Word: crediteers
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Like a medic tending injured soldiers on a battlefield, she spends her days fielding calls from people who are in financial peril--drowning in credit-card debt or facing adjustable-rate mortgages that threaten to bury them alive. Each week they phone in to Orman's CNBC show for advice or buy one of her nine books, which offer the hope that they might save themselves from the financial hell they've created. Orman rushed out a paperback response to the economic crisis called Suze Orman's 2009 Action Plan, which is on the New York Times best-seller list...
...become a sort of unofficial economic barometer: the worse things get, the harder she is to avoid. Her style seems almost intentionally annoying: she screams on camera, her blue eyes practically bugging out of her head. But she has long been saying what America needs to hear, crusading against credit-card debt and urging people to save money and pay down their mortgages. Since the onset of the recession, she has made some subtle adjustments to her image, positioning herself more as a populist crisis manager than as a promoter of the American Dream. That hasn't shielded her from...
...becomes clear why Orman believes that men are responsible for most of the economic carnage rippling across the globe. One of the viewers who called in--Nancy from Sacramento--had just related a sad tale: she and her husband had taken out a $100,000 equity line of credit on their house and invested all of it in shares of one company. It was now worth $700. (See the 100 best TV shows of all time...
...theme has been for a long time, Get out of credit-card debt, know your FICO score, pay our homes off, don't use anything other than a fixed-rate mortgage, real estate has hit its top." She paused and thought for a moment. "Although ... I really thought a real estate investment was the best investment you could make over time," she said, the closest she comes to acknowledging a mistake. Orman owns five homes, although she's not sure she'll make a profit on the last one she bought--a luxury apartment in New York City's Plaza...
...past few months, though, Kapitalizm's jaws have snapped shut. The global credit crunch has hit the economies of Eastern Europe hard. In Hungary and Latvia the International Monetary Fund has stepped in with emergency aid. (Latvia's government collapsed anyway.) Currencies have crashed, leading the European Central Bank to help Hungarians and Poles keep paying their foreign currency-denominated mortgages by pumping in euros. The fear now is that the region's banks could collapse, especially if Western banks yank credit lines to eastern subsidiaries. Such a move would be counterproductive. Western banks, particularly in places such as Austria...