14 economic downturns with each occuring when the US was in a different financial position. You cannot compare a downturn before 1980 when the US was a creditor nation to a downturn in 2022 when the US is over $30 trillion dollars in debt, a hyperinflationary environment, and cannot raise rates without spiraling this nation into an economic depression and currency crisis.
@@tancreddehauteville764 the dollar has lost 90% of its purchasing power during my lifetime. 1966-til now. the dollar is weak and getting weaker. the petrodollar was what was keeping it afloat and now that Russia and much of the world is saying...NOPE. expect the crash. Oh...and there is no community anymore so don't expect "Americans" to work together because most people younger than 45 in the USA have nothing but contempt for that concept.
This. For a guy emphasizing facts to overcome fear and concern (a sentiment with which I agree), he hasn't actually addressed these very factors that would lead to the very depression he's dismissing out of hand (after being wrong when he said we wouldn't go into recession no less). On top of these factors, there's the energy crisis that's here and escapating and the potentially serious food security crisis potentially on our doorstep.
I make about 35K annually and I know everything is not certain these days. But I'm not afraid of my 401K is going down now, some of single stocks are greatly decreasing. Everything is expensive but I still have my job, I do my budget every month. I don't buy new clothes, new shoes. I don't eat outside very often anymore. All I can say as long as you don't spend more than you need, you will be fine. And of course having a steady job and no debt are huge help.
Everyone has fears. The question is are you going to let them consume you or motivate you? These past few years have motivated me to get my family healthier, pay down debt and make sure I do what I need to do to get my house in order so we can deflect anything that may come our way. Its not fear based but fear started it.
Yes. We are building up our homestead and buying extra food per grocery trip. Started by fear, continued by feelings of accomplishment. It feels good to be at least somewhat prepared.
@@ralfbo685 exactly. In his defence he has a lot at stake. If our trust is in money and our financial stability it will fail us. We just paid off all debt and I’m excited to go on to other steps, but I also know the stark reality ahead of us
The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
Fear isn't always a bad thing. It's made a spendthrift hang onto an old but functioning van instead of buying new, set up the old above ground pool that's out of date and slow leaking for the kids instead of buying a new one, do repairs on the house we have instead of upgrading, and work as hard as humanly possible to make as much money as possible. Fear of the unknown is a great motivator.
Dave underestimates the governments of the world. Cycles happen. Severe downturns periodically happen. We cannot shut everything down for a year and not expect brutal consequences.
@@daebak7370 Not saying you're wrong, but there's a 7 year tribulation every 10 years. It's called an economic cycle. We boom and then we bust. Gotta prepare. All of Dave's and the bible's financial advice other than what Dave has been saying recently has been good. Prepare for bad times during the good times. Stay out of debt. It's really that simple.
Need to plan, adjust, readjust and repeat. There will be some struggles, tough decisions, and hard months. However if you can budget with a goal and do your best. We got this.
Yes. Absolutely. He lives in his wealthy bubble. Fancy studio, millions and millions of dollars. Fancy cars , Trucks homes. This is the perfect storm ahead.
20% drop on money, double price on cost (gas… some food items etc) maybe 10% increase across the board. Feels and is little more than only 20% drop. I would like to hear a larger perspective and comparison on that.
sounds like depression to me! Easy for Dave Ramsey to say stay calm but for people with average incomes and can’t even afford to drive their cars to work, it is a depression!!!!
lol people are freaking out cuz they can't afford the cost of living...you're only talking about people's retirement values, not the purchasing power of it, which is collapsing alongside their net worth. Double whammy... Come on Dave!
Many of those people freaking out COULD afford the cost of living if they chose to be pragmatic rather than vain. Can't feel too bad for people living in overdeluxe homes, driving overdeluxe vehicles, wearing overdeluxe clothes, paying off student loan debt from an overdeluxe school when more practical options were available. Youd think after 2008 and the pandemic, people would smarten up, but hey, gotta have that lifestyle.
@@scarpfish Yes, a lot of people put themselves in that position, in which I don't really feel sorry for them. But that doesn't apply to all people, not everyone tries to live an outlandish lifestyle and are still getting crushed.
The concern is in 1980 the federal reserve had to raise rates to an incredibly high 20% WITH ONLY 900 billion$ in national debt. Now with 32 trillion$. So the big question now is, How high are they going to have to raise interest rates now to beat inflation???
It's just proof we in a depression, these guys always come out the woodwork to prey on others. Wouldn't even confront me, had my comments pulled, see for yourselves!!!
To anyone who has a lot of fear built inside… uncertain of what’s to come… what is next… know, God is and will always be there. I’m preparing myself and trying to find my footing before it happens. I pray the lord guides us all and helps us rise is what drowns many.
@@wanderingstar5673 Yes, we all know that long haired, radical, Jewish Jesus, who served the poor and hated the money changers was a raging Republican. :)
He has a lot of great advice. That being said, throughout history, whenever there has been a currency reset there has been war poverty and famine. This time will be no different. I don't think Dave is aware of the currency resetting and the implications of that.
Not to scare anyone.. but this one is going to be brutal. High debt levels, high printing levels... it's going to get worse before it gets better... Inflation will be with us in some form until the end of the 2020's...
I would think he's very much aware It's what his whole program teaches, get your house in order. things will get basic for most of us for a while but the sky is not falling down, I prefer to be thankful for this break in the ponzi scheme, the infinite growth on a finite planet is the true stuff of nightmares.
The main cause of the Wall Street crash of 1929 was the long period of speculation that preceded it, during which millions of people invested their savings or borrowed money to buy stocks, pushing prices to unsustainable levels. Does that sound familiar. I won’t say we are about to go into a depression, but the similarities are there.
@@trabajarhablar No it wasn't, the run on the banks was a result of the values of all assets other than cash going to pretty much zero. In an environment like that (and the one we're in) cash is the only thing that will be of value.
@@enthused7591 what makes you say that? I always saw it as a result of inadequate regulation on required bank reserves and a drop in consumer confidence in the banking system since their was no fdic insurance in place yet. There was certainly a drop in the value of assets but that has happened several times in history and not resulted in a Great Depression level contraction.
We have increasing property taxes and home owners ins and utilities. Inflation is rising. Gas is going higher. Food shortage is being expected. What else? This is a different type of recession. Businesses cannot afford the higher oil prices sent down to us. Rents are rising.
Dave, could you make a more detailed video for us please on the stats of why this won't be a depression? There just seems to be bad news coming from Every direction all of our world. God Bless and I pray you are right..but I have my doubts now. sorry :(
The only thing you can control is what happens within your own home none of us can control the stupidity coming out of Washington. But we can control what we pay on things and how much of something we buy every month. People don't realize actions have consequences.
We are already in a depression. The difference between recession and depression is time. You just haven't seen it play out yet. Ramsey's been wrong already about thinking we weren't going into a recession. He's wrong about this too. He's lost most of his credibility with me. The only thing left that he has going for him is his debt free steps, which need a bit of improvement too.
This astronomical price of everyday things is escalating....most people I know are scraping by.....and there is no end in sight...I am spending my life's savings emergency car repair money to get dental work tomorrow.....my back up transportation is uber/lyft..... I am practicing law of assumption to try to manifest a windfall....btw, I still use a flip phone....so did Warren Buffet until recently.
Its the government''s debt since they are the ones who continue to request that a private cartel print or otherwise digitally create currency. The people did not consent to such blatant stupidity. Its their debt, not ours.
If Dave's prediction, that housing prices *won't* recede, AND that prediction is predicated on his desire to A) keep them artificially high, to keep his valuation up, or B) keep folks buying, so as to precipitate some real bargains, when they are foreclosed-on, gonna be a serious reckoning.
@@FoIlowTheLeader indeed. However, as a self-styled "Papa Dave" he's got a lot of pull, TONS of influence, among the trusting people in his audience. You and I do, what we do; others do what guys like Dave Ramsey *says* they should do. It's on that trust, that my allegation is based. I personally hope he's got it wrong, for the sake of my kids.
@@Romans-10-9-13 If you do what Dave Ramsey says, keep you mind on paying off your bills, you will be handling the situation in the best way possible. After all, where does the interest charged on your debt go? Why, to the very people financing The Great Reset and other schemes to keep you poor. So, pay off your bills and you will not only profit, but you will have money left over to support local people working on your side.
Dave is way too intelligent not to see all the big issues we are in. I think he is trying everything he can for a smooth landing. I Respect it, but it won't be enough.
Dave is quite intelligent but he is so off on this. We are living in tge endtimes. They will create a living situation so bad ppl will be desperate and hungry to get chipped. Refuse the mark at all costs.
@@jrwntctv8091 You don't have to panic to be a realist and to be informed. We see economic corrections all the time and panicking is never the right move, but that doesn't mean pain doesn't happen. He's so wrong in this case it's unbelievable. This will almost definitely be the very worst crash in the history of the United States.
The only reason I'm not afraid what's about to happen is because I'm debt free and I'll be fine. But Dave is wrong about what's coming. Sorry not sorry.
People acted just like this in 2008 (which was way worse BTW) and in 1990. Each time, they said "but this time is different". If I had held steady in 1990, I would be a wealthy woman many times over but I acted just like the people posting here and got out. Hindsight is everything but I like to think I have finally learned my lesson.
At some point in the future America is going to print 30+ trillion new dollars, pay off the debt and then immediately change our national (probably global) currency to a CBDC digital dollar.
The similarities between now and the time before the Great Depression is crazy m. Let’s get our heads out of the sand and look at the train that’s coming.
Usually they're entertaining but lately he's been giving out the worst financial advice that anyone's ever given in history. Wildly dangerous what he's doing. This is going to be a worse recession than 2008.
@@Hi-qh8zt Its not a matter of me,me,me personal outlook... I am debt free and own my home and I have the ability to recognize how bad it really is going to be for others...Its going to be really bad..so bad that it could get to the point where their problems become my problems...
Good advice, there are a lot of people saying the world is going to end (esp with click bait tiles on TH-cam). Don't check your 401K every day and your stock. Ride it out. This is a bumpy time but there still seems to be a lot of open jobs out there. An unlikely scenario where we might bounce back faster is a swift end to the Ukraine war. This could cause energy prices to fall and the related inflation.
Right or Wrong , I’d rather listen to positivity then the sky is falling , 3ft rule , control the controllables and let the rest ride , ultimately it’s only money
Dave just doesn't seem to understand how much people are suffering out there. Most of us are struggling to get by. We don't know where our next meal is coming from. He is wrong to say not to worry about this. We are really suffering.
Dave has so much influence that if he were to be truly concerned about a depression/severe economic collapse, if he were to warn his viewers to prepare it would probably cause the collapse!
This is how i keep calm, even if i lost all my investments and all my money it makes no difference i will still have to get up go out and earn some more money. There will always be ways to make money just chill people, Greed is a horrible thing.
2008 wasn't bad though. It was a recession. big deal. I entered adulthood during the crash and made out pretty well. Tons of opportunities in recession. Only people who suffer are stupid people. Recessions arer the biggest opportunities to make wealth. Make wealth off of other stupid people.
@@tidus9942 What? 2008 almost destroyed the financial sector and our entire economic society. Just because you were fine doesn’t mean everyone else was.
I would like to hear his response on how most of the world is having a population growth decline. For all of history our economic policy was expecting population growth. Now for basically all western countries the population will start decreasing of which no one has any economic history or experience in.
Why does Dave call anybody who disagrees with him a “hater”? If you actually think instagram comments are for bottom losers just turn your comments off.
He has done a video on this. Most "haters" are Zoomers who think they are cool writing a blog in their mom's basement and they use his name for "likes".
You're right, it could be WORSE than the previous Great Depression. If for no other reason than the threat of the Dollar losing it's status as the reserve currency 🧙🏾♂️
Agree that would be a problem - but not sure how that happens in the near or medium term - as there needs to be an option.. What alternative currencies are there where people will run to?
@@jrwntctv8091 Just because there is no other option doesn't prevent the U.S. dollar from melting down. Look at all the inflation we already have. Where is our Reserve currency status privilege?
Do you really think the American upper tier who pull the strings would let the dollar not be the reserve currency? Why do you think Gaddafi was taken out? Why do you think Saddam was taken out? Why is the US so war prone? It’s the money, honey. “They” will go to the ends of the Earth to keep the money flowing.
Sure Dave…and the world printed more money than at any time In history. And we’re in the greatest debt bubble in history. Nothing to worry about, right? It’s really is different this time.
@@daebak7370 We aren't living in the end times. You've been taught that by main stream Christianity. The end of the age happened in the first century and ended in 70 AD.
It will be a depression if the housing and student loan bubbles burst around the same time ( don't see that happening though) but the upcoming recession could definitely be even worse than 2008 due too the inflation
We are in worse than a great depression. In the great depression there was few jobs available and money was very valuable. Now there are many jobs and no one is willing to work because they don't pay enough to keep up with inflation. The American dream is over and the youth see the outrageous prices on homes and realizing they will never be able to afford them with most the jobs available, so they choose not to work.
Over 150 million Americans working=“no one is willing to work”. Makes no sense. The ironic thing is most people who say that “no one” wants to work don’t work themselves, and were able to retire in their 50’s because they were lucky enough to retire with a pension, and started collecting SSI on top of that at 62. Making more than actively working people without having to work more than 35 years of their life. The reason so many people are hiring is because the demand is there, which proves we are not in a depression...far from it... a lot of people just don’t want to work in thankless service jobs. Most people of working age ARE working though.
What "perspective"? He gives great direction on where to stick peoples heads in the sand and that's pretty much it. Dave is so delusional he thinks cause he “survived” and lived through some of the most easiest years in America to thrive and prosper that he’s now some "all knowing Buddha of knowledge". Sure he knows a few things about old school finance but it’s highly limited. The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
Dave is so delusional he thinks cause he “survived” and lived through some of the most easiest years in America to thrive and prosper that he’s now some "all knowing financial Buddha of knowledge". Sure he knows a few things about old school finance but it’s highly limited. There's a time and place for everything and things DO CHANGE. The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
Dave's been wearing that same black shirt a lot lately. I, too, have about three "safe" work shirts that I rotate between that don't make me feel like the StayPuft Marshmallow Man.
You could pan back even further and realize that there is always a New World Order, change of currency, the fact that every great empire falls, and devastation. So you look back to when it is emotionally convenient for you as well Dave.
Dave this is another great depression. You know the word of God, prepare your listeners for what's coming. Soon the dollar will have no value weather you believe it or not.
There's a lot of different variables that won't make this under great depression but that doesn't mean people shouldn't plan for one since it would be foolish to get caught off guard.
@@elainepatterson5587 "and you are very naive." Listening to similar loons for 30 years say the exact same stuff whenever there is an economic downturn? Nah, I'm going to "go with the adult thing" and still accurately say you are a nut just trying to be super dramatic.
More like 8.6% month over month. It's really like 70% inflation in 18 months. Gas and diesel are up 150%, food's up 35%, housing and rent are up 90%, used vehicles are up 70%. But wages are up 12%.
Honestly, these comments are in shambles. I get that people are scared but let’s not run wild with our imagination now. Worse than the Great Depression? I highly highly doubt it. I don’t agree with Dave either because let’s face it, he is so out of touch with reality and clearly has his own interests that he has to protect. But he is right that fear is consuming everyone. It’s crazy 😂🤯
I wonder what game Dave Ramsey and George have in telling the mistruths that they were espousing today . I realize that they are just a couple of opinions and you can listen to anybody you want to listen to for their opinion however in this segment I think people should consider the possibility that you are listening to mistruths that must be benefiting somebody ..not the listeners .
24 months going to be dead. lol. The effect it wiill have is my children will not have a great inheritance. It seems to be a method to keep those families at a certain level stuck nomatter how hard they work or save.
14 economic downturns with each occuring when the US was in a different financial position. You cannot compare a downturn before 1980 when the US was a creditor nation to a downturn in 2022 when the US is over $30 trillion dollars in debt, a hyperinflationary environment, and cannot raise rates without spiraling this nation into an economic depression and currency crisis.
Debt doesn't matter. The US is in debt to itself!! The problem is that the dollar is too strong, way too strong.
@@tancreddehauteville764 the dollar has lost 90% of its purchasing power during my lifetime. 1966-til now.
the dollar is weak and getting weaker. the petrodollar was what was keeping it afloat and now that Russia and much of the world is saying...NOPE. expect the crash. Oh...and there is no community anymore so don't expect "Americans" to work together because most people younger than 45 in the USA have nothing but contempt for that concept.
You can most definitely compare the two downturns when FACTS.... DON'T matter!
@@tancreddehauteville764 What do you think is driving inflation?
This. For a guy emphasizing facts to overcome fear and concern (a sentiment with which I agree), he hasn't actually addressed these very factors that would lead to the very depression he's dismissing out of hand (after being wrong when he said we wouldn't go into recession no less). On top of these factors, there's the energy crisis that's here and escapating and the potentially serious food security crisis potentially on our doorstep.
I make about 35K annually and I know everything is not certain these days. But I'm not afraid of my 401K is going down now, some of single stocks are greatly decreasing. Everything is expensive but I still have my job, I do my budget every month. I don't buy new clothes, new shoes. I don't eat outside very often anymore. All I can say as long as you don't spend more than you need, you will be fine. And of course having a steady job and no debt are huge help.
Your income is likely go to go up soon too! I was making that income not long ago and all you can go from there is up!
@@alrbredwall I pray that you're right and I say this as a starting medical assistant who's within that income bracket
just make sure your job never gets replaced by a robot A.I.
If you don't mind me asking what is your career around?
(Feel free not to answer if this sounds too nosy)
401k will be the least of your worries
Happy father day everyone 👍
Finally a good comment without people complaining. Happy Father's Day Thomas
Everyone has fears. The question is are you going to let them consume you or motivate you? These past few years have motivated me to get my family healthier, pay down debt and make sure I do what I need to do to get my house in order so we can deflect anything that may come our way. Its not fear based but fear started it.
VERY well stated.
Yes. We are building up our homestead and buying extra food per grocery trip. Started by fear, continued by feelings of accomplishment. It feels good to be at least somewhat prepared.
Yep
EXACTLY 💯 💯
I love how everyone in the comment section disagrees with Dave on all of his new videos
He unfortunately doesn't change his mind when the facts change
@@ralfbo685 exactly. In his defence he has a lot at stake. If our trust is in money and our financial stability it will fail us. We just paid off all debt and I’m excited to go on to other steps, but I also know the stark reality ahead of us
@@sonrisefamilyfarm8572 you nailed it.
The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
@@MarvelousCards Hes not disconnected. He just has a lot more knowledge than you and most other peeps disagreeing with him.
Fear isn't always a bad thing. It's made a spendthrift hang onto an old but functioning van instead of buying new, set up the old above ground pool that's out of date and slow leaking for the kids instead of buying a new one, do repairs on the house we have instead of upgrading, and work as hard as humanly possible to make as much money as possible. Fear of the unknown is a great motivator.
Back in 2009, car dealerships closed, and inventory was sold for 50% of MSRP.
Imagine $25K for a $50K Truck
@@aolvaar8792 yes you're right! I remember that. I actually hope it happens again because otherwise how does anyone afford a vehicle replacement.
Prepare for the worst pray for the best.
It's not the fear that's a problem, it's how you handle it. When you panic because of the fear, that's when it's a problem.
Good for the environment, less waste.
Dave underestimates the governments of the world. Cycles happen. Severe downturns periodically happen. We cannot shut everything down for a year and not expect brutal consequences.
Super Like
More than that, the performance the past 13 years has been predicated on free money which is not normal. This is returning to normal.
Absolutley correct.
Absolutley correct
I think the OP underestimates how accurate Dave is. Lindsey must be a new listener.
What Dave calls fear is actually caution for alot of us working middle class that dont have a million dollars set aside incase were wrong.
We are living in the endtimes. We are at the doorstep of the rapture and 7yr tribulation period.
@@daebak7370 Not saying you're wrong, but there's a 7 year tribulation every 10 years. It's called an economic cycle. We boom and then we bust. Gotta prepare. All of Dave's and the bible's financial advice other than what Dave has been saying recently has been good. Prepare for bad times during the good times. Stay out of debt. It's really that simple.
@@daebak7370 We've been living in the end times since the days of Jesus...
you mean 100+ million dollars... unfortunately Dave is in the elite and doesn't want to rock the boat
@@josepina6330 this.
Blessings to whoever reads this post. Have a wonderful day and stay calm.
Need to plan, adjust, readjust and repeat. There will be some struggles, tough decisions, and hard months. However if you can budget with a goal and do your best. We got this.
Where we are at as a country now, we cannot go off of what it has always done. I hope I'm wrong but I think he's underestimating this one.
Yes. Absolutely. He lives in his wealthy bubble. Fancy studio, millions and millions of dollars. Fancy cars , Trucks homes. This is the perfect storm ahead.
because he is trying to protect t his own self interest
Standing in a crowd and imagining that nobody will be trampled if everyone keeps calm.
Good luck with that...
20% drop on money, double price on cost (gas… some food items etc) maybe 10% increase across the board.
Feels and is little more than only 20% drop.
I would like to hear a larger perspective and comparison on that.
sounds like depression to me! Easy for Dave Ramsey to say stay calm but for people with average incomes and can’t even afford to drive their cars to work, it is a depression!!!!
Look at the 80s for some perspective.
It’s called the 1970s, except we aren’t NEARLY to the point of the 70s yet,
The 80s were an economic boom after Jimmy Carter's stench wore off
@@stephenshelton4267 Yeah, tell that to people in the farm belt.
lol people are freaking out cuz they can't afford the cost of living...you're only talking about people's retirement values, not the purchasing power of it, which is collapsing alongside their net worth. Double whammy... Come on Dave!
Exactly, $2 million in 2050 won't have the same value as today.
Many of those people freaking out COULD afford the cost of living if they chose to be pragmatic rather than vain.
Can't feel too bad for people living in overdeluxe homes, driving overdeluxe vehicles, wearing overdeluxe clothes, paying off student loan debt from an overdeluxe school when more practical options were available. Youd think after 2008 and the pandemic, people would smarten up, but hey, gotta have that lifestyle.
@@scarpfish Yes, a lot of people put themselves in that position, in which I don't really feel sorry for them. But that doesn't apply to all people, not everyone tries to live an outlandish lifestyle and are still getting crushed.
The concern is in 1980 the federal reserve had to raise rates to an incredibly high 20% WITH ONLY 900 billion$ in national debt. Now with 32 trillion$. So the big question now is, How high are they going to have to raise interest rates now to beat inflation???
Don't listen to the snake oil quick fix guy, he'd be telling everyone if he really wanted to help. Yeah that's right! Indirect can't claim harassment!
It's just proof we in a depression, these guys always come out the woodwork to prey on others. Wouldn't even confront me, had my comments pulled, see for yourselves!!!
To anyone who has a lot of fear built inside… uncertain of what’s to come… what is next… know, God is and will always be there. I’m preparing myself and trying to find my footing before it happens. I pray the lord guides us all and helps us rise is what drowns many.
Dave is absolutely right. "There is nothing left to fear, but fear itself."
Thank you Eleanor Roosevelt
@Planet of the Idiots So will the rest of us who saved and have an emergency fund and a paid-off house.
We are so fortunate as a society to have FDR's New Deal. It has kept many people out of poverty or living in the streets.
Come on - he couldn’t quote a Democrat. I guess everyone in the Bible including Jesus was a Republican.
@@wanderingstar5673 Yes, we all know that long haired, radical, Jewish Jesus, who served the poor and hated the money changers was a raging Republican. :)
He has a lot of great advice. That being said, throughout history, whenever there has been a currency reset there has been war poverty and famine. This time will be no different. I don't think Dave is aware of the currency resetting and the implications of that.
Not to scare anyone.. but this one is going to be brutal. High debt levels, high printing levels... it's going to get worse before it gets better... Inflation will be with us in some form until the end of the 2020's...
I would think he's very much aware It's what his whole program teaches, get your house in order. things will get basic for most of us for a while but the sky is not falling down, I prefer to be thankful for this break in the ponzi scheme, the infinite growth on a finite planet is the true stuff of nightmares.
@@HeadStronger-HS If this is the case we should bite the bullet, raise rates and spend money to bring manufacturing back to 🇺🇸.
This guy has is clueless
@@torikeen5630 🤓 Funny word play.
Dave, my husband and I have followed your advice for years but we don't agree with you on this subject.
Always good to think for yourself. I agree with you, Dave is wildly wrong.
Selective listening.
No economist on Earth thinks this is anything close to the Great Depression. Maybe the .com bubble at worst
The main cause of the Wall Street crash of 1929 was the long period of speculation that preceded it, during which millions of people invested their savings or borrowed money to buy stocks, pushing prices to unsustainable levels. Does that sound familiar. I won’t say we are about to go into a depression, but the similarities are there.
The main cause of the Great Depression was there was a run on the banks
@@trabajarhablar that came after all the above.
@@trabajarhablar No it wasn't, the run on the banks was a result of the values of all assets other than cash going to pretty much zero. In an environment like that (and the one we're in) cash is the only thing that will be of value.
@@enthused7591 what makes you say that? I always saw it as a result of inadequate regulation on required bank reserves and a drop in consumer confidence in the banking system since their was no fdic insurance in place yet. There was certainly a drop in the value of assets but that has happened several times in history and not resulted in a Great Depression level contraction.
We have increasing property taxes and home owners ins and utilities. Inflation is rising. Gas is going higher. Food shortage is being expected. What else? This is a different type of recession. Businesses cannot afford the higher oil prices sent down to us. Rents are rising.
Dave, could you make a more detailed video for us please on the stats of why this won't be a depression? There just seems to be bad news coming from Every direction all of our world. God Bless and I pray you are right..but I have my doubts now. sorry :(
The only thing you can control is what happens within your own home none of us can control the stupidity coming out of Washington. But we can control what we pay on things and how much of something we buy every month. People don't realize actions have consequences.
So much bad news because the media won't report on good news.
We are already in a depression. The difference between recession and depression is time. You just haven't seen it play out yet. Ramsey's been wrong already about thinking we weren't going into a recession. He's wrong about this too. He's lost most of his credibility with me. The only thing left that he has going for him is his debt free steps, which need a bit of improvement too.
Yes, instead if 1000$, for baby step one, needs to be 2500$.
you have no idea what a depression is, and you aren't anywhere near being in one ,,,
Yup.
@@veronicav1779 hahaha ha, trust me we are going to see it there is no coming back. Not for awhile
This astronomical price of everyday things is escalating....most people I know are scraping by.....and there is no end in sight...I am spending my life's savings emergency car repair money to get dental work tomorrow.....my back up transportation is uber/lyft.....
I am practicing law of assumption to try to manifest a windfall....btw, I still use a flip phone....so did Warren Buffet until recently.
George: "You lived through them all"
Hahaha!
“And you lived through them all” 😂😂
We have never had this kind of national debt before.
Its the government''s debt since they are the ones who continue to request that a private cartel print or otherwise digitally create currency. The people did not consent to such blatant stupidity. Its their debt, not ours.
@@jordyjustine the american people will pay for this…same with these stimulus checks that were “given”.
Its the consumer debt that is going to make this worse than the great depression.
@@ap1998 youre right, considering that the usa is trillions in debt.
@@manuelmach86 Smell the roses, we already are.
If Dave's prediction, that housing prices *won't* recede, AND that prediction is predicated on his desire to A) keep them artificially high, to keep his valuation up, or B) keep folks buying, so as to precipitate some real bargains, when they are foreclosed-on, gonna be a serious reckoning.
Dave is not your financial advisor. You have to be an adult and make your own decisions.
@@FoIlowTheLeader indeed. However, as a self-styled "Papa Dave" he's got a lot of pull, TONS of influence, among the trusting people in his audience.
You and I do, what we do; others do what guys like Dave Ramsey *says* they should do.
It's on that trust, that my allegation is based. I personally hope he's got it wrong, for the sake of my kids.
PRAY for our CHILDREN. Amen!
Dave you are dead wrong on this issue. God bless you.
All he is saying is don't panic and don't freak out because it isn't helpful under the circumstances. You think panicking is the better option.
@@rebeccalindley153 Of course not, but denying reality is irresponsible as a leader.
@@Romans-10-9-13 If you do what Dave Ramsey says, keep you mind on paying off your bills, you will be handling the situation in the best way possible. After all, where does the interest charged on your debt go? Why, to the very people financing The Great Reset and other schemes to keep you poor. So, pay off your bills and you will not only profit, but you will have money left over to support local people working on your side.
Dave: "You got 100 million in investments now you only have 80 million. What's the big deal guys? You all are just scaredy cats"
Dave is way too intelligent not to see all the big issues we are in. I think he is trying everything he can for a smooth landing. I Respect it, but it won't be enough.
Right, this leads me to believe something else is up with him. I'm losing trust fast.
Everyone panicking helps nobody. Dave is trying to stop people from panicking.
@@emcee6152 You don't get to his level and NOT shake the golden hand. He's not who he claims to be.
Dave is quite intelligent but he is so off on this. We are living in tge endtimes. They will create a living situation so bad ppl will be desperate and hungry to get chipped. Refuse the mark at all costs.
@@jrwntctv8091 You don't have to panic to be a realist and to be informed. We see economic corrections all the time and panicking is never the right move, but that doesn't mean pain doesn't happen. He's so wrong in this case it's unbelievable. This will almost definitely be the very worst crash in the history of the United States.
He's right, this isn't another Great Depression. It's going to be worse! Dave should stick to telling people how to get out of debt...
Panic?
@@josefgatti9328 Prepare.
😆 🤣 😂 😹 😆
The only reason I'm not afraid what's about to happen is because I'm debt free and I'll be fine. But Dave is wrong about what's coming. Sorry not sorry.
@@dustinmitchell7546 what's coming, then genius?
If I was worth more than 100 million I wouldn't have fear like Dave 😂
Possible to not make even close to that and not feel fear. Fix your eyes upon Jesus.
, be wise,prepare and praise God.
@@sobeliever1638
Jesus said welcome immigrants, Dave Ramsey says shoot them at the border
@5:10 Papa is obsessed with the real estate prices not going down. Dude, they ARE GOING TO DROP in Arizona!
Are you doing a Mantra?
@@aolvaar8792 Yes I am as is the Papa Dave. 🤣🤣
Good ol’ Dave. He always makes me feel better with his perspective and the long view of things…..
People acted just like this in 2008 (which was way worse BTW) and in 1990. Each time, they said "but this time is different". If I had held steady in 1990, I would be a wealthy woman many times over but I acted just like the people posting here and got out. Hindsight is everything but I like to think I have finally learned my lesson.
I pray that you have been preparing and being open minded to what is really happening in the world at this moment.
Wisdom is undefeated - thank you Dave Ramsey!
So the fact that the deficit is at an all time high and is going to keep getting worse doesn’t matter huh???
It is not just that indicator...it will recover but at what cost
At some point in the future America is going to print 30+ trillion new dollars, pay off the debt and then immediately change our national (probably global) currency to a CBDC digital dollar.
@@sislertx At the cost of the dollar
Nope, unless you are financed to your eyes! Then prepare the Alpo
Correct it always comes back... there will never be any consequences... nothing to see here... move along....
The similarities between now and the time before the Great Depression is crazy m. Let’s get our heads out of the sand and look at the train that’s coming.
All good points. Even if every recession is caused by different things the outcomes and recovery times are pretty much predictable
I love a Dave Ramsey rant. I couldn't click fast enough
Usually they're entertaining but lately he's been giving out the worst financial advice that anyone's ever given in history. Wildly dangerous what he's doing. This is going to be a worse recession than 2008.
I think Dave is a little out of touch with reality on these things. Things are gonna get bad. Great Depression bad probably not. 2008 bad, yes.
Only by your own personal outlook will it be whatever you determine. You control you
@@Hi-qh8zt Its not a matter of me,me,me personal outlook... I am debt free and own my home and I have the ability to recognize how bad it really is going to be for others...Its going to be really bad..so bad that it could get to the point where their problems become my problems...
Absolutely-he and his kids are living the good life-I’m just praying I can retire
I remember 2008 it affected mostly real estate but I do not remember the food's going up so much like it is now the cost of food now is horrendous
Good advice, there are a lot of people saying the world is going to end (esp with click bait tiles on TH-cam). Don't check your 401K every day and your stock. Ride it out. This is a bumpy time but there still seems to be a lot of open jobs out there. An unlikely scenario where we might bounce back faster is a swift end to the Ukraine war. This could cause energy prices to fall and the related inflation.
Right or Wrong , I’d rather listen to positivity then the sky is falling , 3ft rule , control the controllables and let the rest ride , ultimately it’s only money
I’m 25 and I’m so freaking glad I found this channel. My dad is freaking out; talking about end of the world. Dave is like a dad that’s level headed.
Hey
He's wrong, something bad is coming soon
Dave just doesn't seem to understand how much people are suffering out there. Most of us are struggling to get by. We don't know where our next meal is coming from. He is wrong to say not to worry about this. We are really suffering.
Your dad isn't wrong.
Please ask your Dad to chill out.
Dave has so much influence that if he were to be truly concerned about a depression/severe economic collapse, if he were to warn his viewers to prepare it would probably cause the collapse!
That’s not too far off the truth. He understands the self fulfilling nature of economics
This is clearly a depression. Thanks to Dave being a forever Trumper and his frivolous spending.
@@Garywhitetrumphobgobbler you're the guy he was talking about.
@@wannabecarguy 100%. People need to turn off the news and go outside.
He has no influence.
This is how i keep calm, even if i lost all my investments and all my money it makes no difference i will still have to get up go out and earn some more money. There will always be ways to make money just chill people, Greed is a horrible thing.
Not this time. They are planning to introduce their one world govt currency aka mrk of beast.
@@daebak7370 If so, but how does panicking help?
@@daebak7370 back off on the kool aid, buddy
Dave said the same thing before the 2008 crash🤣. Of course he never admitted he was wrong !
What was he wrong about?
Context is key, and your wrong by your statement.
2008 wasn't bad though. It was a recession. big deal. I entered adulthood during the crash and made out pretty well. Tons of opportunities in recession. Only people who suffer are stupid people. Recessions arer the biggest opportunities to make wealth. Make wealth off of other stupid people.
@@tidus9942 What? 2008 almost destroyed the financial sector and our entire economic society. Just because you were fine doesn’t mean everyone else was.
@@tidus9942 yes someone losing their job and home of no fault of their own means they are stupid. You people are so insufferable.
04:50 Thanks for putting my mind at ease. Kinda
Hehehe well Mr Ramsey I really do hope you're correct. I'm still going to prepare as though you're not.
I plan on making massive amounts of money, buying great companies on super sale! :)
Good plan, me, too
Nevah mind da Dad jokes, I like listen to Dave & George's banter . 😁
Don’t say nothing instead study the facts. I LIKE THAT.
Michael Burry who predicted the 2008 crash - which Ramsey said wasn't going to happen - says SHELTER DOWN. I know who I'm going with...
Exactly.
Yeppers-Ramsey is so far removed from reality-oats went up $1.50, canned veggies .25 cents-it all adds up
Sometimes I think Dave is so rich he doesn’t understand us everyday Joe/Janes.
People who call him are usually looking for reassurance. That's what he provides.
Financial Reset Dave! Be honest with your viewers!
I would like to hear his response on how most of the world is having a population growth decline. For all of history our economic policy was expecting population growth. Now for basically all western countries the population will start decreasing of which no one has any economic history or experience in.
3:26 I was not expecting that lol.
There are so many people who don't have anything for retirement. Doesn't matter in the end because we WILL ALL be paying for it.
Joe messing with Dave when he say he live all the depressions..hahahahhaha
I saw lottery sales increase personally and I checked the numbers of sales. It's up quite a bit. People are really getting desperate.
It’s sure nice to down play the situation when you’re rich….
“My friend’s got his little kid out there water skiing”... that would be Keith St’Onge’s little babies. Pretty impressive.
Why does Dave call anybody who disagrees with him a “hater”? If you actually think instagram comments are for bottom losers just turn your comments off.
He has done a video on this. Most "haters" are Zoomers who think they are cool writing a blog in their mom's basement and they use his name for "likes".
He’s a weak small minded man. That’s why!
You're right, it could be WORSE than the previous Great Depression. If for no other reason than the threat of the Dollar losing it's status as the reserve currency 🧙🏾♂️
Possible, but unlikely.
Agree that would be a problem - but not sure how that happens in the near or medium term - as there needs to be an option.. What alternative currencies are there where people will run to?
@@jrwntctv8091 Just because there is no other option doesn't prevent the U.S. dollar from melting down. Look at all the inflation we already have. Where is our Reserve currency status privilege?
@@RusskiCommieBot It is almost certainly not going to happen in the near future. Simple as that.
Do you really think the American upper tier who pull the strings would let the dollar not be the reserve currency? Why do you think Gaddafi was taken out? Why do you think Saddam was taken out? Why is the US so war prone? It’s the money, honey. “They” will go to the ends of the Earth to keep the money flowing.
With gas over $5 a gallon. People who drive to work or a small time truck driver operator are feeling the pinch.
Sure Dave…and the world printed more money than at any time In history.
And we’re in the greatest debt bubble in history.
Nothing to worry about, right?
It’s really is different this time.
It really is. We are living in the endtimes.
Yep. There is historical equivalents to the fall of the Holy Roman Empire. Currency manipulation was a main catalyst.
@@daebak7370 We aren't living in the end times. You've been taught that by main stream Christianity. The end of the age happened in the first century and ended in 70 AD.
And the other world central banks are buying the dollars faster than we can print.
"You live through all of them"? That was good. LOL
It will be a depression if the housing and student loan bubbles burst around the same time ( don't see that happening though) but the upcoming recession could definitely be even worse than 2008 due too the inflation
SO many people really upside down on car loans now too.
This is feeling like an inflation induced depression. Jobs are available, but everything doubled in price with a mere 8.3% inflation somehow
We are in worse than a great depression. In the great depression there was few jobs available and money was very valuable. Now there are many jobs and no one is willing to work because they don't pay enough to keep up with inflation. The American dream is over and the youth see the outrageous prices on homes and realizing they will never be able to afford them with most the jobs available, so they choose not to work.
Over 150 million Americans working=“no one is willing to work”. Makes no sense. The ironic thing is most people who say that “no one” wants to work don’t work themselves, and were able to retire in their 50’s because they were lucky enough to retire with a pension, and started collecting SSI on top of that at 62. Making more than actively working people without having to work more than 35 years of their life. The reason so many people are hiring is because the demand is there, which proves we are not in a depression...far from it... a lot of people just don’t want to work in thankless service jobs. Most people of working age ARE working though.
@@BrawlGaming760 I think people saying this IS a Great Depression have no clue.
Poppa Dave I hope to the heavens you are correct
I agree on everything Dave says except this .. it's not about fear it's about realism abs preparation
This is going to age into some great memes lol
Recessions are important, they teach us what’s wrong and what needs doing.
Thank God for you Dave for giving perspective! I tuned I just because I needed to hear THIS
But is it reality? Or just hopeful thinking. Sometimes truth hurts but at least it’s the truth. Lies can be comforting.
What "perspective"? He gives great direction on where to stick peoples heads in the sand and that's pretty much it. Dave is so delusional he thinks cause he “survived” and lived through some of the most easiest years in America to thrive and prosper that he’s now some "all knowing Buddha of knowledge". Sure he knows a few things about old school finance but it’s highly limited. The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
Dave is so delusional he thinks cause he “survived” and lived through some of the most easiest years in America to thrive and prosper that he’s now some "all knowing financial Buddha of knowledge". Sure he knows a few things about old school finance but it’s highly limited. There's a time and place for everything and things DO CHANGE. The more asinine videos like these he puts out only exposes how disconnected and unaware he is of what’s happening in the current financial system or the state of the world overall.
Dave is oblivious to the great reset.
Please tell me more…
He’s not oblivious. He knows. He just won’t tell anyone about it since it would affect his business, even though it won’t affect him personally.
@@sullimd The great reset will effect everyone even him. it has nothing to do with how much money one has or makes.
I’m selling foil hats. $5 for one or $12 for three.
Right. You better stock up Candice! hahahaha
Faith in God, life has its ups and downs, God is always there for you.
1:20 “The thing that will keep you from reacting to the news…” How about don’t waste your time watching the news!
Social media is not helping either. Every other video on youtube is a sky is falling prepper video.
When you think this is a typical recession is super stupid.
Wasn’t ready for that reenactment at 3.28. Whoa!
Flintstone driving don’t sound too bad right now
“Anyway but ahh ah ahh you know I was going to ahh anyway ahhh”
“Sir.. you’re in a McDonald’s drive through”.
Believe it or not Mr. Ramsey, we are "panning out and looking at the data."
Dave's been wearing that same black shirt a lot lately. I, too, have about three "safe" work shirts that I rotate between that don't make me feel like the StayPuft Marshmallow Man.
Dave Ramsey "eat your beans and rice" as we are not in a depression, hey can I have your cardboard my floor needs new carpet.
Dave I don't think this is gonna age to well for you buddy 🤷🏾♂
You could pan back even further and realize that there is always a New World Order, change of currency, the fact that every great empire falls, and devastation. So you look back to when it is emotionally convenient for you as well Dave.
Your right Dave. This will be much worse!
Fear has helped our ancestors survive. Fear can be a great tool for avoiding disaster. It's just not great to completely succumb to it.
Dave this is another great depression. You know the word of God, prepare your listeners for what's coming. Soon the dollar will have no value weather you believe it or not.
There's a lot of different variables that won't make this under great depression but that doesn't mean people shouldn't plan for one since it would be foolish to get caught off guard.
Past performance is not an indicator of future performance.
This feels different. Too many outside influences today...bad, evil people working for the demise of this country.
"feels" different?
Oh please. It's just that you are now an adult, and think it's "different".
@@zandercruz3487 and you are very naive. But let's go with the adult thing.
@@elainepatterson5587 "and you are very naive."
Listening to similar loons for 30 years say the exact same stuff whenever there is an economic downturn? Nah, I'm going to "go with the adult thing" and still accurately say you are a nut just trying to be super dramatic.
I sure as heck hope he’s more right about this than ‘08. 15yrs worth of quantitative easing and “8.6%” inflation has me not holding my breath however.
More like 8.6% month over month. It's really like 70% inflation in 18 months. Gas and diesel are up 150%, food's up 35%, housing and rent are up 90%, used vehicles are up 70%. But wages are up 12%.
Go George go your are a good moral support
Honestly, these comments are in shambles. I get that people are scared but let’s not run wild with our imagination now. Worse than the Great Depression? I highly highly doubt it. I don’t agree with Dave either because let’s face it, he is so out of touch with reality and clearly has his own interests that he has to protect. But he is right that fear is consuming everyone. It’s crazy 😂🤯
With a $32 trillion dollar national debt, what other direction can we go?
The inflation is consuming everybody. There is a good reason to be fearful.
I wonder what game Dave Ramsey and George have in telling the mistruths that they were espousing today . I realize that they are just a couple of opinions and you can listen to anybody you want to listen to for their opinion however in this segment I think people should consider the possibility that you are listening to mistruths that must be benefiting somebody ..not the listeners .
24 months going to be dead. lol. The effect it wiill have is my children will not have a great inheritance. It seems to be a method to keep those families at a certain level stuck nomatter how hard they work or save.