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What the Market Nosedive Means For Your Wallet

September 29, 2008 11:23 PM

During today’s record Dow Jones nosedive, American investors lost close to a $1 trillion dollars. So what does it all mean to you? We turned to ABC News financial contributor Mellody Hobson for answers.

From Wall Street to Main Street

"There is no question that troubles on Wall Street have bled into Main Street.  And we see it in a number of ways.  First and foremost, no matter who you are right now, big companies, a small company, individuals, it is very hard to get a loan. [So] for everyday people on Main Street that means loans to send your kids to college and to buy or loan a house virtually are non-existent.  So that is a very real effect that has massive implications."

Sinking Stocks and Bruised Bonds

"Sixty-two million people alone [are affected] through their 401(k) plan at work and you've already mentioned that trillion dollars that evaporated.  With the stock market down 7% today, if you had $10,000 in your account, you're $700 poorer regardless of the fact that you actually didn't do anything..."

What About the Intermediate Future?

"The intermediate future is the true threat of recession in the United States.  Should that happen -- and it is becoming more and more likely with everyday that we sit here stalled...it means job losses in this country and that is never a good thing.  So that [means] higher unemployment no question about it, if that were to happen."   

And the Longer Term?

"Longer term, the amount of value that has evaporated in people's retirement accounts means that they may have to work longer, may have to invest more to shore up their retirement so there are longer term implications here, not just short term implications unless we get stuff back on track."

What if the Bill Had Passed?

"I think we would have seen a completely different result today.  I think the market would have rallied on the news and breathed a sigh of relief.  But of course we just saw the opposite -- there was real pain, severe pain that was felt."

So tell us, are you in pain?  How did today’s market crisis affect you?

September 29, 2008 | Permalink | User Comments (29) | TrackBack (0)

Nightline Report Card: Who Won the Debate?

September 26, 2008 11:47 PM

With just 39 days until November's historic election, the first presidential debate, at 97-minutes long, is finally in the books.  But tonight almost didn't happen.  Originally tonight's discussion was supposed to focus on foreign policy, but given this week's economic headlines, moderator Jim Lehrer spent a good portion on the financial crisis. 

From Wall Street to Waziristan, both candidates traded jabs and tried to appeal to voters.  So what did you think?  Our Chief Washington Correspondent George Stephanopoulos graded tonight's debate:

On Strategy:

Obama: A-
McCain: B+

Style:

Obama: A-
McCain: B+

Accuracy:

Obama: B-
McCain: B

So who won?  Give us your scores below.

September 26, 2008 | Permalink | User Comments (992) | TrackBack (0)

State of Maine: What to Do About Off-Shore Drilling?

September 19, 2008 10:30 AM

As part of ABC News' "50 Days in 50 States" road trip, "Nightline" spent some time traveling along the Gulf of Maine.  For full-time lobstermen working in the region, jobs have been made tougher by the nation's high oil prices.  Not only have refueling costs for their boats sky-rocketed, but so has the cost of bait. Is off-shore drilling the answer?  Not so fast, say many residents.  Drilling, they say, could have profound effects on the Gulf's delicate ecosystem.

"Nightline" co-anchor Cynthia McFadden's writes about returning to her home state and spending a day with two men who make their living from the sea. CLICK HERE to read her report and see photos from the trip.

And "Nightline" associate producer Leigh Simons shares what it was like to hit the road in the Nightliner: a Ford Edge that "isn't exactly covert." CLICK HERE for more.

September 19, 2008 | Permalink | User Comments (5) | TrackBack (0)

Night Four Report Card: McCain's Moment

September 04, 2008 10:48 PM

A night after running mate Sarah Palin's big splash, John McCain made his case for the White House and Chief Washington correspondent George Stephanopoulos was back for the final convention installment of the "Nightline" Report Card.

And while Hurricane Gustav might have hampered the front end of the Republican National Convention, the party scored well in their finale.

McCain earned an "A-" in the critical "Breaking with Bush" category and another "A" for body language. The grades slipped to a "B-" in the "Does he get it?" category and a "B" for red meat, a category Palin nailed on Night Three.

Which party did better overall? Stephanopoulos held off on picking a favorite. They both had their own objectives to accomplish, he said.

So how did you grade McCain's moment and the close of the RNC?

And can you pick one over the other?

September 4, 2008 | Permalink | User Comments (14) | TrackBack (0)

Ten Rules for the Working Woman or Covering the Convention in Flats

September 04, 2008 7:02 PM

  Nightline co-anchor Cynthia McFadden reports from the Republican National Convention in St. Paul, Minnesota:

There are of course many serious matters being discussed in St Paul at the Republican National Convention this week. We've covered many of them on ‘Nightline’ this week.   The place is over-flowing with deep thoughts and deep-thinkers. 

In fact, as I write this, my co-anchor Terry Moran and our executive producer are debating how Sarah Palin’s speech will be received around the country, and George Stephanopoulos just dropped by to discuss tonight's ‘Nightline’ Report Card.

As this is my first political convention, I must say I have been somewhat overwhelmed by the actual experience.  First off, trust me, you can see and hear a whole lot better from the sofa at home than you can from any location I have discovered here.  It is noisy and crowded and hard to see. 

I realize if you're watching at home it looks as if that great big window behind us provides a pretty good perch,  but here's the dirty little secret… the only time you get to sit there is when you are actually on the air broadcasting ,  which is the worst time to try to listen to a speech, live television being what it is…..
So, some practical advice if you should ever find yourself attending a political convention:

1.  No question about this one: comfortable shoes.  The new, three inch leopard heels were just ridiculous.  Any way you cut it, you'll be walking miles.  I ended up wearing sandals all day and putting on the mid-sized model when I HAD to appear on the floor.  The leopard ones did make an appearance under the anchor desk one night.  My feet hurt the whole time.

2.  Bring a second cell phone.  Charging can be challenging and the only way to find anyone is to call them.  What did we do before cell phones?

3.  Eat before you enter or order in food:  do not, repeat do not, eat the food provided.  More than two days of the hamburger specials rots the brain and the soul.

4.  Do not bring an umbrella or apples in your bag.   They will not let you in the arena with one because they can be used as weapons.  Bananas (go figure) are ok. We’re not sure about oranges because we didn’t try.

5. Bring sweaters --- even if it's 100 degrees outside you can be sure it will be 50 degrees in the venue.

6. Never ask anyone for directions.  They are invariably wrong and cost you precious steps.

7.  Get tickets and invitations to as many parties as you can.  You must make arrangements before you get to the convention.  Talk to more experienced convention goers.  They will guide you.  Definitely get an invitation to the ‘Vanity Fair’ party in town.  It's the hot ticket and just about anyone you want to button-hole will make an appearance.

8.  Check before you book:  try to find a hotel within walking distance.  If you must sleep far away, rent a car.  The shuttle bus can go horribly wrong.

9.  Parking.  Forget the parking passes.  It will take you 30 minutes to lug all your stuff to the site.  Find a local garage.  Closer and cheaper.

10.  Bring your sense of humor.  Lines are long.  Security is serious.  The hours stink.  But rest assured if you follow these rules you'll have an experience you'll be telling your grandchildren about one day. 

September 4, 2008 | Permalink | User Comments (0) | TrackBack (0)

Night Three Report Card: Palin's Big Night

September 04, 2008 12:29 AM

Tonight in Saint Paul, Gov. Sarah Palin delivered a rousing speech at the RNC.  She and fellow Republicans hit Sen. Barack Obama hard on his experience, attacked his liberalism, and mocked his time working as a community organizer.

Click below to see how George Stephanopoulos graded tonight's events.

 

Did Palin win over the delegates: A

Did she "fill in the blanks" on her political record and her famly? B

Red Meat!  How did the Republicans fair in attacking the Dems?  A/C

AND

Did they successfully "Turn the Page" on the Bush administration? A

Give us your grades below!

September 4, 2008 | Permalink | User Comments (204) | TrackBack (0)

Night Two Report Card: RNC's Palin Problem?

September 02, 2008 11:59 PM

ABC News' George Stephanopoulos has given his grades for day two of the Republican National Convention.

Palin Pick: Incomplete

Bush Factor: B

Independents Day: B

A Soldier's Story: A

So what do you think?  Was Governor Palin properly vetted?  Did Lieberman's speech reach out to independents?  And, even after delivering his speech via satellite, do you think President Bush is a drag on the McCain-Palin ticket?  Give us your thoughts below...

September 2, 2008 | Permalink | User Comments (161) | TrackBack (0)

Baby Politics: Separating Personal and Political

September 02, 2008 12:02 AM

"It has no relevance to Gov. Palin's performance as governor, or her potential performance as a vice president."

That was the response Sen. Barack Obama, D-Ill., gave when asked about the revelation that newly tapped Republican vice-presidential candidate Sarah Palin's 17-year-old daughter, Bristol, is five months pregnant.

Obama may have called the pregnancy "off limits," but there's no doubt the baby news, which came on a Gustav-shortened Night One of the Republican National Convention, had people talking all day.

The Alaska governor's bio -- so far filled with intriguing details of adventure (guns, fishing and snowmobiles) and bedrock Conservatism (she's a pro-lifer in practice) -- hit a much more awkward note.

But is it damaging as well?

September 2, 2008 | Permalink | User Comments (68) | TrackBack (0)