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Stocks Rally; Investors Watch Fed; Answering Your Money Questions; Fallen U.S. Troops Make Final Trek Home; Seeing Strong Tech Job Market

Aired August 09, 2011 - 12:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

SUZANNE MALVEAUX, CNN ANCHOR: Top of the hour. I'm Suzanne Malveaux. Want to get you up to speed.

Dow stocks shot up like a rocket in early trading today. Right now, blue chips are up by 230 points. It's quite a contrast to Monday.

Anxiety over the U.S. credit downgrade pushed Dow stocks down 634 points. But whether the rally holds may depend on the Federal Reserve. Two hours from now, there is speculation the central bank will announce some sort of new economic stimulus today.

The remains of 30 U.S. fighters killed in Afghanistan arrived at Dover Air Force Base in Delaware today. The Americans were killed on Saturday when the Taliban shot down their helicopter. Relatives gathered at Dover to bring their loved ones home.

(BEGIN VIDEO CLIP)

DR. MICHAEL PARRY, STEPFATHER: We're heartbroken. Brian was a remarkably gifted, thoughtful and compassionate young man, and we're incredibly proud of him. All the other SEALs and Brian are our heroes. They are the best of the best, and we can never thank them enough for the sacrifice that they have made.

(END VIDEO CLIP)

MALVEAUX: The remains of eight Afghans killed in the fiery crash were also brought to Dover Air Force Base for identification.

Well, London is now putting 10,000 extra police officers on the streets tonight to combat mob violence. Riots and looting began Saturday after a police shooting. Now, Prime Minister David Cameron cut short his Italian vacation, recalled parliament to deal with the crisis.

Our CNN crew came face-to-face with a mob that was leading to a pretty scary moment.

(BEGIN VIDEO CLIP)

DAN RIVERS, CNN SENIOR INTERNATIONAL CORRESPONDENT: We're going to hold our line behind us here. We're going to have to move. Things are being thrown.

I don't know if you can still hear me. We're just having a few bottles thrown at us there.

We're OK, though. We're OK.

Yes. I mean, that's the danger. You know, as soon as people stray down this road, it erupts in violence.

(END VIDEO CLIP)

MALVEAUX: Violence has spread to a number of London neighborhoods and even other cities, including Birmingham and Liverpool.

NATO rained bombs on Libya's capital overnight. This is the heaviest attack in a month. Explosions lit up Tripoli's night sky for the better part of an hour. NATO war jets appear to have hit a chemical plant, which is burning east of the city.

In San Angelo, Texas, jurors in the Warren Jeffs trial have just gone behind closed doors to decide his sentence. He could go to prison for life. The same jury convicted the polygamist sect leader of sexually assaulting two children. Jeffs claims the girls, ages 12 and 15, were his wives.

Swimmer Diana Nyad made it to Key West, Florida, this morning, but by boat. The 61-year-old was trying to become the first person to swim from Cuba to Florida without a shark cage, but Nyad gave out about halfway through the 60-hour swim and her team pulled her out of the water.

Nyad told me just this last hour that she was deeply disappointed but proud of her effort.

(BEGIN VIDEO CLIP)

DIANA NYAD, LONG-DISTANCE SWIMMER: I suffered a bad, bad asthma bout for 11 hours. Never in my life had asthma in the water. And yesterday I started doing 30, 40 strokes, and was so depleted of oxygen, I had to roll over on my back and gasp for oxygen for three or four minutes.

So I was limping and limping along. And I thought, you know what? It's not going to be a pretty finish, I can't be the swimmer I am today because of what I'm going through.

(END VIDEO CLIP)

MALVEAUX: Now more on stocks making a comeback after the huge sell-off yesterday.

Alison Kosik, she's at the New York Stock Exchange.

Alison, I can't believe perhaps we got a little bit of good news? I don't know. ALISON KOSIK, CNN BUSINESS CORRESPONDENT: Yes, we have got some green arrows, and that's good news. It's definitely a nice rebound that's sticking, at least for now after that nosedive that we watched yesterday.

And usually this would be a feel-good, happy days are here again kind of rally, but no such luck, because if you look at how stocks have been doing over the past couple weeks, even just the Dow over the past 11 sessions, the Dow is off almost 1,900 points. Wall Street definitely looking to see if the Fed can come to the rescue. The Fed right now is meeting -- Suzanne.

MALVEAUX: Alison, what are we expecting to hear from the Federal Reserve today?

KOSIK: You know, Wall Street is expecting to hear three things.

First of all, what the Fed's going to do on interest rates. And interest rates are expected to remain at historic lows.

Secondly, Wall Street is going to be looking to see what the Fed's assessment of the economy is. You know, what is the Fed's outlook on the economy? Many saying, you know what? You can't ignore the obvious slowdown in the economy.

And thirdly, Wall Street's going to be looking to see what kind of language the Fed is using. Will the Fed hint about a possible economic stimulus down the line?

And this could go either way, because if the Fed indicates that it's not really going to do anything, it could wind up being a disappointment for the market. But if the Fed announces a possible economic stimulus, it could spook the markets, because then investors would think hey, I didn't realize the economy was in such bad shape.

So we'll have more definitive answers around 2:15, when we will bring you the decision later -- Suzanne.

MALVEAUX: OK. We'll be following it very closely. Thank you, Alison.

Well, when the market turns it's easy to get caught up in all of the numbers, but today we want to hear from you. Your stocks, your credit cards, your mortgage, your student loans, they could all be impacted by this downturn. So we would like to help. Send me your money questions at Twitter, @SuzanneMalveaux, or Facebook.com/SuzanneCNN. And we will go to the experts for some answers.

Here's your chance to "Talk Back" on one of the big stories of the day. Today's question: In politics, would term limits make a difference?

Carol Costello, she joins us from New York.

Hey, Carol. CAROL COSTELLO, CNN CORRESPONDENT: That's become talk at the dinner table these days, term limits. I'm telling you, Suzanne, it is a hot topic these days.

Voters are so mad at politicians right now, they're saying throw the bums out.

In a "USA Today"/Gallup poll, only 24 percent say most members of Congress deserve re-election. That is the lowest percentage in 20 years.

But hang on. Fifty-six percent of those polled think they're own representative deserves another term. In other words, go ahead, throw all the bums out, except mine.

Well, that's exactly what they're trying to do in Wisconsin. In a recall election today, voters are deciding whether to kick out six Republican state lawmakers who supported Governor Scott Walker's anti- union legislation.

I know what you're thinking. If only we could recall the president, or the House Speaker, et cetera, et cetera. But we can't.

But what about term limits? For example, House members serve two years and can get re-elected forever. It means they're constantly campaigning, and maybe voting not for the good of the country, but to prolong their careers.

So why not limit the number of terms lawmakers serve? Of course that would be admitting that you as a voter made an unwise decision.

But I digress.

University of Virginia professor Larry Sabato actually thinks you need experienced people in Congress. They know how to work the system and -- don't laugh -- they know how to deal with those high-powered lobbyists.

Sabato says a good compromise might be to extend House members terms from two to three years and allow them to serve a maximum of 12 years.

So, the "Talk Back" question today: In the world of politics, would term limits make a difference?

Facebook.com/CarolCNN. I'll read your comments later this hour.

MALVEAUX: All right, Carol. Most of us have term limits at our jobs. So we'll see what folks have to say in politics. Thanks, Carol.

COSTELLO: Sure.

MALVEAUX: Here's a rundown some of the stories we're covering over the next hour. We're keeping the focus on the debt downgrade and what it means for your money. A financial expert is going to tell us what it could mean for mortgage rates and the housing market.

Also, we'll talk about the impact of the downgrade on credit card and loan rates.

And you actually might be afraid to open up your next 401(k) statement. We're going to examine the impact on your retirement account and other investments.

And we are answering your personal questions about the market, what it means for you. That's up next.

Send me your questions at Twitter or Facebook.com/SuzanneCNN. And we're going to go to the experts for some answers.

(BEGIN VIDEO CLIP)

HARRIET DIXON, TROY, ALABAMA: I'm Harriet Dixon (ph) from Troy, Alabama. And my husband and I are thinking about buying a house, and we're wondering if we should wait a little longer until things get better, or go ahead and buy now.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

MALVEAUX: Stocks bounce back just a bit from yesterday's huge sell-off. The markets have been in positive territory since the opening bell. Investors are waiting for the outcome of today's Federal Reserve meeting. Right now, the Dow is up by 211 points or so.

And we're keeping a close eye on that.

But the market taking a roller-coaster ride these last few days. A lot of anxiety about what you can do to protect your own personal finances.

We're here to help. All morning long, you have been sending us your questions about the market, what it means for you.

I'm joined now by Valerie Coleman Morris. She is a personal finance specialist and former CNN business anchor.

Valerie, great to see you. Thanks for joining us here in CNN NEWSROOM.

VALERIE COLEMAN MORRIS, PERSONAL FINANCE SPECIALIST: Great to see you.

MALVEAUX: We have been asking folks some questions here. I want to start off with this one. Let's take a listen.

(BEGIN VIDEO CLIP) DIXON: I'm Harriet Dixon from Troy, Alabama, and my husband and I are thinking about buying a house. And we're wondering if we should wait a little longer until things get better, or go ahead and buy now.

(END VIDEO CLIP)

MALVEAUX: All right, Valerie. What should she do?

MORRIS: First of all, the housing market is confusing for people even in good times. People try to figure out, when is the best time to get the best interest rate, what should I do, and how should I do it?

I always say that the bottom line is, what was your plan? I don't think that she should respond to the fact that there's been all this volatility, will I get a better interest rate or not? As we look at it, interest rates will go up and down, and they fluctuate with market volatility.

So my answer to her is, what was your original plan? What was your time frame? Did you have an interest rate that was going to work right for you?

Go back to your basics and then move forward. This up and down in the market should not disrupt your plans. They were well thought out. Believe in them, believe in yourself, move forward that way. Do not react.

MALVEAUX: OK, Valerie. Very strong answer.

This one is from my Facebook page. Lauren asks, "How much harder will it be to get a small business loan?"

MORRIS: You know, it's a very interesting question. The small business loans are consistent with what is happening in the market.

I think she needs to talk to a specialist on small business loans. My specialty is making sure that you're in the right frame of mind for doing this.

Do you have the basics in line? Do you understand how much money you need? Do you have a good business plan? Have you created the financials so that you know that you can look for money in a direct, specific, straightforward way?

Sometimes people make it more complicated than it needs to be. What her thinking was previously about needing a small business loan, continue to search for it. If she has a good business plan, and a good business, she'll be able to find the money.

MALVEAUX: All right. Valerie, thanks. We're going to get back to you in a little bit with some more questions. We appreciate it.

There's still time to get your money questions answered. We're going to tell you what the news on Wall Street means for you, whether it's about your car payment, mortgage, your student loan. Send it to me at Facebook.com/SuzanneCNN or Twitter. And we're going to get more expert advice for surviving these hard times.

Well, remembering the fallen heroes. Thirty American troops killed over the weekend in Afghanistan. Their bodies were returned to the United States today. A live report from the Pentagon, up next.

(COMMERCIAL BREAK)

MALVEAUX: We have some breaking news we are following here. I want to give you an update on this.

This is Warren Jeffs, the polygamist. He was convicted of sexual assault.

He's just been sentenced, and he got the maximum on count one, life in prison on charges of aggravated sexual assault. On count two, 20 years, Warren Jeffs getting the maximum sentence there.

The jury had deliberated on the sentencing phase of his trial on charges related to sexual assault of a child. Now, Jeffs, he was convicted on two counts of sexual assault of a child on Thursday.

He was the leader of the Fundamentalist Church of Jesus Christ of Latter-day Saints. He faced a maximum sentence of life in prison on the conviction of sexually assaulting a 12-year-old and a 15-year-old who he had called his spiritual wives.

But you see video there of him getting into the car. Warren Jeffs getting life in prison.

We are also following a very emotional day for the families of 30 U.S. troops killed aboard a helicopter that was shot down in Afghanistan over the weekend. The bodies of those killed were brought to Dover Air Force Base in Delaware. That happened today.

Meantime, there are new questions being raised about the attack.

Our CNN's Barbara Starr, she is joining us from the Pentagon.

Barbara, I understand you have some new details about what actually happened.

BARBARA STARR, CNN PENTAGON CORRESPONDENT: We do indeed, Suzanne. But let me get to a couple things first.

As you say, the planes are on the ground at Dover. The remains will be transferred within the coming hours. And we are actually told this very dignified ceremony will go on for several hours because there are 38 sets of remains.

The public will not see it. We are not allowed as the news media to be there for this ceremony.

But there is new information that we may never officially learn the names of all the Navy SEALs who perished in this accident. What we can now confirm is that Special Operations commanders have asked the defense secretary to not publicly release the names of the SEALs because they belong to a covert unit.

This is very tricky business, because we have talked to so many families publicly over the days since this all happened. Many families publicly coming forward to have their loved ones remembered, but the military, very sensitive about the names officially coming out and having them identified as belonging to this covert unit.

I have to tell you, Suzanne, if the names do not come out from the Pentagon, that would be history-making, because every troop that has fallen in the last 10 years of war has been publicly acknowledged by the Pentagon.

We know more now about what happened on the ground. Sources confirming to us that the SEALs were actually called in because the Rangers on the ground, the Army unit on the ground, had seen some of the Taliban that it was trying to fight gather and run away.

They thought the Taliban leader they were after and his associates were going to run and leave this area. They called for some backup force, and it was this covert unit of Navy SEALs that was on call to come as a backup force.

So they are called in basically to chase down some Taliban that were on the run. And that, officials say, is when Taliban fired a rocket-propelled grenade that hit the helicopter with these catastrophic results.

The investigation now under way. They are going to look at all of these questions -- Suzanne.

MALVEAUX: And Barbara, turning to the ceremony this afternoon, do we know which dignitaries are actually going to attend?

STARR: Well, every expectation now that the president will be there, the defense secretary will be there, the chairman of the Joint Chiefs, several very senior military leaders from the Pentagon, from the military services, as well as senior civilian officials. This will be a very significant gathering of military VIPs, of administration officials.

Again, tough to explain. The news media will not be there. We will have no pictures, we are told, to show this to you because the remains are not identifiable at this point.

So families cannot grant permission for photos of any particular casket coming off the plane. But this very sad ceremony will go on for several hours, we are told, this afternoon, out of public view at Dover Air Force Base, Delaware -- Suzanne.

MALVEAUX: All right. Barbara Starr, thank you very much for the update.

We know that family members are speaking out about loved ones who were killed aboard that helicopter in Afghanistan. We are also hearing from members of their communities as well. Here they are in their own words. (BEGIN VIDEOTAPE)

UNIDENTIFIED FEMALE: Our hearts go out to the families. And our prayers go out to the families. It's got to be like a proud moment for the community and stuff. It's an honor.

UNIDENTIFIED FEMALE: He's always loved what he did. And he told me he couldn't believe he could do this for a living because he loved it so much.

UNIDENTIFIED MALE: I just had the feeling if anything ever did happen to him, it would be en route to something or coming back.

UNIDENTIFIED MALE: Kevin Houston met Christopher Kelly through Kelly's daughters' classmates. The Vietnam vet became a mentor and father figure to a boy who had always wanted to be a Navy SEAL

UNIDENTIFIED MALE: One day I showed him my photo album from Vietnam. And any time he came over, he asked to see it. His best friend came over and told me, and he had his head down when I went to the door. I knew right then.

UNIDENTIFIED FEMALE: I've never met somebody that loved to do what they did as much as he.

UNIDENTIFIED MALE: He'd give you the shirt off his back. I mean, you know, he was a really great guy.

UNIDENTIFIED MALE: We're heartbroken. Brian was a remarkably gifted, thoughtful, compassionate young man, and we're incredibly proud of him. All the other SEALs and Brian are our heroes. They are the best of the best. And we can never thank them enough for the sacrifice that they have made.

(END VIDEOTAPE)

(COMMERCIAL BREAK)

MALVEAUX: Well, we're watching the markets as stocks rebound from yesterday's plunge. The Dow has been in positive territory since the opening bell. Right now, it is up 216 points. Keeping a close eye on that.

While U.S. markets try to bounce back, overseas, some markets closed down following Wall Street's plunge yesterday.

(STOCK MARKET REPORT)

MALVEAUX: All morning long, of course, you have been asking us your questions about the market, what it means for you. Well, our Clyde Anderson, he's a financial expert and a motivational speaker. He joins us to get some of those answers.

Clyde, thanks for not running away, screaming and running away.

CLYDE ANDERSON, FINANCIAL EXPERT: Good to be here. I'm ready. I'm prepared for this.

MALVEAUX: Oh, OK, good. We have been asking folks what their financial situation is, what they need to do. Let's take a listen to somebody we spoke with earlier.

(BEGIN VIDEO CLIP)

ROBIN ELISE WEISS: Hi, I'm Robin Elise Weiss from Louisville, Kentucky. My question is I have eight children ranging 3 to 19, and I'm trying to figure out what I need to do to save for college both for the one who is a sophomore and my three-year-old. Do I buy into stocks now or do I wait?

(END VIDEO CLIP)

MALVEAUX: Great question. Eight kids.

ANDERSON: Eight kids. I mean, lot of investing needs to be done definitely to prepare. That's a lot. The cost of tuition is going up.

I would tell her definitely it's time to buy. We talked about it earlier, buy low, sell high. So, this is the time to buy if you're buying. But again, we talked about that 529 plan. It's a good way to invest and spread the risk about. So you get a nice amount of return but you're not too risky at the same time.

But she's got a lot of kids. Make sure you're not losing any of that money as well. So, that's a great way to go for her.

MALVEAUX: All right. Then also, this is from my Facebook page here. This is Candy. She says ,"I'm 60 years old, unemployed. I lost $900 in two weeks from my IRA. I had only $10,000 in it, and I moved it to money market mutual funds. And my broker says I can move it back into the stock market when I feel more comfortable." Did I do the right thing?

ANDERSON: That's a hard one. She's in a rough predicament. I don't know if I would have advised her the same way as to go ahead. It's almost a panic thing, she pulled that money out to move it somewhere else. She's not going to get much return on the money where she moved it to.

But the market as we're watching today has turned around a little bit. So, s could have gotten some of those gains -- those losses back with the gains we're seeing today. So, that's why I say don't panic. Wait it out sometimes.

But now she's in a position, if she's going to buy, she needs to buy soon and get back into the market.

We don't want to gamble with our bill money, either. If she's in position where she's unemployed, doesn't have much money, this is money that's crucial to her right now. She's got to pay bills. And you don't want to tell somebody get in the market with their bill money. Make sure you have liquidity aside that you can gamble with because it is a game and it's a risk. We want to be prepared to take that risk.

MALVEAUX: All right, Clyde, you have been great. We will have you on many, many times to sort this out for all of us.

ANDERSON: Thank you. It's a pleasure to be here.

MALVEAUX: Great advice. We appreciate it.

ANDERSON: Thank you, Suzanne.

MALVEAUX: Voters are going to the polls in Wisconsin today, and they might be voting out some of their lawmakers. Find out what it's all about. We're live in Madison.

(COMMERCIAL BREAK)

MALVEAUX: Citizens outrage in Wisconsin. Just remember this.

(VIDEO CLIP)

MALVEAUX: Yep. That's when thousands of people took over the state capital in February. They were upset over a bill that would take away the collective bargaining rights of public employees. Well now, they're trying to recall some of those lawmakers.

Our Ted Rowlands is in Madison. So, Ted, who is fighting this recall today?

TED ROWLANDS, CNN CORRESPONDENT: Well, you have six separate Republican senators that are fighting for their political life today around the state of Wisconsin, in districts around the state of Wisconsin. And then next week, two Democratic senators will face the same in a separate election. Basically the Republicans are going first, if you will, just because the paperwork was submitted first by Democrats.

And this as you mentioned, is all because of the fighting that went on and just the anger that was generated during that period in February where Scott Walker, the governor here, had his bill go through which was this budget repair bill, that it was billed as. But it attacked the collective bargaining rights of unions. So, that brought in money and interest from around the country.

In this recall election, $30 million plus has already been spent. They expect that almost $40 million will be spent when it is all said and done. This is money not from Wisconsin. I mean, nobody really cares about Joe Schmoe up in a tiny town in Wisconsin to pour in millions of dollars to their campaign. This is about the ongoing battle between Democrats and Republicans with unions, straight in the middle.

So, you've got all this interest from around the country poured into Wisconsin and these candidates, they've got TV ads and flyers and everything else. So, a lot of eyes on Wisconsin.

MALVEAUX: And Ted, who could end up the big winners in all this? ROWLANDS: Well, that's a great question. Because from a practical standpoint, the Republicans have a majority in the senate right now. Democrats need to net three seats. They think they'll be able to do it.

But then the bigger question is well, so what? The governor is still Scott Walker. Anything that comes to his desk, he's going to veto. They really can't go back and change what's already in place here, in terms of the laws that have already been enacted. It really is about this match between these two parties, between Democrats and Republicans. And it is about sending a message to other states, don't do what Wisconsin did or we're going to come at you.

MALVEAUX: And Ted, what about the Tea Party? They were very vocal during this big battle over the budget. Are they turning out in support of those who are being recalled?

ROWLANDS: Oh, absolutely. And you've got a lot of Democratic money being poured in here, too, from around the country. But over the weekend, the Tea Party had a bus tour express going around to all these small districts, trying to bolster some support for the sitting Republicans.

Quite frankly, it is interesting if you're into the current political situation in this country, this is like a little mini Super Bowl because it has it all. It will come down to the wire. And so, if that's your thing, this is very entertaining to watch. If you're disgusted by politics in this country, this is a pretty disgusting example of it. Millions of dollars being spent on basically bragging rights.

MALVEAUX: All right. Ted, thank you very much. Appreciate it.

Checking stories from our affiliates across the country. An outburst in an Atlanta courtroom startles the judge and everyone else. Just take a listen.

(BEGIN VIDEO CLIP)

JUDGE: I'm going to sentence you for murder to life in prison.

UNIDENTIFIED FEMALE: No! No! No! I'll never see my son again! No!

(END VIDEO CLIP)

MALVEAUX: Michelle Nichols visibly upset after the judge sentenced her son's killer to life with parole. Her 19-year-old son was murdered over his smartphone outside a train station last year. Brodrick Smith pleaded guilty and could get out in 30 years.

Trying to stop random attacks by mobs of young people. That's Philadelphia's mayor who puts kids on a curfew. Children under 13 have to be home by 10:00 p.m. Teenagers by midnight. The weekend curfew is even stricter in some parts of the city. 9:00 p.m. for everyone under 18. And in the middle of a devastating drought, here's a lake in central Texas that is not drying out. That's because the city of Taylor is pumping its excess drinking water into it to save the wildlife.

And there is still time to get your money questions answered. We will tell you what the news on Wall Street means for you. If you've got a question about your car payment, credit cards, student loan, send it on my Twitter or Facebook page. That's Facebook.com/SuzanneCNN. We will go to the experts for sound financial advice to see you through the downturn.

(COMMERCIAL BREAK)

MALVEAUX: We're not getting information that President Obama has arrived at Dover Air Force base. He is going to be attending the ceremony, the very somber ceremony that is taking place there this afternoon along with many other administration officials and military dignitaries who, as we will see, the bodies of 30 soldiers, Navy SEALs and soldiers who died when their chopper was attacked in Afghanistan. One of the deadliest days, a strike by the Taliban, a very somber occasion.

The president will be attending. We have seen pictures of him arriving at that somber ceremony to recognize and to bring home the bodies of those Navy SEALs and soldiers who died in that helicopter attack.

We are also getting some information from our own Chad Myers. Some breaking news now. A tornado warning that is over the Philadelphia area. Chad, what do we know about that?

CHAD MYERS, AMS METEOROLOGIST: Just south of Philadelphia near Wilmington, Delaware. This is a big-time circulation, probably very close to the ground near Wilmington and then traveling across I-95 towards Chester, maybe even toward Camden in the south Philadelphia suburbs there.

The storm is probably either on the ground at this point or very close to coming down. It's 50,000 feet tall, which means ten miles high for this thunderstorm. It's rotating, and some of that rotation may very well be on the ground with the tornado warning right there for Wilmington, Delaware and points northeastward from there.

MALVEAUX: All right, thanks for the update, Chad.

With the market taking a roller coaster ride these last couple days, there is a lot of anxiety about what you can do to protect your own personal finances. Well, we will try to help.

All morning long, you have been sending your questions about the market and what it means for you. I'm joined by Valerie Coleman Morris. She is a personal finance specialist and former CNN business anchor. Valerie, good to see you again. You going to help us out here? VALERIE COLEMAN MORRIS, PERSONAL FINANCE SPECIALIST: Oh, absolutely Suzanne. Here's my laundry list. I want to talk to the parent who has two kids in college, that have a house, they want to retire and are going now what? Or to the young person in their 20s saying I haven't even gotten started, what do I do in the midst of this?

Do not panic. That's the most important thing. I think it's also important that people understand, if they make money decisions under pressure, it's usually going to be a bad decision. Every decision you make is linked to every other thing in your life. So, consider making a plan, be logical about it and approach it that way.

MALVEAUX: OK.

MORRIS: Spend wisely and save wildly. That is the most important thing that you can do.

And please, don't keep checking your portfolio. It will only panic you more. Just stay the course, be calm, stay still, and breathe.

MALVEAUX: OK. We want to get to some questions that folks have for you. I want to bring in the first question in here. Just take a listen.

(BEGIN VIDEO CLIP)

WAYNE CLARK, PORTLAND, OREGON: I'm Wayne Clark from Portland, Oregon. I'm wondering about real estate in these times. I have two properties, I don't know whether to refi, whether to let one go, not let one go, whether to buy more even. So, I don't know what to do.

(END VIDEO CLIP)

MALVEAUX: Valerie, what do you think he should do?

MORRIS: Well, I think the reality is, he had a plan. You see, just because this market has done what it's done, oftentimes people think -- well, now, I have to redo everything I have in place. You don't.

When I say be still, I say be still so that you can realize why you had that plan, why he bought those properties, what the intent was. Stay the course.

The market was down yesterday. It is rising now. Investors cannot have knee-jerk reactions. If you have a knee-jerk reaction, it's probably going to be a wrong reaction.

So, this is the time to make a plan so that you can respond appropriately the next time. And there will be. The market is up and down, but it usually will settle.

MALVEAUX: And this one is from my Facebook page. Kyle asks, "What effect will the debt problem and downgrade have on student loans, both private and federal, and particularly interest rates. It's already terrifying enough to see the hole I'll be in when I graduate. Should I anticipate it being even worse?"

MORRIS: You know, my answer to that is: don't worry about crunching those numbers because you have made an investment in your future. Student loans, they can be daunting but the reality is, that's good debt as opposed to the plastic bad debt that a lot of students graduate with.

Make sure that he stays focused on the fact that it's an investment in his future. If you have a graduate degree, that adds $10,000 sometimes to the job opportunities that you have over a lifetime, it can mean $1 million difference in what you can make.

So, education is good debt. It may be daunting but stay the course. That is the main thing that I can say.

Students need to understand that they can get to that debt eventually and the way that they are able to multi-task is the number one thing, and you may think this is strange, he's worrying about paying down that debt, best thing he can do is start investing in his retirement because in your 20s, if you do that, you have the magic of compounding.

So, let's refocus and let's recalculate. Rather than saying what's going to be the negative of having student debt, let's look at the positive of having a good education, and therefore, being able to co-create jobs.

MALVEAUX: All right.

MORRIS: And one other thing, Suzanne, I say to all students -- look to the global economy because your jobs are there as well, outside of and inside of the United States.

MALVEAUX: All right. Great advice. Valerie, great to see you. Thanks for joining us here in CNN NEWSROOM. I appreciate it.

And, of course, we appreciate all your questions today. Keep the conversation going on my Facebook page at Facebook.com/SuzanneCNN.

And our free money advice doesn't end here. We've got more from the CNN "Help Desk."

(BEGIN VIDEOTAPE)

POPPY HARLOW, CNNMONEY.COM: Time for "The Help Desk," where we get answers to your financial questions.

Joining me this hour: Manisha Thakor, a personal finance expert; John Ulzheimer, the president of consumer education at smartcredit.com. Guys, thanks for coming in.

Two very interesting questions.

First for you, Manisha, comes from Les in Borden, Indiana. Les writes, "My wife and I are retired and receive pension from Social Security and my pension. We also have several Series E bonds that are maturing soon. Is there any way we can avoid paying taxes on that income?"

MANISHA THAKOR, PERSONAL FINANCE EXPERT: It's an interesting question. Series E is just another fancy way of saying savings bonds.

HARLOW: Right.

THAKOR: The interest on that, of course, is exempt at a state and local basis, but on the chopping block for federal taxes. However, if you use those proceeds for qualified educational expenses or to contribute into a 529 for yourself, your spouse or dependents, you can then avoid taxation.

So, you may you qualified.

HARLOW: How about the grandkids?

THAKOR: Now, unfortunately, it can't be grandkids unless the grandkids are considered dependents using the IRS definition.

HARLOW: OK.

THAKOR: So, bring the kids into the house. Take them away from the parents.

HARLOW: Everyone, just move on in. Go advice.

All right. John, this question comes from Jay of Jersey City, New Jersey. Jay asks, "I have a grad school loan of around $43,000. I can only afford to pay $300 a month, but the interest rate is 4.75 percent. What can I do to get this monkey off my back?"

So true. So many people in debt because of school loans.

JOHN ULZHEIMER, PRESIDENT OF CONSUMER EDUCATION, SMARTCREDIT.COM: Yes. The student loan tends to be the permanent monkey on your back until you can pay it off because most student loans are referred to as statutorily dischargeable, which means you can't get rid of them in a bankruptcy like you can rid of unsecured debt.

HARLOW: Right.

ULZHEIMER: Really, the only thing that concerns me about the question is the amount, $43,000. That's a lot of money. The interest rate, 4.75 percent, is killer. And take into account the fact that it's probably somewhat tax-deductible, he's actually in a pretty good position.

One word for him: forbearance. Call the lender and ask them for a forbearance. It means, essentially, you don't have to make payments for some period of time. They're just going to tack on interest and principal to the back of the loan, but it will give him some safe harbor for a period of time where he can get back on his feet and be able to afford more than just that minimal amount.

HARLOW: You also think what sector he's working in. And, you know, there are some jobs you can go into for the public sector that will forgive a lot of your loans.

ULZHEIMER: Eventually, that's exactly right.

HARLOW: So, you might be able to do that. Thank you guys so much.

And if you have a question you want answered, just send us an e- mail anytime to the CNNHelpDesk@CNN.com.

(END VIDEOTAPE)

(COMMERCIAL BREAK)

MALVEAUX: Here's a chance to talk back on one of the big stories of the day. Today, we're asking in politics, would term limits make a difference?

Carol Costello, she's got your responses.

Hey, Carol.

CAROL COSTELLO, CNN CORRESPONDENT: Pretty good response today, Suzanne, again. "Talk Back" question: Would term limits make a difference?

This from Rob: "We don't need term limits. We need more educated voters. It seems like Americans can't separate facts from the political spin. It's sad yet safe to say the average American citizen knows nothing about the politicians they vote in."

This from Kim: "Yes, and downgrade their benefits package. It's really ridiculous. And some have the nerve to begrudge union members their benefit packages. The problem is, wouldn't they be the one to vote this up or down? What do you think will happen? Nothing."

This from Elaine: "I support term limits. The issue is not only that politicians seem to spend so much time trying to keep their jobs, rather than doing their jobs, but we need to see new folks, new ideas, new answers. Voters do not get that opportunity when incumbents continue to run."

This from John: "If you are not a team player, always combative, miss too much work, do not meet timely assignments, always pointing finger at others' faults, refusing to accept blame for bad performance, always pointing finger at others faults, refusing to accept blame for bad performance, the question would be: how long would you expect to be employed?"

Please keep the conversation going. Facebook.com/CarolCNN. And thanks as always for your comments.

MALVEAUX: All right. Thank you, Carol. Appreciate it.

Keep it here for a reality check on some of your investments. We are talking tech stocks, up next.

(COMMERCIAL BREAK)

MALVEAUX: Lot of you invest in tech stocks.

So, how are they faring in all this?

I want to bring our Silicon Valley correspondent, Dan Simon, who is in San Francisco.

Dan, tell us about the stocks. Have they taken a beating or are they holding steady?

DAN SIMON, CNN SILICON VALLEY CORRESPONDENT: Well, they took a beating yesterday. Today, they're doing much better.

But, you know, over the last several months, it was kind of looking like the '90s again for technology stocks. We saw a lot of enthusiasm for some of the new companies on the block like LinkedIn and Pandora Radio.

LinkedIn yesterday took a beating, down 17 percent. But today, it's making up some ground, up about 11 percent now.

You look at Apple, down significantly yesterday. Now, it's up a little more than 4 percent. So, the question is whether or not some of this enthusiasm that we have seen over the last several months, whether that will be scaled down a bit or we'll be seeing it once again.

We still have a couple more companies to go public over the next several months, Groupon being one of them. Zynga, the social gaming giant, is also set to go public.

And the big question around the corner is when will Facebook announce its IPO, how those companies will be received, and when they actually do go public could be very telling, Suzanne.

MALVEAUX: And, Dan, aside from the stocks, how's the job outlook in Silicon Valley? How are they doing?

SIMON: Well, we have seen tremendous gains over the past few months, more than 1,000 jobs added over the past several months. Then you look at San Francisco, more than 4.6 million square feet leased to tech firms just in the first six months of this year alone. We're expecting to see about a 15 percent growth for companies over the next two years.

Where you're really seeing this growth is in the areas of computer software, in engineering jobs. If you have the skills to be a software engineer, you can really sort of have the pick of the litter. You obviously need a computer science degree in order to find those jobs.

How, you know, the growth that we're seeing in Silicon Valley translate toss the rest of the country really remains to be seen. And, of course, a lot of very smart people are trying to figure that out, Suzanne.

MALVEAUX: Dan, is it really competitive for those folks who are actually trying to get those kinds of jobs, those tech jobs?

SIMON: Well, it's competitive for the companies to try to land the best talent. If you're a company and you have an attractive offer for some of these kids coming out of college, for example, you know, if you're a talented kid, you can really find an unbelievable position. The question is whether or not, how it translates for the rest of the people.

MALVEAUX: All right. Dan Simon out of San Francisco -- thank you very much.

CNN NEWSROOM continues right now with Randi Kaye.

Hey, Randi.