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February 2nd, 2012
01:33 PM ET

Clips From Last Night: Suze Orman explains America's "broken" spirit, defends her prepaid debit card and takes audience questions

Last night Piers Morgan welcomed financial guru Suze Orman – and a live studio audience – for an honest and insightful hour. The emotion of the evening quickly intensified, when the topic turned to a "broken" America. "America is a great country, but it's people are broken," said Orman. "And it's people right now are broken because they can't feed themselves, they can't get a job, they can't take care of their kids, they can't keep their cars, they can't do anything."

The nine-time New York Times best-selling author addressed the controversy surrounding her new debit card: "The people who are judging prepaid cards today are out of touch with the poor people," explained Orman. "Just because they're bad doesn't mean that every one that comes out is going to be bad."

As the economy continues to be the most-pressing topic in this election year, the television personality fielded questions from Twitter and Facebook, while also interacting with the live studio audience.

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  1. kevin

    CNN – I thought Larry King was boring and trite and any replacement could only be better. I was wrong.

    February 2, 2012 at 2:58 pm | Report abuse | Reply
  2. Tina

    Way to go Piers. I was proud of the way that you challenged Suze last night. Suze advice and comments seemed old and stale to me. I disagreed with just about everything she said last night. For example, she told the young man embarking on a college career to go the second tier college that would be paid in full. I can almost guarantee that he would get a higher paying job upon graduation from the top tier college; thus, allowing him to pay back those student loans tenfold. How she can offer a credit card is beyond me!!! Her personal wealth is obviously paramount since she will be making a ton of money contrary to what she preaches. To her credit, Suze brought credit and debt issues to the forefront. However, to now say that America is broken only shows me that she is out of touch. P.S. Piers, you are so right about U.S. corporations. All of these companies could make their products here, pay workers a living wage with benefits, and still make reasonable profits. We are suffering because of pure greed and a willingness to employ slave labor.

    February 2, 2012 at 4:31 pm | Report abuse | Reply
    • wade

      People who go to these prestigious universities are demanding way too much money once graduated. Employers are not willing to shed out $150k salaries anymore. It is the people who make a University, not the other way around! In my opinion, it is mind boggling to think that a University such as Harvard can "make" you.

      February 6, 2012 at 12:43 am | Report abuse | Reply
  3. DavidG

    Piers, I've always enjoyed your perspectives. That is, until I saw you interview Suzie Orman. I can't believe the level of financial illiteracy you displayed in your questions which, by the way, you imposed at your will over an informed subject.. This has caused me to lose a great deal of respect for your intellect because you don't know or didn't recognize when you had a subject who had so much more knowledge than you. Shame!

    February 2, 2012 at 7:06 pm | Report abuse | Reply
    • wade

      Piers is out of touch with the American public. He is an arrogant Brit who gets a thrill out of making us look bad. He is rude and his condescending tone towards folks is sickening. I guarantee if he was in Britain, no one would pay him no mind.

      February 6, 2012 at 12:45 am | Report abuse | Reply
      • Noe

        I like the ideas of biking to work (assuming you live a lebsonaare distance and in a lebsonaare climate/weather) and cooking more at home. These are "positive" things that you add to your life.Saying "no" to friends and outings that cost money might make you feel deprived or feel like you're missing out. Saying "yes" to cooking more at home or suggesting free/cheap outings will make you feel like you're embarking on a great cooking adventure, or exploring the local park - it's the opposite of deprivation.

        April 3, 2012 at 5:35 am | Report abuse |
      • Tex

        What a lloevy, lloevy weekend! And I hear Alex completely on missing having a dog I grew up with dogs and though we have a darling cat that we cherish, there's nothing like taking a big ol' pooch for a romp in the park.

        April 4, 2012 at 9:51 pm | Report abuse |
  4. Chip

    Snake oil salesmen, listen up! Suze Oreman giving financial advice and hawking Will/Trust forms would be like me (with no medical training) offering 5 minute medical advice and selling "DIY Surgery" kits, blunt knife and all. I hope she is planning her own retirement!

    February 2, 2012 at 9:52 pm | Report abuse | Reply
  5. Ron

    Suze is Spot-On. All are life we're taught how to make and spend money, but seldom if ever how to manage it. Keep track of expendable income and pennies and dollars will take care of themselves. Student prepaid cards can double as ID & address on campus and off campus netwoking tools. Smart Cards add teeth to campus & Homeland Security.

    Visa, Mastercard, Discover, American Express and others are investing in the load and re-loadable networking with plastic business. Money management "Cards of Networking Opportunity," for the non-banked, underbanked, banked and NEVER banked, teach families how to manage financial affairs for the better. Prepaid "pay-as-you-go" networking incentive (FiCentive) smart cards help teach people how to pick themselves up by the bootstraps and escape from the burden of a lifetime of indebtedness.

    February 3, 2012 at 12:49 am | Report abuse | Reply
    • Daniel

      , but that's because it's moocmn sense something I believe (at least money-wise) I already have. But I think it's the thing all of us need to hear every so often some people more than others to remind us of financial moocmn sense. I am SURE that if people were doing the moocmn-sense things she talks about, our country would not be in the financial shape it is.I think she is much more practical and applicable to the normal person than celebrity financial analysts and writers, and if you're going to listen to someone for financial advice, she's probably as good as or better than anyone out there.

      April 2, 2012 at 2:51 pm | Report abuse | Reply
  6. Steven Lefland

    Suzy Orman should be barred from offering advice until she gets an advanced college degree. If she has a masters in Business, then the college who gave it to her should not be accredited. When someone ask you questions about their financial situation, it is the responsibility of the person who is giving the advice, to find out everything about the person.

    Suzy did not ask what the Student was interested in. A medical degree versus a liberal arts degree is night and day in today's world. Asking a 17 year old what he will do with $40,000 in college loans before he is ready for "life after college" is wrong. Telling the student the loan pay back amount would be about $225 or $250 a month, would be the proper way of discussing the loan. She made it sound as if the Student was going to pay back the entire loan minutes after he graduates. To tell a college student to go to a lower valued college because it will be free, does not help the student get the BEST education and degree possible. Why didn't Suzy ask the Mother how much money she saved for her Son's college education? Suzy is out of touch with the cost of a college education, if she thinks it will cost only $40,000.

    Why didn't Suzy ask the couple living in NY making $200,000 if they put any money into a 401K? What were their monthly expenses? To tell people to not eat out for a month is totally wrong. That is like telling someone to stop smoking cold turkey which does not work for everyone. In order to cut down on expenses, Suzy should have told the couple to start eating home one more time each week. Take lunch to work at least one day a week. That would be like cutting down on smoking and eventually stopping.

    Why didn't she ask the couple looking to buy a house if they were thinking of having kids. Then you could have started with the school district where the house is purchased. Suzy still has the logic that buying a home is all about location, llocation, location. The correct thinking is location, education and commutation. If the couple was advised to think this way, then the house they buy would be in the best area available to bring up a family and commute to work.

    She is a dangerous person when it comes to financial advice. I don't have an advanced business degree, but I would have no problem sitting down with her and going toe to toe with her on investing, having children, buying a home retirement planning, using credit cards and balancing a budget. It can't be done by just listening to a question and answering with something that is impossible to achieve.

    February 4, 2012 at 12:55 pm | Report abuse | Reply
  7. tivocal

    Piers Morgan talking about American economy and American dream is laughable at best. Buddy, you are as far from calling yourself an American and talking about what it means to be an American as Modana's british accent. Also, the constant interruption when we are all trying to listen to Suzie O is annoying at best, stop trying to make everything so dramatic and emotional – this is not a talent show where punch lines and overly emotional lines would make the audience gasp, at best we rolled our eyes.

    I wish CNN would invest into a real journalist with some talent and not some drama queen who is not American (this is an AMERICAN televisions how for God's sake!!!) and has limited intellect. I can see him working on E! not CNN.

    February 5, 2012 at 9:30 pm | Report abuse | Reply
    • wade

      I totally agree with you!!! Piers acts if he understands and relates to everything!!!! The only reason I watched this was because of Suze Orman. The American public needs more financial literacy.

      February 6, 2012 at 12:49 am | Report abuse | Reply
  8. Scott Kuli

    I couldn't believe she talked about how expensive it is, allegedly to produce goods in the US. She's part of the problem. The way she says it, you'd think business owners and CEOs would be dirt poor if they paid fair wages. Really? How did Henry Ford manage to get so wealthy paying 5 dollars per day during the height of the depression when a wage like that was unheard of? Piers, thank you for your honesty. I guess so many American newsmen are bought and paid for that you just don't hear that kind of honesty from many of them. There's irony in this, but I'll be kind.

    February 6, 2012 at 12:14 am | Report abuse | Reply
  9. wade

    Please continue to have Suze Orman on your network, she is a remarkable, inspiring, and smart woman. I am undergrad studying accounting and love seeing her passion to help others get out of debt!

    February 6, 2012 at 12:40 am | Report abuse | Reply
  10. Judith Hochman

    As a retired educator, I was dismayed by the advice Suzie Orman gave about choosing a college. Education is an investment and one should always invest in the best available. There is a difference in schools at various levels–in the student body, in the faculty, in the resources available, in the general quality, in external perspectives, and in options available after graduation, including an almost certain guarantee of a better job and higher pay.

    February 6, 2012 at 12:47 am | Report abuse | Reply
    • wade

      Yes, Judith there is a difference in schools' levels. However, I believe Suze gave great advice. Not everyone can afford to go to a prestigious University. There are sacrifices that people must make in order to make a living. So what if I can't get into Harvard or Yale. It is what you do with the education you retain and the move after you graduate.

      February 6, 2012 at 12:54 am | Report abuse | Reply
  11. Jack

    Piers, why do you always complain about the gridlock in Congress and never add that conservatives are blocking the Democrats from putting us further into debt. Your Liberalism is so childish!

    February 6, 2012 at 12:56 am | Report abuse | Reply
  12. Name*bud

    why advertise that Susie is a lesbian while having her on the air to give financial advice?

    February 6, 2012 at 1:29 am | Report abuse | Reply
  13. George

    CNN can now be recognized as having perhaps the most ignorant talk show host on TV. During this interview Piers felt once again compelled to interject his own trite and ill-informed opinions on the economy. Thoughts so poorly formed they were embarrassing. How long is CNN going to take before they dump this show, particularly in light of the growing evidence of the involvement of Piers' in the News Corp phone hacking scandal?

    February 9, 2012 at 12:24 pm | Report abuse | Reply
  14. Ingrid

    Squirrelman's Nutzy World wrote an interesting post today onHere's a quick rxeecptAnother Frightening Show about the Economy The whole financial crisis has made me very confused. Does this affect me? Should I worry, be concerned, or panic? At first I wasn't concerned. I don't have a diversified portfolio and I'm not retiring any time soon. I have never invested in any Street. I'm just a regular old joe six pack, with just a regular old savings account that has very little money and very litter interest. But not a day goes by that a fearmonger is predicting the next depression and the collapse of the global economy. So how this problem started? Will the bailout fix it? (Judging by what's happened this week it doesn't seem it has.) What could happen? Hint: It's not what Suze Orman says. This podcast from the radio show This American Life goes through the unraveling of how this problem started. The same way they went through the prime [ ]

    March 3, 2012 at 6:24 am | Report abuse | Reply
  15. Pam Pommer

    Piers, thank you for asking the obvious to everyone except for the 1%. Why can't products be made here. Pay people more. We pay more for the products and the companies make less in profits. What has changed?? Massive, obscene profits. I'm tired of people stating it's just the uncertainty over taxes. Look at the history of federal taxes They have been all over the map since they began. What changed was globalization and CHEAP labor. If that hadn't happened, companies would be paying people the going rate here and making less profits. Even if corporate taxes were reduced, they would STILL ship jobs overseas because of the huge difference in pay. Profits over patriotism over decency over caring what happens to this country. Thanks, Piers!!

    March 19, 2012 at 9:56 pm | Report abuse | Reply
  16. isaac

    What's up with all the british people on CNN? Are they pretending to be the BBC?
    Lame.

    March 21, 2012 at 6:56 pm | Report abuse | Reply
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