Sugarcane for tropical Brazil, and sugar beets for growing throughout the United States. Since Brazil has succeeded with sugarcane ethanol why is not anyone of sufficient intelligence reaming out our elected officials to save this nation some big bucks, when we have continued to bury the next few generations into our financial bailouts?
    mark my words, i have nothing specifically against ourselves using corn based ethanol, but the choice of corn processed into energy has never been cost effective.
    Our nation's farmers could have easily been provided federal subsidies for growing sugar beets as they have been provided for growing corn for corn based ethanol and our nation could have been wiser than dumber by our choices.
    sugar beets converted into energy is a wiser choice,yet we are embraced with corn.
    So, my basic question remains, why is corn "hogging" the future instead of wiser choices???
    Brazil heeded its concerns in the 1970s, but we as a nation had just decided to screw ourselves decade after decade. where is the pride of that past American machine???
    Why does every media outlet love to ream out the middle east about the oil anyways???
    How many folks are aware of the three leading exporter nations of oil to our United States?
    Some may think, Saudi Arabia.wrong...
    Top three are Canada,Mexico and Venezuela. these three countries account for the bulk of our oil purchases,yet we hype the bad guys elsewhere,why?
    now, chinese tires going up in price. you think that american made tires are not going to ream out our citizens with increased profits too?
    the us tire industry has enjoyed large profit gains from us made tires too. the us tire industry intends to provide us citizens a break with the financial chaos of today? i doubt it.
    Go investigate the cost of protectionism too?

    September 14, 2009 at 10:25 am |
  20. Chris, Boston MA

    I live in the New England area and my business requires me to travel all over the country and globe. If small town America saw the divergence between how they're suffering and how much better the area around New York, Boston and DC is doing, on a relative basis, there would be mayhem, especially when one considers it was the financial markets that got us into this crisis and the taxpayer dollars that got us out. There are parts of this country that resemble third world countries. I don’t believe WE get it. Exorbitant Healthcare Costs = Business Exodus = Less Jobs = Poor Education & Lower Standards of Living.

    My question is: Do you believe the impending Commercial Real Estate and Prime Mortgage Crisis will have more or less of an impact than the Sub-Prime Crisis?

    September 14, 2009 at 10:25 am |
  21. marge

    CREDIT CARD?-I did a balance transfer, which I paid a fee for 2 years ago-the agreement was a fixed 4.99% interest for the life of the loan– I was told that the monthly payment would be 2% of the balance--I have met all obligations on time and sometimes paid more then the minimum-they recently raised the payment to 5% OF THE BALANCE-–CAN CHASE BANK DO THIS?-–WHEN I CALLED THEM THEY OFFERED TO CHANGE IT TO A 7.99% RATE -I REFUSED THEIR"BATE AND SWITCH"-I FEEL THAT THEY HAVE BROKEN OUR CONTRACT--IS THERE ANY OTHER WAY TO REFUSE TO BE BATTERED BY THIS BANK WITHOUT RUINNING MY EXCELLENT CREDIT RATING?

    September 14, 2009 at 10:28 am |
  22. Caryl Rees

    My husband applied to remorgage with JPMOrgan Chase Bank, N.A. in May this year and after promising it would be accepted they kept replying it is being reveiwed nothing to worry about . After asking for a definite reply in August 2009 as nothing was moving on this loan. They kept our $775 invested. The only acknowldegement we received was in just a form saying declined? They are doing this not only to us but other people too, this surely is fraud? We need this money to re-morgage with someone else. Caryl Rees.

    September 14, 2009 at 10:31 am |
  23. Joyce L.

    A lot of retires with money in cd's depend on the interest to supplement their income. What will cause rates to climb and do you see this happening in the near future

    September 14, 2009 at 10:32 am |
  24. Mark

    Many people in this country lost jobs in industries that are not expecting to see these jobs return.

    Will the government extend unemployment benefits for the millions
    of people who will exhaust their benefits over the next few months?

    September 14, 2009 at 10:42 am |
  25. Reilly

    It's the economy stupid!
    Why is Obama wasting time on healthcare?
    Since the democrats took control of our nation's checkbook (congress) in Jan 2007 we've been tanking. Obama is essentially blaming the democrats every time he says "he inherited a financial mess". In fact he was part of that congress! No oversight on Fannie and Freddie made my home value drop in half. Then our 401K tanked. I blame the democrats for over-spending and looking the other way on corruption.
    We haven't had a balanced budget since the "old republican party" did it in the 90's.
    This govt is driving us into a hole that will take years and years to dig out of!

    September 14, 2009 at 10:56 am |
  26. Matt, Washington DC

    Mark to Market, The Glass-Steagall Act and other legislation were all implemented for a reason. Those who sponsored Acts like Gramm-Leach-Bliley and repealed Glass-Steagall should be indicted. You have responsible people all over this country who invested their life's savings on a down payment for a home only to see their homes lose as much as 40% of it’s value in less than two years. Many people subsequently lost their jobs, homes and most of their retirement savings as a direct result and are now having difficulty finding new jobs or apartments due to the poor credit they incurred as a consequence. And, many more are on the brink. It's amazing people aren't rioting in the streets. Oh, that's right. They are.

    What President Obama’s trying to do to regulate these industries is admirable, but using tax payer dollars to do so is asinine. The last time someone challenged these criminals in such a manner they took him for a ride through Dealey Plaza in Dallas with the top down.

    September 14, 2009 at 1:19 pm |
  27. Mark S.

    How about in the 2.6 million ARM's (adjustable rate mortages) that reset in the next 6 months? We're nowhere near the end of this.

    September 14, 2009 at 2:18 pm |
  28. Doug - Dallas

    What most people do not realize is that nothing has changed on Wall Street. They're still doing the usual stuff they used to, only with our money. What happens the next time they go bust? Will the message be "sorry, we can't pay you back because we lost your money"? Until Congress enacts meaningful reforms (probably not in my lifetime) or the government actually enforces the existing regulations, nothing is going to change.

    September 14, 2009 at 2:27 pm |
  29. Joanna Clark

    The sad thing is that none of this would have happened if it had not been with Congress repealing all of the protections that were enacted immediately after the great depression. Unfortunately, Wall Street, as well as all of the other lobbyst, learned that Congress members like Phil Gramm, Chris Dodd, Barney Frank, Diane Feinstein, etc. are more then willing to sell their votes to the highest corporate bidder. The "Financial Modernization Act of 1999" passed 90-8 in the Senate, and 362 – 57 in the House, making it virtually veto proof, and with its passage, Wall Street was free once again to run wild with virtually no government oversight.

    We – the voting public – are as guilty as those members of Congress who sold their votes to the highest bidder, because we chose to look the other way, voting time and time again to re-elect the same criminals, instead of booting them from office.

    September 14, 2009 at 2:39 pm |
  30. Joanna Clark

    Given that the financial, insurance, and real estate industrial complex has given more than $50,000,000 ($50 million) this year: 60% to Democrats and 40% to Republicans, and spent more than $222 million lobbying, does anyone believe that Congress will not be influenced to do ABSOLUTELY nothing to fix the problem. They will pass laws to protect the financial, insurance, and real estate industrial complex, while making great speeches on how hard they are working to protect us.

    We voted for Obama to bring about change. We contributed more than $670 million dollars in $5, $10, $25 contributions, while OTHER contributed $85+ million. Obama gives a great speech. I'd give him an A+ for an inspiring speech, but the $670 million dollar question is: "Where's the beef?"

    In the meantime, Max Baucus gets about $1500 a day to let a former Blue Cross/Wellpoint lobbyst to write the Senate Health Reform bill - mandating NO PUBLIC OPTION and WE WILL BE FINED IF WE DON'T PURCHASE HEALTH INSURANCE.

    September 14, 2009 at 3:02 pm |
  31. David

    So did I waste three years watching the stock market? I truly would like an answer. This is urgent and important. I truly need some reciprocity at this point.

    September 14, 2009 at 7:31 pm |
  32. sima

    hi heidi, i love pre obama , but the world should leave peace and stability . america have to solve it own problem we face everyday life.we are losing billious of dollars every year is not a good move for this country

    September 15, 2009 at 10:51 am |
  33. William

    A military action needs to have overwhelming force. We need a LARGE presence. With 500K soldiers on the ground we would then be in a shorter war that we could win with less injured. Get in, get it done, get out..

    September 15, 2009 at 11:05 am |
  34. William

    A year later I have lost a 33 year old business family and I am trying to start a new business and it is just as hard if not harder to borrow money now.

    September 15, 2009 at 11:09 am |
  35. Ines

    The thing that still dumbfounds me, is that adjustable rate mortgages are still being offered.
    I am however happy to see that some banks are starting to pay back the bailout money.
    Wonder what the fallout of the business property bubble bust will be?
    Ines, Co

    September 15, 2009 at 1:14 pm |
  36. Alex

    Good Afternoon,
    We are talking about the Recession in US for a couple of years. How come many of the Job’s are being outsourced different countries? What is wrong with Hiring people here in US?

    September 15, 2009 at 3:09 pm |
  37. Adam in New Orleans

    What actions have been taken to stem the flow of jobs overseas and create labor parity? Healthcare Reform, if not neutered as I now believe it will be, is only a band-aid on a huge bleeding wound. I fail to see ANY action by our governement other than rhetoric.

    The American worker cannot compete without wage and asset parity globally. It's fundamental to recovery of the Middle Class. What does it mean when our economy recovers and the American people do not? I am literally hearing nothing from our government. With corporate interests set squarely against this, the American way of life will soon be a memory.

    I was incredulous and appalled at Bernstein's comments today about the only issue with China trade practice being tires! Fire this talking head!

    September 15, 2009 at 3:27 pm |
  38. art

    What is Ben Bernanke talking about? The recession is over, how can it be over when you have over 15 million people unemployed and all these foreclosures, nothing has really been corrected.
    When all these people find jobs then I believe the recession is over. Please.... tell the truth..

    September 15, 2009 at 4:24 pm |
  39. Alex

    The most companies action is to outsource many job's over seas as possible and pay CEO's and upper management to get biggest Bonus as possible. Now when the America Recovers from the recession. There is going to be no Middle Class. It is going to be Rich and Poor and No more middle class since most of the job's will be over seas.

    September 15, 2009 at 7:23 pm |
  40. Yolanda

    Where is our president; where is the media? I finally heard something regarding ACORN – today on CNN. As for the other networks: CBS, NBC, ABC, MSNBC – nothing regarding ACORN;s fraud/brothels, etc. Sorry to say that a lot of talent and brains are going to waste! The personnel at those networks must feel they have their hands tied because they cannot exercise and do their job/s they went to college for! What a pity! Are we in Venezuela; Cuba; North Korea; Iran....?

    September 16, 2009 at 10:24 am |
  41. Muin

    When will we start to see job growth?

    September 17, 2009 at 12:46 am |
  42. Sandy

    Bravo, CNN for updating Americans regarding these issues. I am yvery iinterested in coverage such as this...Madoff victims, Citibank, Bank of America, bonuses etc. seems to have gotten lost in all the news. Americans are still, and will be for a very long time, wanting substantial updates on these issues. Thank you.

    September 17, 2009 at 10:11 am |
  43. Denise Willey

    Our Government needs to have a lot more rules and regulations to stop the BIG Banks and Mortgage lending practices. They are greedy and not willing to help their customers.

    September 17, 2009 at 10:41 am |