Monday, October 13, 2008

Worst advice I've ever heard

Last Thursday my husband called me into the family room to check out the Dr. Phil show. We sat there in stunned disbelief as we heard absolutely the worst advice on finances anyone could possibly be promoting. In fact, if his TV audience actually did what he said, I'm sure we would have been in a total financial meltdown by Saturday! I'm sure Phil and his friend Oprah and Rachel all have enough to get by, but there are a few retail clerks, waitresses, builders, truck drivers, etc. who need to stay in business. I'm surprised he didn't cause a run on banks and a new purpose for mattresses.
Posted by Norma at 10/13/2008 11:47:00 AM
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4 comments:

Anonymous said...

Norma-
I read their "seven money questions ansmwered" (I can't do video at this terminal). I din't read anything wrong w/ their advice, in fact they sounded more optimistic than they ought. What specifically did you mean?

10/13/2008 1:23 PM
Norma said...

I think he had advice for people in debt, but he (and his guests) were also recommending extreme cut backs for everyone. Consumer spending accounts for about 70% of the U.S. economic activity. If everyone stops buying houses it hurts everyone from construction workers to mortgage brokers; if they don't buy cars eventually that works down to the retail clerk who won't go out to eat which hurts the waitress who can't pay her babysitter, who stops going to night classes, which reduced the need for that part time math teacher, who won't be able to buy the house, etc.

10/13/2008 4:21 PM
Anonymous said...

Yes, it's a sorry ripple effect. But I still disagree with you here. They were giving individuals advice. And individuals should spend less, save more, get out of debt, etc. Living beyond our means, the culture of debt, trade imbalances, etc, all got us into this mess. In Coolidge's day, conservatives stood for austerity, saving, and thrift. My favorite related story was the Yankee lady from those days,who felt a mouse shimmying up her leg under the church picnic table. After pressing it to death between her knees, she proceeded to wrap it up in a napkin, to "take it home to her cat"! We've come a long way from that, to the disposible camera and phone society. And the money you're advising folks to spend mainly in up in China trailing those HDTVs, DVD players, and everything else in stock from Lowes to ToysR-Us.

I'm afraid you've succumbed to the Limbaugh (though I love him!), not the Coolidge, brand of conservatism - spend, spend, spend! And that brand has led us to this gargantuan debt, public AND private. The up-and-coming conservatives are the Ron Paul or Wendell Berry kind.

10/13/2008 6:29 PM
Norma said...

I personally am frugal, and don't like it that we're a culture of consumers, but facts is facts--if everyone did what Dr. Phil suggested the economy would grind to a halt.

Great mouse story!

10/13/2008 8:51 PM

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