Suze Orman; “The money just vanished”

Last night, 9/29/08, Larry King asked “internationally acclaimed personal finance expert” Suze Orman many questions about the losses on wall street. One particular question and response from the expert made me thoroughly confused, it went a little something like this: Larry speaking.. “We lost something to the tune of 1.2 trillion dollars in the stock market today, where did it go Suze?”

Suze responds with somewhat of a dumbfounded look (if that isn’t her typical look – I’m not sure, really) “It Vanished Larry, yep poof, gone forever.” Now, you have a personal finance expert telling people that the money just disappeared, like some sort of Colombo mystery. Well Suze, people that held onto the stocks may have lost money – but it didn’t just float away. People sold off their shares and took their funds back out of the stock market, to the tune of 1.2 trillion dollars, it didn’t simply vanish, it exchanged hands from the market to the investors. I understand people can’t and won’t know everything, I sure as hell don’t, but what I don’t think should be done; is act like you know and give ignorant answers.

On a side note, Ben Stein (another annoying turd) had an interesting point about the impending credit swap crisis.

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