Comment from today’s post …

Written by someone who left their name as "I'm not bitter or anything":

"Our economy, the largest in the world, is driven by consumer spending. I say that you and Dave Ramsey have crusaded us right into a recession with your message of paying off your debts instead of taking that vacation and buying a 60″ flat screen when you get home – all courtesy of the Visa card.

I hope you're happy with yourself and can sleep at night as my 401k has now become a 301k."

Hmmmmmmmmmmmmmm …

Readers:  What are your thoughts?

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18 Responses to “Comment from today’s post …”

  1. eric January 29, 2008 at 9:12 pm #

    the recession makes me happy i listen to you and dave ramsey. i’ll have money in the bank while other people are trying to hawk their 60″ plasma so they can stand in a bread line!

    …ok, that’s a bit extreme. but if the economy is bad, i’m not going to spend more. i’m going to save more.

    thanks for all your awesome advice, joe. you have helped remove a ton of stress from our new marriage and thanks to you and dave ramsey, we were able to go on a totally debt free australian honeymoon.

    if i could shake your hand, i would.

  2. Paul January 29, 2008 at 11:53 pm #

    Oh thats right; we should just continue to spend borrowed money at as fast a pace as possible. The banks and lein holders will never really ask for the money back as long as I make a minimum monthly payment. The the economy can boom and everyone will get their house with a picket fence and a pretty pink pony.
    We now return you to a place called… REALITY!

    Seriously, when will people grow up?

  3. Corey January 30, 2008 at 5:12 am #

    I agree with “I’m not bitter….” – Now, WEAR IT PRODULY! You, Dave Ramsey, and a few others have provided the resources, the encouragement, and the real life success stories of others to help so many people say “ENOUGH IS ENOUGH”.

    I don’t know that your crusade is causing a recession, but I do know your guidance is changing the way Americans are spending and saving their money. Time to pack lunch for work – no more eating out! (See what I mean?!)

    Thanks for what you do!

  4. Rindy January 30, 2008 at 5:57 am #

    When the banks repossess all that people are putting on credit and can’t pay for, my biggest thrill will be that I will be able to help them with a meal or to buy them Christmas presents because I have saved and passed on all the “stuff” along the way.

    Or when I can give to people who don’t even know what a 401K is, that’s a lot bigger rush than sitting in my massive house watching my huge tv wearing my sparkling jewels!!

  5. Dan January 30, 2008 at 6:33 am #

    Better a “recession” now than a depression/utter collapse later.

    Short term sacrifice=long term stability.

  6. Lynn January 30, 2008 at 7:06 am #

    How can anyone buy anything? Most people’s credit cards have reached their limits, they have so much money going out and cannot afford to buy the basics to live on. How can anyone afford to buy consumer products anyway? My guess is that once everyone has paid off their bills, using the Joe Sangl and Dave Ramsey way, then they will have plenty of money to spend and buy those consumer products. Right now, most people are giving their money to the credit card companies. If we all continue on getting out of debt, this country will prosper in the long run. Keep up the good work Joe! We all need you!

  7. Jon Smock January 30, 2008 at 8:27 am #

    Correct me if I’m wrong….but didn’t this recession come about from people like THAT, spending their money wrong and going too FAR in debt?

    Plus, if everyone could manage their money, we wouldn’t lose so much of it to interest. We’d probably put the credit card companies out of business, but the other parts of the economy (the ones that actually need a good idea/product to survive) would compete for our money, not to mention we could give more away to missions. That sounds like an overall better economy structure to me.

  8. Brad Bobo January 30, 2008 at 8:43 am #

    I’ve heard that dumb argument before. I don’t remember you, or Dave Ramsey, or Casey Graham ever telling people not to spend money. Just don’t spend more than you make. And guess what… when you don’t have any debt, you have more money to spend & save.

    I wonder if “I’m not bitter or anything” works for the government, or maybe citibank. hmmmmmmm…

  9. Chris Thomas January 30, 2008 at 7:55 pm #

    Some people just ain’t smart.

    First, a recession will only occur after our economy goes through two consecutive quarters of loss. Slowed growth does not equal a recession! A slower growing economy, sure, but not a recession.

    Second, the mortgage “crisis” (I use that term lightly because the vast majority of Americans are okay with their mortgages) is probably what is primarily responsible for this slowed growth. Instead of buying the $180k house they could afford, a lot of people used interest only loans to get into that $400k house they really liked. Now the payments are going up on those adjustable rates and those people are feeling the pinch. Feeling the pinch = spending less in the marketplace. Carrying debt, not the freedom from it, is what got these people where they’re at.

  10. ROn January 30, 2008 at 9:58 pm #

    HA! Got to wonder where this “genius” came from. Lets say for instance, In an economy where 90% of your goods come from a foreign country then where is 90% of your countrys economy going… into another country, not yours. An exageration… sure… but you get the point. Sooner or later your economy is going to start to go under. It takes no genius to figure that one out.
    Spend more than you make… sooner or later you have to stop spending… or file bankrupcy and let others bear the consequences for your inadequacies and mismanagement. SOmeone has to make up the difference. This is where the good managers are being forced to pay for the poor managers.
    What about a Christian Credit Card Company to charge a decent interest rate like “prime”…. Built the right way, to topple the ravenous beast that currently exists. Reward prompt payment with subprime rate… No interest jacking… forced savings equal to credit limit increases…ect. One that seeked to build up the members and teach proper money management or required classes for membership. Savings rewarder at higher than bank rates.
    A dream I know… but think how it might grow??? :)

  11. Jeff Gibson January 30, 2008 at 10:24 pm #

    I’m ok with my 401k being a 301k right now. I’m still buying!!!

  12. Bob January 31, 2008 at 1:24 pm #

    I’m not bitter — While I’m assuming you’re joking about the cause of the recession, I could not resist adding my $.02…

    Over spending by our entire country, especially the gov is exactly what has put us in this position. We are slowly but surely selling ourselves to foreign countries like China, who is buying up our debt at record rates, waiting for the time when they can call it all in.

    Cutting the spending will have a short term, negative impact on the economy, however, the long term results will be a much healthier nation – One that has its finances in order and is not selling ourselves into slavery to foreign countries. It’s time we take responsibility for our actions, pull in our spending, stop borrowing every dime (including the rebates that are being voted on now) and get this country moving back in the right direction.

  13. I'm not bitter or anything January 31, 2008 at 7:48 pm #

    All right all you koolade drinkers. I hope you remember my words when your standing in a soup line with a chaffed rear because you had to wipe with the pages of “I was Broke, Now I’m not” because you couldn’t afford Charmin.

  14. Matt Singley February 3, 2008 at 10:51 am #

    Simple economics: the economy is stimulated by spending, not debt. If you buy Charmin with cash, not credit, the economy will still be stable and you won’t be standing in the soup line…

    BTW, in terms of purchasing investment stocks, it’s a great time. Buy low, sell high, yes? If you are in it for the long haul this is a fabulous time of opportunity. If you are in it to flip a quick dollar, well, you’re going to be very disappointed.

  15. Corbett Reeves February 5, 2008 at 10:25 am #

    Recession… so that means our economy is getting smaller, right. Since our economy is currently swollen like a bloated dead animal because of its dependency on credit, maybe a recession would be a good thing. Imagine that… an economy based on sales, not owed interest.

  16. kim yoders July 31, 2009 at 6:49 am #

    Hey this kim and Greg email is at our persanol email we are in north carolina and wondered if we could stop bye email us and let us know if that’s ok this is our persanol email we are emailing you on

  17. Heather November 19, 2009 at 9:14 am #

    We may need to be careful harping on the Govt in any way as they seem be the ones to jump in at times and bail us out (no matter if we respect/agree how the ydo it or not). ex. 1. large population overweight and healthcare going up so many do not have healthcare- Govt has to get in and manage healthcare issue now 2. we do not manage money wisely and live on credit then while system fails.. Govt jumps in try and save 3. many can not save for even retirement rather have to rely on social security to retire (soc sec that govt manages/ created). You point one finger and notice three point back at you. WE have been failing with many facets of life and need to make a difference… Lets pray to change.

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