Dave Ramsey on the Bailout

A few excerpts from this Christianity Today interview with Christian author and financial guru Dave Ramsey on the $700 billion plan for the government to purchase troubled mortgage assets.

What do you think of the bailout?

I think it's a disaster. It's the largest government department ever formed in the history of man, and they are doing it in five days, and they are doing it based on a spirit of fear.

There are other things we could be doing to calm markets. All of the Bush administration appears to be in a dead dog panic. I'm afraid it's going to pass, but that doesn't mean we're going to like it.

What do you recommend instead?

Change the market accounting rules. Do away with the capital gains tax, which will cause money to flood into the market instantaneously in 24 hours. Last, if we do need to do some insurance of some of these bonds, we can insure them rather than just buying them all. Only 7 percent of them are in foreclosure, while 93 percent of them are paying, so why are we buying them all—so we can make Paulson king?
Regardless of your take on this enormous bailout I think that you will agree that the congress needs to slow down and take a more thoughtful measured reaction to this Wall Street crisis.


  1. This bailout plan scares me to death. Whoever stops it will get my vote. It's like a bandaid covered in bacteria - it looks good hiding the injury, but it's worse than the cut itself.

    The next crash will be worse than ever.

    Making financial decisions from emotion is what got everyojne in this mess to begin with.

  2. I wish that Congress had Ramsey's common sense.

    Not going to hold my breath on that.

  3. The republicans were advocating Dave Ramsey's plan yesterday. Apparentnly to no avail. I think this is just being used as an excuse for a take over. I'm think about asking metro if they would like me to host a monday's a metro Financial Peace University class. By then I will be debt free. FREEDOM

  4. I think Ramsey is right on. Wish those in power were more like him.
    Thanks for your nice comments on my blog. They are so appreciated.

  5. I would certainly agree with Ramsey. After today, it would seem that a good many of our representatives are actually listening to their constituents. Maybe it's time for us to heat up the phone lines a little bit.

  6. LOL - looks like Pelosi inadvertantly gave a few on-the-fence Republicans enough motivation to just say no to Wall Street and squash the deal.

    Let hope that sanity will rule the day in congress and on Wall Street.


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