Chat With Me Today

Worried about the economy? Ticked off about the administration's attempt to strong-arm Congress into passing a massive bailout for Wall Street? I'm here to listen and advise. Chat with me today online at noon ET if you need to vent about the current economic crisis.

Today's online discussion will feature authors Jessica Blatt and Variny Paladino. The awesome duo wrote this month's Color of Money Book Club selection, "The Teen Girl's Gotta-Have-It Guide to Money" (Watson-Guptill, $8.95).

The book offers a wide assortment of exercises, a financial glossary and colorful graphics that would appeal to every teenage girl. Check out my column for more details.

We solicited entries for a free book a little differently this time. I asked teens to submit a 200-word essay on why it's important to save. Here's an example of one of the stellar essays I received:

Fifteen-year-old Dreonna Johnson said that after she became a member of a girl's focus group, she started to learn more about money. The Macon, Ga., teen wrote: "I must admit that in the past I never thought to save one dime. I have always relied on my parents to do that for me. One of the things that really stuck with me was how some women become dependent on their fathers, husbands or some other male figure when it comes to finances. I now realize that it is important to be independent as a young lady and that includes being responsible for my own finances."

I've always said a man is not a financial plan.

So, join our chat today. See you at noon. Submit a question now or chat with us later.

This Weekend

If you live in the D.C. metro area, come down to the National Mall on Saturday. I'll be there discussing the economy and my book, "Spend Well, Live Rich."

First Lady Laura Bush and her daughter, Jenna Bush, co-authors of the book "Read All About It!" will join an impressive line up of more than 70 authors presenting at the 2008 National Book Festival, organized and sponsored by the Library of Congress and Mrs. Bush. The festival will be held from 10 a.m. to 5:30 p.m. on Saturday, Sept. 27, rain or shine, on the National Mall in Washington, D.C., between 3rd and 7th streets. The festival is free and open to the public.

Festival authors, illustrators and poets will discuss their work in pavilions dedicated to Children, Teens & Children, Fiction & Mystery, History & Biography, Home & Family and Poetry.

My book signing will be from 1:30 p.m. to 3 p.m. I'll be giving a presentation in the Home & Family Pavilion from 4 p.m. to 4:30 p.m.

You can find more information and a complete author signing and presentation schedule here.

Passing the Bucket

I try to stay away from cliches, but honestly, if a picture is worth a thousand words then Tom Toles' cartoon on the Wall Street crisis is worth, well, $700 billion.

Toles' cartoon really sums up Treasury Secretary Heny Paulson's proposal, which consists of bailing out Wall Street by passing their bad debt on to us, the taxpayers. It's the classic case of passing the buck. Only this buck is bad mortgage-backed debt worth billions and billions of dollars.

I don't know about you, but I've been glued to my television flipping between news programs and absorbing every bit of information about the crisis on Wall Street. Without being biased, I believe Washington Post reporters and columnists have produced some outstanding coverage of the economic crisis.

In today's column I talked to several consumer advocate groups who think a bailout package without a provision to help homeowners would be an atrocity.

For another opinion read Eugene Robinson's column A Bailout or a Bonanza? (Sept. 23). He argues that Congress should not write a $700 billion rescue check without "insisting on some measure of equity and accountability."

If you need a primer on what's been going on, check out the Post's live timeline: Crisis on Wall Street, a day-by-day summary of the events of the past few weeks, and our full coverage: Turmoil on Wall Street.

Here are a few articles I suggest you read:

* Alternative Solutions Diverge From Administration's Approach (Sept. 24) by Anthony Faiola and Neil Irwin

* Bailout's Tricky Balancing Act: How Much Is Too Much? (Sept. 23) by Neil Irwin and Binyamin Appelbaum.

* Wall Street Turmoil Continues To Ripple Through Main Street (Sept. 20) by Michael A. Fletcher.

Also, be sure to check out From Wall Street to Your Street, an interactive multimedia presentation detailing how the financial crisis is affecting ordinary Americans.

The Anti-Bailout Group

Many people who have been responsible with their money and mortgages feel like they're paying for the bad decisions of others. As Joel Achenbach writes, "There's a sense that too many folks bought houses they couldn't really afford, banks urged them on, common sense went on vacation, and now the grown-ups have to clean up the mess."

Forty-two year old Pawnshop owner, Kevin Newman, says he knows what it's like to be broke. His family racked up $1 million in medical bills when his daughter was born prematurely. His customers come in and pawn their valuables, anything from a classic guitar to a Washington Redskins Super Bowl ring. But Newman is against the bailout. He doesn't use a credit card now, and if he can't pay for something, he doesn't buy it.

Newman has company. Read more in A Sense of Resentment Amid the 'For Sale' Signs (Sept. 22).

I want to hear your thoughts on the proposed Wall Street bailout. Do you think the government should buy these troubled assets? Email me at colorofmoney@washpost.com. Put "Anti-Bailout or Pro-Bailout" in the subject line.

Some people have already voiced their opinions in letters to the editor.

Aaron Kahn Jr. wrote in a letter printed in the Post, "The government's handling of the financial crises, including yesterday's rescue of money market funds, disappoints me. The government is rewarding companies' poor decisions."

The Lovettsville resident continued, "The government is mortgaging America's future, and my generation and other younger generations will have to clean it up."

Carl J. Paperiello of Montgomery Village, Md. said, "We the taxpayers are being stuck with the bill for the failures of these businesses. These businesses need to recover with minimum cost to us."

How Does the Wall Street Crisis Affect You?

Post reporters Ylan Q. Mui, Nancy Trejos, Michael Rosenwald and Dina ElBoghdady have been answering reader questions on how the financial crisis affects their savings and investments. The Post will continue to answer selected reader questions on a daily basis in the print edition of the Washington Post and online. You can find new answers every day at washingtonpost.com/yourmoney.

Have a question about how the crisis impacts you? Ask us.

Right on Point

I started my Sunday reading by devouring all of the financial essays in the Outlook section. I know I've given you a lot to read but the following four pieces are also worth your time:

* Rough Week, But America's Era Goes On by Niall Ferguson

* Calling Out the Culprits Who Caused the Crisis by Eric D. Hovde

* The Street Doesn't Look So Shiny Anymore by Doug Stumpf

* When a New President Inherits a Mess by Ted Widmer

Is A Picture Worth Your Job?

Okay, by now, I'm thinking you'd like to read about something other than the economy.

Last week, PC World's Dan Tynan wrote about the dark side of putting the wrong photos and videos online. Read Say Cheese: 12 Photos That Should Never Have Been Posted Online (Sept. 22) for a look at 12 photos that never should have seen the glow of a computer screen.

You Asked

In last week's newsletter I answered a number of questions about weddings. Here are a few more leftover questions from my September 11th chat.

Q: My son went through medical school and passed all classes but not the boards. He has worked hard but at menial jobs. He is currently a tow truck driver, 24/7. Trying to get on top of this but overwhelmed by federal student loans amounting to $160,000 and growing as he is only able to pay minimum. Self-esteem is shot. He lives in tiny town in Alabama due to his daughter's location. She graduates from high school in 2 years. Suggestions desperately wanted!

A: This is indeed a tough situation and a prime example of why I discourage such accumulation of debt for college. Of course, the best path would be for your son to do what he can to pass the medical boards. In between driving a tow truck, I hope he's taking review courses or teaming up with others to try and pass the test after spending $160,000 to become a doctor. Frankly, passing that test should be his full-time job. If I were him, I would be working early mornings, late nights and weekends living in a one-room shack and eating Ramen noodles to free up time to study to pass the boards.

And I appreciate and applaud his efforts to stay near his daughter. Good for him.

Now if he can't pass the boards, then he should think about what he could do for a living to utilize all of the medical knowledge he's paid for. Surely there are other positions in medicine he could go after that would boost his income and help pay off that massive amount of debt. Perhaps he could go into medial administration concentrating on working with physicians.

Q: We just drew up our financial plan. My husband included as one of our goals: "Make Michelle Singletary proud by getting rid of debt!" My husband and I have $4,000 in credit card debt. We have almost $20,000 in mutual funds. This is in addition to IRAs, 401ks that are being funded, plus an emergency fund we are actively working on. We would REALLY like to zap this credit card debt. Would you advise us to use some mutual fund money to do so? We are firmly committed to NOT using credit cards anymore and haven't done so in over a month.

A: Yes, I would sell some of the mutual fund assets to pay off the credit card debt. Considering the market right now and the fact that you may not be getting a great return -- or any return at all -- on your investments, you would be making money by paying off credit card debt. You make money because you won't be making interest payments on that debt. Given the current state of the economy you are probably paying more in credit card interest than you are earning on your mutual fund investments.

So go ahead and free yourself of that credit bondage and give your hubby a big hug for me. I love the way he thinks.

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.

Charity Brown contributed to this e-letter.