>> help me decide where to go to college. >> how much should we invest in savings every week. >> should we buy a house in this economy? >> i can't wait to hear your advice. >> a $5 billion success story. this is "piers morgan tonight." [ applause ] good evening. this is a special live edition of "piers morgan tonight." i want to welcome our studio audience and our special guest, suze orman is taking your questions on twitter and on facebook. who better, frankly, than suze orman to talk dollars and common sense on america's economy. today, president obama had his say. >> banks and lenders must be held accountable for this. all of us have to take responsibility for our own actions or lack or action. >> controversial comments from mitt romney on cnn saying he's not concerned with the poor, the focus on middle class americans. >> i'm in this race because i care about americans. i'm not concerned about the very poor, we have a safety net there. if it needs repair, we'll fix it. suze orman is the number one finance guru. welcome, suze. >> thank you, piers. >> let's start with mitt romney because that was an sbroord comment for somebody who wants to be president of the united states. i'm not concerned about the poor. whatever came afterwards, it sounded bad, didn't it? >> it sounded bad and sounded i hate to say very naive. for so long, have i not been saying the rich are getting richer and poor getting poorer and middle class are disappearing. he's concerned about the middle class. what middle class are we talking about? as we sit here, there are 50 million people in poverty. what does that mean? it means a family of four making $22,000 a year or less. there's almost 150 million people that are in poverty, near poverty, or that close to it. almost one out of two or three people in the united states of america are edging in poverty. he's saying he doesn't -- he's not concern? he should have fought it. he never should have said it if he thought it. it's a ridiculous thought. >> doesn't it sum up romney's problem, the sense people have about him he has a disconnect from ordinary americans? the $10,000 bet. the vast sums of money he declares on taxes. all of it adds up to a picture of a very wealthy guy out of touch with real americans, many of whom, tens of hundreds of millions suffering right now. >> i don't understand the safety net he says is there. if it's broken, he'll fix it. for him to get the economy back online, the first programs he's going to change are what are the programs that affect the poor? so, very, very silly thing for that man to have said. >> for president obama today laying out, again, criticism of the system that got america into this mess, quite interesting britain. two things happened to the banking industry. one big banker was denied a million pound bonus, 1.p $5 million at least. another famous banker was nighted to the queen. the stripped him of his knighthood. you are seeing a blow of bankers in britain. would you like to see that in america? do you think they have gotten away with it? >> i think many bankers got away with it and many executives on wall street got away with it as well. the consumer financial protection bureau that president obama put into place, he went over someone's head and did this. they didn't want to provide funding. it is so important they are in power now. the banks have to report to them. the banks have to be held responsible. people in hayek nomic positions need to be held responsible. one of the best ways to do it is with the cfpb. lots of people are cueing up to say things are improving. you know, the jobless figures are getting better. friday, we await new figures. let's say the economy, there are green chute improving. do you think america is coming out of the recession? >> no. i think people constantly get the economy and stock market confused. when the stock market is going up, people feel more hopeful. they see their 401(k) statements go up, i.r.a. statements go up. is the economy getting better? i don't see it. i don't see jobs coming back. millions of people out of jobs. the jobs won't come back because of the computer, productivity. half of this world is functions without these workers as with the workers. why get them back? >> very worrying when you are kind of iconic airline, american airlines former bankruptcy cutting 13,000 jobs. this is serious stuff, isn't it? >> it's serious but it's been serious. i think people get to feel hopeful when they are watching tv and seeing good earnings and seeing these things. real estate is not coming back. jobs aren't coming back. people don't have more money to do things with. so, i think they are going to get a little sadder, again, as this year goes on. >> what is the answer to the broken problem of the moment of america incorporated? the country as a business? >> the country as a business isn't running like a good business. if you were going to give them a grade, you have to give them an f. they will tell you because they are my fans that when you say it, denied. when you can't afford it, you don't buy it. if you spent so much more money than you were taking in, you would be financially bankrupt. >> very hard for the average american to understand this message of spend within your means. when you have a country's debt of approaching $14 trillion. that's the wrong message, isn't it? that says borrow whatever you like, it doesn't matter. >> it says they don't have a solution to the problem except to borrow. it's not like they want to borrow or get into debt. they don't know how to fix a system that is seriously broken. the medicare system is broken. social security is broken. so many things are broken and they don't know how to fix it. >> do you think, as many do, that america needs to go back to building things rather than consuming? >> i think they do need to go back to building things. however, do i think it's a reality? roads, cars, maybe. not to the degree of the industrial revolution and everything was happening here. the answer is people have to become sbrurlial and become their own bosses. the day of working for a corporation, a pension and health benefits, gone. if you really want to be secure, you have to be your own boss. >> it's fine for you because you are a bright cookie. you started as a waitress in a restaurant and built in empire. most people aren't natural entrepreneurs. i think america needs to build things. i'm told there's a huge demand in china for big, heavy machinery and they would buy it from the americans if the americans were producing it in the volume they needed it. they are not. the old style industrialization in america isn't happening anymore. >> i think it's a nice idea. i don't think that's what's going to happen. we have entered a new period with new technology and things that have never been developed before. that, i think we can do here. i think we have a big problem with how do you get the people back now to work? we can't wait until all that happens. they need to go back to work now. since the jobs aren't here, they have to create a job for themselves. >> donald trump says one of the problems is that look at china which is swallowing up american debt on a daily basis and other countries around the world. they are mass producing cheaply with cheap labor. a lot of the stuff the world is consuming. is it time to have a trade war with china? is it time america took -- the example, the classic one is apple. the most successful company in the world. they employ more people in china than america. that, to me, is wrong. >> it may be wrong, but it is the way. >> why is it the way? >> because it got so expensive to hire a laborer here with the insurance, with everything, we couldn't afford it. things are getting more and more expensive. then walmart comes in. >> doesn't america have to work at a way of affording it. shouldn't companies like apple, a brilliant company but i disagree with an american company having more people employed in china than in their own country. they should be looking after their own country, shouldn't they? >> in their way they are. if they had to hire people here to produce ipads and ipods we would have to charge four or five times more than they are now. >> or apple reduces the massive profits in the national interest. >> possibly but that isn't the american way. it's not unthinkable, i just don't think they are going to do it. >> let's take a break and get answers from miss already fired up. i can feel it. 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[ applause ] >> see, here is where we are going to start to fall out. i don't agree with it. i don't think you should be in this position. by the way, we have the same crisis in the british education system. so, i have exactly the same scathing criticism of what happens there. bright students should not be priced out of this educational opportunity. the government of this country should be looking at this specific kind of case and fix it so these students are not laiden with debt. >> piers, the problem goes so much deeper. it's not just college. what is it that kids now today have to go to a private school for grammar school, first grade, second grade. you have so many people in the united states of america spending $30,000 a year to send their kids to high school. it's wrong. i think no private school should be out there. everything should be public. everything should be that way. we don't honor our teachers and pay them enough. they are the first people we cut. what do people do? they spend money to go to private schools. it's loud ludicrous. >> you are looking at somebody who grew up on the south side of chicago, 81st, went to horseman grammar school, every class smashed out. you had to be frisked before you went in. the education was not good. look at me today. anything you want you can get. i don't believe your education makes you. >> you have an amazing story. it's incredibly inspiring. if i just sold the jewelry on your body, i could retire. >> i don't think so. $200 for a watch. $75 for this ring, maybe $1,000 total here. okay? got it people? >> that's a good answer. is that true? >> yes. i don't know, this is like -- yeah. >> this trinket. >> feel it. >> blind me. she has a good answer. that's the trick. you wear things. because you wear it, everybody thinks it's expensive. i make my jewelry, my jewelry doesn't make me. >> i like this. [ applause ] >> let's go to our second question. this is from bill. bill, over to you. >> hi, suze. thanks for taking my question. i wonder what kind of advice you would give 20 to 30-year-olds today making the decision between buying a home or renting. given the depressed housing prices, the large inventory of homes available and the unprecedents low interest rates now would be buy, buy, buy. a lot of young people in their 20s and early 30s are real nervous about that kind of commitment. what kind of advice would you give them? >> they are nervous because they don't have 20% down. they don't have the security of knowing if they get a job, they get to keep their job. they don't have the security of knowing that a house will appreciate in value. if they need to sell it, they will be able to get back their closing costs, moving costs and everything like that. there's good reason for them to be nervous. there's also good reason to wait until they are not nervous anymore. it's a fallacy to think the interest rates are going higher. they're not going anywhere. real state is not going to skyrocket. it's not going anywhere for a long time. >> there's a breakdown in trust. when i grew up, bricks and mortar was the investment. never go wrong if you invest in bricks and mortar. now, you can go badly wrong. look at florida where the primary happened. it has the worst record of foreclosures in the whole of america. these people are desperate. they invested in the old american dream, save enough money, buy a house. you have a lovely home, b, you will make money when you sell it. it's gone, isn't it? >> it's gone. however, if they have 20% to put down, if you could get a steal of a deal and you understood money and you had enough of a cushion, they would probably do it. when you see these kids not wanting to do it, it's because they are not secure in their jobs, they don't have enough money to make a go. rent until you have enough money. there's nothing wrong with renting for the rest of your life. nothing wrong with it if that makes you feel secure. >> that is not the american dream. >> it is now. it most certainly is now. >> suze, the american dream has been tarnished in recent years. isn't it important to work from philosophy rather than america is broken that america remains a great country. it just has to be brought back up, again. isn't that a better way of looking at this? >> no. america is a great country. the people are broken. it's people right now are broken because they can't feed themselves, they can't get a job and take care of their kids and keep their cars. they can't do anything. our spirits are broken. >> the problem, a lot of people -- when i grew up, you could buy a house with a 5% depoz it. you are talking 20%. i bought a house and had to put down 35% deposit. the banks are not lending like they used to. the same wall street and institutions brought this country to their financial needs. now, awarding themselves the same bonuses but not lending the money to people desperate for their homes. >> these people could, if they wanted to, buy a home with 3.5% down by going to fha. if they have been listening to suze orman, don't buy a home unless you put at least 20% down. you don't want to be in a negative equity position starting in 2013 because the tax laws that are currently in effect that says you bought a home for $200,000 it's worth $100,000. you do not owe taxes between the $100,000 and $200,000. starting in 2013, you will. >> let's take a break after that. let's come back and talk more about how to keep america great. advice and more questions. you can send tweets to piers morgan and facebook. this is going well. i like this. [ applause ] dad, why are you getting that? is there a prize in there? oh, there's a prize, all right. [ male announcer ] inside every box of cheerios are those great-tasting little o's made from carefully selected oats that can help lower cholesterol. is it a superhero? kinda. ♪ you are really, really, really gonna love me when i give you this answer. >> caller: okay. >> are you ready for it? >> caller: yeah. >> you have been bucked off the horse, you are denied. leave it where it is. trust me. >> that's from the suze orman show. her latest book is the "money class." >> lots of tweets pouring in. some agreeing with you, some not. it's not the people who are broken, suze. the people are why this is still a great country. we will rebound. i agree with that. i don't think the people are broken. the people are angry. they are frustrated and hurting but they are not broken. >> their spirit is broken. >> you think so? >> audience, are your spirits broken? some yes, some no. >> they are broken. i think you are angry. i think you are frustrated and want better government and want the economy sorted out. i don't think you are broken. come back and keep this country getting better every day rather than being negative. >> let me tell you whose spirits are broken. some of the 50 million people out there. none of you are them people or you would not be sitting here. the people who lost their homes, their cars, everything. two weeks after getting their disability check or social security check, they have to stand in food lines in order to feed their kids. when you have that happening in your life, your spirit is broken. it's not that you are a bad person. i mean, america is a great country and it's made up of the best people in the world. unless congress can get their act together to help these people just throw them a bone -- >> congress -- it seems to me, suze, i have been in this country one year and all i have seen is congress squabbling like school children getting nothing done. if i was american, i would be marching washington. get stuff done. you had a question. >> thanks, piers. hi, suze. basically, i have to choose between helping my family with my siblings wedding, paying off credit card debt and putting money in my roth i.r.a. and i want to see how to prioritize these things? >> did you say helping your siblings with a wedding is more of a priority for you over getting out of credit card debt or saving money for your own retirement? >> it's not more of a priority -- >> you threw it in the mix. >> it's something i want to do. i want to help them out. >> no. i get that you want to do that. you have credit card debt. if you have credit card debt, you have bondage and you will never have financial freedom. how much credit card debt do you have? >> do i have to say? >> yes, ma'am. >> $9,000. >> at what interest rate? >> average about 15%. >> 15% on $9,000. if you have any money at the bank, here is what's nuts. if she had money in the bank, they would be paid half a percent. treasury is thinking of you paying them to buy a treasury. that's another story, however. you want to help others, you have to help yourself first. your priorities are to pay down your credit card debt. then fund your roth i.r.a.s, then, if they are still going to get married, you can help them. you are not in the position. you do not have the money to help others. that's hard for you. you want them to see you in a certain lig. >> that's a good point. i was staggered on black friday before christmas when america, $14 trillion in debt, unemployment raging, loads of people with no money, suddenly, it's like the flood gates open. millions and millions of americans storming into the shopping centers to spend money that i guess, i have no evidence, i guess many of them don't have that money. what were they doing? >> shopping. >> i know. i know, but where is the common sense? where is the personal responsibility? i blame bankers, wall street, governments for what happened to the american economy and the global economy in every country, not just here, i blame members of the public for not taking their own responsibilities. that includes me and everybody in the room. you have to be personally responsible. >> there's a saying i have, when you feel less than, you spend more than. when you feel there's no answer, it doesn't matter anyway, i'm going to go shopping and buy something. look at everybody shaking their head at that. you told me you didn't feel broken a few seconds ago. when your spirit is broken and nobody is value daiting you and nobody is willing to help you, you throw it in and go let's go shopping. >> tell me about your prepaid card. you have taking flak for this. suze is raking up your fees. what is the truth? >> do you think at this point in my career that i would get on television and say that this card, if you use it like i tell you to will not cost you more than $3 a month if it's not true? why would i do that? suze orman is the person that wrote a book, piers, the 2009 action plan. i wrote it to be given away on the oprah winfrey show. i give away my will and trust kit. i give away my newsletter. i'll give it away tonight to all of america, if you want. why would i, at this point in my career having given away tens of millions of dollars worth of tools. >> if you don't study all the wording of this card, you could end up paying -- >> no. we have what's called a fee alert text. if you are paying fees that you shouldn't pay, we send you a text. here is the truth. you know how romney was out of touch with the poor people? the people judging prepaid cards today are out of touch with the poor people. 50 million people out there that can't get a bank account. they can't get an account at a credit union. they bounced checks. they can't get a bank account. can you tell me, what are they to do? you can't tell them to pay in cash? everything is online. prepaid cards were given a very bad rep a few years ago. they deserved it. just because they are bad doesn't mean every one that is out is going to be bad. i love my card. i stand by my card. i guarantee you, one year from now, the reporters that have gone looney. >> given the attacks on you, is there anything you will change about the card? >> yes, one thing. i said this. when we can, the $3 a month fee will go away. for $3 a month, now you get unlimited credit scores, reports, you get free identity theft protection. everything for free. here is what people should do, make up their own mind. go to theapprovedcard.com. click on fees. look what it comes with. if you don't like it, you don't have to get it. if you are happy where you are, stay there. for those like me with an elderly mother. she was 96, piers. she has a different aid every day there. i can't leave cash or a credit card around. i got the card. i gave my mother one. doesn't cost anymore. you get four cards for $3. think we can afford 75 cents? every time an aid buys something i get a text. >> if it's good enough for your mother, it's good enough for me. how do people save money in difficult times? what are the best ways? so who ordered the cereal that can help lower cholesterol and who ordered the yummy cereal? yummy. [ woman ] lower cholesterol. [ man 2 ] yummy. i got that wrong didn't i? [ male announcer ] want great taste and whole grain oats that can help lower cholesterol? honey nut cheerios. and it's surprising what it goes through in the course of a day. but what's even more surprising is that brushing alone isn't enough to keep it clean. fortunately, you've got listerine. unlike brushing which misses 75% of your mouth, listerine cleans virtually your entire mouth. so what are you waiting for? it's time to take your mouth to a whole new level of health. listerine... power to your mouth. if you are going to have a child, you really have to be able to afford to have a child. children are very, very expensive. one child over the first 20 or some odd years will cost you $200,000. it's a lot of money, especially if you are going to send them to college. [ applause ] >> america's money class on the own network. my four children are going to cost me $1 million. >> what were you thinking? >> deny, deny, deny. isn't that the key phrase? the question many people are asking, should we all be running to buy facebook stock? facebook, to me, is a brilliant american success story. a young geeky guy has a great idea. the next thing we know, it's worth $18 billion. he's going to create god knows how many millionaires. he employs a lot of people in america. we should salute him, shouldn't we? >> i'm happy for people when they have success. we need to propel each other up and hold them up. should you buy the stock or not? i don't have a clue. what will happen is none of us will be able to get in on it on the first offering. it will come out. america will go crazy. it will bid it all the way up. then we have to see what happens. i have a feeling, once it's gone all the way up, people will want to take profits, it will come back down, then you make the decision if you should buy it or not. it's going to be -- it's um, a strange one. when google came out, look at it now. apple came out, look at it now. i have a feeling facebook will probably be one of those companies. let's take a question from gnatty. >> hi piers. hi suze. my husband and i make about $200,000 a year. we live in new york city. we don't own property or have kids and we struggle to save money. what is our problem? >> you live in new york city. >> they are making good money compared to most americans. the fact they can't save money on that kind of income. >> here is something important. these are the people president obama was talking about, raising taxes on everybody above $250,000. i have been arguing about this, you want to raise taxes, make it on people making over $1 million. after taxes, that is your problem. it's not just federal and state. it's federal, state, city. by the time you are done, you are bringing home $100,000 a year. it may seem like a lot, but not in new york city. for the rent. so move. or, you make more money. it's very difficult in this city. >> let's get brutal. how should people save? what are things most people are wasteful about? >> almost everything. i almost started a national riot on the oprah winfrey show. i asked people to stop going out to eat for a month. oh my god, the restaurant industry, i thought they were going to pop me one. >> you can't blame them. it's a sword on their business. >> they all go out to eat, put it on credit cards. they are nervous as can be when they give their credit card hoping the waiter comes back saying you have been approved. they know they are pretty much to the limit. then they only pay the minimum payment due. they are going into debt to go out to eat. they go into debt to go to the movies and all these things. people in the united states need to learn how to get as much pleasure out of saving as they do spending. >> how else are people wasting money? what are the most common ways? >> i would tell you weddings but that's not a popular answer. they normally waste money, the number one waste of money is entertainment and clothes. >> here is my issue with this, suze. >> you have so many issues. >> i have a lot of issues. you can't kill everybody's fun. even in tough times. i got lied to. newt gingrich said why not? can you imagine the excitement of this rocket going off and landing on the moon and having a colony? i remember the lunar landings they were exciting. rockets firing off. >> shake the cobwebs out of your head. >> you have to dream a dream as well. >> yes, but you have to have money. who has severe credit card debt in this room, anybody? you, you and you. when you go out and spending money putting it on your credit card knowing you don't have the money to pay for it in full, is it fun? you do it because you are bored, when you get the bill, do you wish you hadn't done it? isn't it worse to do that than stay at home and make love to each other? >> when we come back, another question for the studio audience. vacations are always wasn'ta good ideaa ♪ priceline negoti - - no time. out quickly. you're miles from your destination. you'll need a hotel tonight we don't have time to bid you don't have to bid. at priceline you can choose from thousands of hotels on sale every day. save yourself... some money can you enjoy vegetables with ha sauceted. and still reach your weight loss goals? you can with green giant frozen vegetables. over twenty delicious varieties have sixty calories or less per serving and are now weight watchers-endorsed. try green giant frozen vegetables with sauce. but do you really? 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[ male announcer ] engine light on? come to meineke now for a free code scan read and you'll say...my money. my choice. my meineke. >> suze, where do you get your jackets? today, i'm going to tell you. i get most of my jackets in phoenix, arizona, at a place called -- >> playing suze orman on "saturday night live." that's a very good impression. >> it most certainly is. >> where do you get your jackets? >> want to hear something funny? she does this, she's done it about six times now. we get e-mails saying we have tried to find that place in phoenix, arizona, and we can't find it. i'm like, are you kidding me, people. anyway. >> getting lots of tweets tonight. more active opportunities. you can have lots of fun without spending. that is so true. we're in new york now, the best times i have had in new york, often going to central park, getting on one of those creaky boats and doing my scene where you paddle around, going into people. $10 for an hour. it's that kind of simple thing that people perhaps forget about, having normal old fashioned fun. >> now you're confusing me. a few minutes ago, you said i absolutely disagree with you. people should be able to go out and have fun and buy this and that. >> i thought you were being a lit miserable in your outlook. they're all broken, they're not even able to eat. you must stay at home in misery watching the "sue orman show." >> do you feel at times like your spirit is broken because nobody is listening to you. >> rally the troops. >> you can't rallythem by saying, come on, let's do this. you have to give them a way to sell their house, stay in their house, that they can feed their children, that they can go to school. that they can get a job, that they can do the things that are their birth right. they're not asking for a lot of money. they're just asking for a place to live. >> there's also, i think, some politicians and business people, stop whining all the time. there is a bit of, yes, all these things have to be facilitated, but also a bit of politicians showing a bit of consensus, agreeing on policies everyone agrees are good ones, getting stuff done and rallying americans to feel good about the country and themselves. >> i agree with you on that, but they're not doing it, and all we can say is why not? >> i agree, why not? let's take another question. >> hello, thank you. i think you're amazing. >> and me? how embarrassing. >> so i recently received a cash bonus and i'm going to be getting -- i hope you don't ask me where i work, and an income tax refund and i want to know what to do with that. i have 401(k) loans which i got before i started watching your show, which i would never do again, and i have credit card debt. >> how much of a tax refund are you going to get? about $3,000? >> yes. >> oh, how did i know that? >> that was good. >> how did you know that? that was clever. >> now, so how much credit card dent do you have? >> i'm afraid you were going to ask me that. it's a lot. >> $15,000, $20,000? >> about that. >> there we go. did i impress you again? >> this is getting very, very unusual. >> if you were to increase your exemptions and not get a $3,000 tax refund, you then would be getting $250 more per month on your paycheck. you could take that more a month and start paying it right now towards your credit card debt. next year, this year, raise your exemption so you don't get a tax refund anymore. if you get a cash bonus, put it towards your credit card dent. >> what is the single greatest moment of your life, if i could relive a moment for you, what would it be? >> you know, i have had so many. >> i want one out of you, a straight answer. i got the power. i can zap it back right now. >> there's so many. um, i have to say probably meeting kt. >> really? >> the luckiest thing that has happened to me, the greatest thing that has happened to me is kt. we got married two years ago in south africa. you're seeing pictures of her now. the absolute greatest moment of my life. i would trade everything, give away every penny to be able to be with her. >> all the money in the world, to not have love in your life is pointless. >> even when i look at the pictures of us together, you can see it. we're going on 11 years now. it's the greatest moment of my life. >> the other question is how many times have you been properly in love? >> one. >> just one. >> with kt. that's it. i have never been in love before that. >> great answer. one last segment, and final thoughts on how we're going to get america back on its feet. 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