Michael Eric Dyson & President Obama

I'm back on the Michael Eric Dyson Show this afternoon, discussing the economy this afternoon at 1:45. We'll be talking about the Obama administration's work on a "Cardholders' Bill of Rights" for credit card consumers, the fact that men are suffering more from job losses in the current recession than women and the troubles in the auto industry. Check the Dyson web site to see where the show airs in your city.

In the meantime, tomorrow marks 100 days in office for President Obama, so tomorrow's post will be about how he's done on the economy so far. How would you grade the president on his efforts on housing, the Wall Street bailouts, the economic stimulus package and other initiatives to turn the economy back around? Leave your grade in the comments section.

A challenge to give

My appearance on NPR yesterday focused on a $50 billion fraud by one of Wall Street's biggest investors, who bilked everyone from sports team owners to charitable foundations out of their money. One charity in Boston even had to close its doors and fire all its staff as a result.

Thievery aside, the talk about charity got me thinking a bout how difficult it must be for those who are struggling and those who help them at this point in history. There's a perfect storm of bad circumstances for the needy: millions of the newly jobless are hitting the streets just as the most people are cutting back even on personal necessities, much less charitable contributions.

So I've resolved to make a donation, not much -- maybe $50 or so -- to some charity that directly helps the needy with food, clothing or shelter, before the year ends. I'm not sure which charity that'll be, so I'm taking suggestions.

In the meantime, I'm challenging everyone who reads this to do the same, no matter the amount. People are suffering through a rough economy, and even if you can only spare $5, that $5 could help someone in desperate need. I'll make another post once I've done the deed, and in the meantime, please share where and what you've given on the comments page.

Look at my 401(k) losses so you can ignore yours

I'm starting off with an issue people have been worried about for a month: what's up with the value of my retirement account?

It's easy to see why: October was the stock market's worst month since I was 10 years old. The volatility probably won't end before '09, given the bleak forecast for consumer holiday spending not to mention Wall Street's unpredictable response to the election.

But I've been giving those who ask me if they should pull out of their 401(k)s the answer: Hell No!

Never jump out of the market at the bottom unless you absolutely have to, which is not the case for the majority of 401(k) owners. If you're in your 20s, 30s or early 40s, you're working with at least 20 years before you can withdraw money from a 401(k) without paying heavy penalties, so you'll lose MORE money by withdrawing now than by leaving your money alone and letting the markets correct themselves. And the market will certainly turn around between now and 2028, so chill.

Since the easiest way not worry about a 401(k)s is to ignore your own losses, I'm doing you a favor and posting my own losses below. When you get tempted to look at your own balances just look at how much I'm losing, thank God you're not me and forget about your own troubles.

My IRA lost 16.7 percent of its value in October;
My current 401(k) lost 8.3 percent;
My old one, which I still need to roll over, lost 17.1 percent;
Since May, my net worth has taken a dive of about 51 percentage points, mostly on retirement account losses.

Ain't it great not being me?