Worries On The Economy Bus

CBS Evening News: Traveling Financial Advisors Meet Uncertain Outlook

(CBS)  The big green bus pulled into downtown Hartford just in time.

The Money Bus, sponsored by the National Association of Personal Finance Planners, is crossing the country offering free financial advice, CBS News business correspondent Anthony Mason reports.

In the lobby of the Hartford Library, security guard Arvid Leftwich came to ask about his family's 401K.

And teacher Ana Recanatini has been too afraid even to look at her 401K statement.

"I'm at an age where my retirement money just took a drop," she said.

With the economic outlook so uncertain, Fed chairman Ben Bernanke told Congress he supports another stimulus package.

Even with Monday's stock market rally, more than $2.5 trillion in wealth has been wiped out this month - that's almost equal to the annual GDP of France.

"I don't know of any person or investor, or any stock that's really escaped what we've seen go on in the markets. It's been pretty widespread. Very, very devastating," said Hugh Johnson, the CIO of Johnson Illington Advisors.

And the economy is feeling it. A new survey by the Consumer Electronics Association found Americans plan to cut their holiday spending by more than $200 - or nearly 15 percent this holiday season.

Mason asked a casino worker if he is doing anything to cut back.

"Cut back on everything, ya know?" Jimmy Matos said. "Driving - we just dook the bus up here."

In Hartford, nervous investors found someone to talk to about their troubles, but they're not expecting a quick recovery.

"The problem is too diverse and it's too deep. Clearing this thing out is gonna take some time," Leftwich said.

"So you're diggin in?" Mason asked.

"Oh yeah. You got to," he said. "You have to. If you're smart, you better."

At least until the economy turns the corner.