The "Great" Thing About Feds Raising Interest Rates
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- Опубликовано: 13 июн 2024
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How did Dave manage to skip over the one thing that actually caused it? The MONEY PRINTING
It amazes me how few people actually understand this issue that printing more and more money causes it to lose its value.
@@brentbuswell7204 Milton Freedman made it clear. Inflation is strictly a monetary phenomenon.
Because he is clueless
@@BlackishBear I disagree with Dave Ramsey here, but inflation in not strictly a monetary phenomenon. There can be monetary phenomenon inflation, but there can also be cost push inflation. But Dave Ramsey has diagnosed the crude oil problems incorrectly, the war in Ukraine and the sanctions on Russia are causing higher prices in world wide crude oil prices.
How much of the inflation is cost push or monetary balance sheets and interest rates and money supply increases is very debatable.
@@ronaldlindeman6136 the war is not causing the rise in price, it has been domestic energy policy that caused the price to increase
Dave what about the trillions of dollars that were printed?
Came here to say this. Money supply inflated by 30%+
More dollars chasing the same goods should lead to inflation
Even if they were not printed as long as there is a shortage of basic goods the cost of access will always be high!
The money supply is about to be reduced through quantitative tightening, look out. Rates going up is nothing compared to the biggest buyer of treasuries becoming the biggest seller.
Very much agree, the media never tell this
Zactly.
The Papa loves telling the bread shelf guy making $25 an hour story. 🤣🤣 Where is that job?
Probably Whole Foods in California lol
low skill labor jobs have definitely been paying a lot more around here. probably around 18-25$ an hour.
@@Iskateminilogo Haha yep...and the loaf of bread is $12 after tax..makes sense
Exactly
Taco Bell is offering $18 an hour starting pay in WA. As is every other fast food place here.
*They printed more money than ever in such a short time in history.*
Been printing record amounts of money since 2008. Now the consequences have caught up with us.
@@ozarked2363 way beyond that. Since January 2020, the US has printed nearly 80% of all US dollars in existence. Think about that for a minute. It’s not just the fact that we been printing it’s the amount in such a short period of time. Read it again, Since January 2020, the US has printed nearly 80% of all US dollars in existence.
@lAcid Rainl agreed
@lAcid Rainl the problem is very few of us actually were saying this when they were printing out all those checks. Way more ppl recognize it now but didn’t at the time
@@kylegross1081 I was.
Dave never lets his colleagues speak 😂
i don't really get how yelling and sounding like you don't know anything about macroeconomics improves the show, but i find it entertaining
That's literally the only reason I watch, 😂
You should be immediately skeptical when someone goes on a partisan rant when it comes to economics
Exactly, there are always more unknown variables that are included in this equation.
Remember when dave was calling inflation transitory?
He’s a boomer terd.
I hope to be so rich I can afford to have a yes man sit next to me, smile and agree with every crazy thing that comes out of my mouth. That’s when you know you’ve made it
Omg!!! Just what I was thinking, the other guy obviously does not agree with him, but he has to get paid.
I love everyone of you idiots that disagree with Dave!He is worth several hundred million dollars and has helped millions of Americans become financially sound!Get a life!
He’s not just a yes man but a devout
George is the worst Ramsey Personality. He has none.
What did he get wrong?
Dave only mentions unemployment?
What about small businesses and large corporation getting 100s of 1000s $$?
Great point!
Always about him.
Large corporations took all that money. Small businesses like myself could not. The same corporations that lobbied took every dime.
@@markgeer7876 facts me too
Nothing gets Dave going quite like the Feds tanking his investments 😳
Lol
Wrong. He has hundreds of millions of dollars worth of real estate. He couldn’t care less about what his 401k looks like because he knows it will go right back up.
And that’s what it is
It’s called boosting RUclips ratings.
@@blackworldtraveler3711 to be honest that’s potentially what it is but at what cost he’s reputation?
Dave is a wonderful asset in helping everyday people get out of debt and build wealth. Dave's assessment of the current macro economic environment? Not so good...
Agreed. I think he’s a victim of the Fox News universe, unfortunately.
Why do you think he failed massively flipping houses
Yeah he is simply misinformed. He is in for a rude awakening lol. All that money he saved up his whole life is about to be worth nothing.
@@JacksExoticReptiles as if he only hoards cash, all his assets are still going to be worth millions
@@JacksExoticReptiles dumbest thing I've ever read.
"All that money and assets will be worth nothing" ya bud....100s of millions of stocks and real estate, just poof! Gone! Lol 😂
the extremely low interest rate helped with the rise of housing cost (one of the major inflation increases). Yes, supply/demand caused housing prices to go up. But, the lower interest rate meant that people could borrow more money for a house. Housing sale price has more to do with the monthly mortgage payment vs the actual cost of the house.
That's true, but so is the inverse of that statement. When interest rates are low then the cost of borrowing money is cheap, which increases the number of potential home buyers. This increases demand for the currently low supply of houses. When there's low supply and high demand prices go up. I.e. low interest rates can cause more inflation in housing, even if it helps affordability in the short term.
🤔😡That’s the whole point DAVE!!!!
That’s why they created the Pandemic and shut down the Oil‼️‼️
Glenn Beck is smarter than u think!!
Yup, people would spend 100k on a car as long as the payment is $400 a month
@@JB-ri6zp so true and so idiotic
Also,a lot of people refinanced the homes they live in and stayed put
“Let the thing do it’s thing” - Dave Ramsey 2022
All those years studying economics were wasted on me
Lol some of his recent videos have been totally moronic
Lol
Yeah, they likely were. Calvin Coolidge did just what Dave said, and that is why a depression in the 1920s was a few months long and most people never heard of it.
economists are the sociologists of the financial world. They both like to pretend there is a scientific basis to their opinions/agendas.
Apparently they were. If you can’t grasp the concept, you need to take down your diploma and use it for it’s intended purpose on your nxt trip to the toilet.
The historically low mortgage rates needed to be increased because it was one of the reasons housing prices were skyrocketing which was contributing to inflation
The cost of houses as far as I know are not factored into the CPI.
No housing costs increased due to demand...more people needed houses than were for sale.
No, that’s absolutely wrong. House prices were skyrocketing because people wanted homes in Pandemic and there was no supply. And there was no supply because of supply chain issues. Low mortgage rate was a minor contributor to demand, that is all.
@@m2gautam I disagree big time. Why would you not try to by a house when you can get a mortgage rate of 2-3% that pretty much matches the historic inflation rate?
Agree.
Kudos to Dave. It takes a lot of courage to make an 8-minute video about something he has no idea about.
Yep!
Far leftist?
made my day
@@richarddixon6352 just realist
You must be a Democrat lol
Literally trillions of dollars were printed to fund the stimulus checks. I'm pretty sure that is one of the leading factors to inflation. The sanctions on Russia is another factor of gas prices increasing. It's like his team didn't do any actual research.
I don’t think Dave ever took an Econ class
Exactly. Dave knows personal finance, but public policy and global economics are not his strengths.
@@coreyf1204 dave knows sales. He knows very little about personal finance.
Why are you saying this?
@@aaront936 Dave is sitting on hundreds of millions of dollars. I don’t think you get that way by knowing very little about personal finance.
@@dabsmoothbeats1174 he didn't get there by squirreling money into his mortgage. He got there through selling a book to financially illiterate people.
No, inflation was caused by printing trillions of dollars and putting them into circulation
they never went into circulation.
Just buy Dave's fund 😁
Ramsey talked about "paying people to stay at home" (e.g. printed money).
🤔😡That’s the whole point DAVE!!!!
That’s why they created the Pandemic and shut down the Oil‼️‼️
Glenn Beck is smarter than u think!!
This time Dave is not exactly right. 30% Increase in the Money supply during and after the pandemic is the main driver of inflation by far. Yeah oil prices and supply chain disruptions make it worse, but having 13 trillion US dollars newly printed is by far what explains inflation. And thank goodness the rest of the world demands US dollars for savings, still.
40%
Dave also said we wouldn’t see a housing crash.. I think he was wrong on that one also
They are starting to take the dollar out of oil though and that’s a big deal
Nope Dave is right here
He’s heavily invested in real estate I think he’s a little bias 😂
Dave "best time to buy a house in history" Ramsey ladies and gentlemen.
People act in their own best interest, now let's take the next caller who is 500k in debt.
People act in their own best interests in the short term, which is often against their best interests in the long term.
Yup, which is why Dave gets so many oddball callers, people are acting in their own best interest.
I sincerely spit my drink across the room on this highly underrated comment😂
Inflation during recession is also known as stagflation
The worst kind of inflation... Which usually happens in 3rd world countries
Money printer go brrrrrrrrrr…
The oil thing doesn’t make sense to me. The US doesn’t use US oil. How could stopping domestic production lead to an increase in gas prices when our gas doesn’t come from domestic oil.
Also, the administration has only stopped EXPANSION of domestic oil. The companies are not pumping to capacity, by choice, because they know it’s pushing the cost worldwide.
Oil production and distribution is quite complicated. The biggest issue is do we export more than we import?
Inflation will not come down without raising the interest rate. I can not agree with Dave on this one. We need a little bit of recession to fix high inflation and higher interest rate will do that.
At this point you're probably right, but please don't forget that the reason we are here is because of terrible policy. They caused this issue by, as Dave said, paying people to stay home, restricting freight, printing obscene amounts of money, and forcing the price of oil to double in a year's time. NOW they are telling you "Ok, only way to fix this mess is with a recession".
Correct.
yeah he wrong on this one
I agree that it may have a component effect but Fave is absolutely right that it wasn't the primary driver of this inflation in the first place and therefore the effect it does have will be much less than traditional conventional wisdom.
🤔😡That’s the whole point DAVE!!!!
That’s why they created the Pandemic and shut down the Oil‼️‼️
Glenn Beck is smarter than u think!!
I like how Georgie seemed overwhelmed and couldn’t follow concepts.
I might have missed something in video…but I didn’t catch what was “great “ about interest rates rising…please elaborate
It stops inflation
Stops people from taking out too much debt.
@@Kaodusanya People buying on debt is what is raising prices for everyone including cash buyers.
@@jimmymcgill6778 There is if you have a pile of cash in the bank.
@@unclebenny No it doesn't.
Printing money!
I can't believe that Dave is so economically ignorant as to ignore the primary cause of inflation.
He's so ignorant he doesnt really understand the broader economics. He only understands basic individual economics and baby steps.
He definitely is.
Yes and no. He’s said that 100 times already but now he’s getting more granular. Arbitrary increase in money supply would effect it to a degree but then stop. It’s a simple mathematical equation at that point. What Dave is talking about is the constant inflation we are seeing due to constant energy expense increases and labor rates. Pumping money in is the static variable, energy and labor is dynamic (which is why fuel, goods and services keep going up even when no additional money has been printed)
Dave's hardcore followers will lose a lot of money and their families by following his advice.
He talked about "paying people to stay at home" (e.g. printed money).
But it decreases demand, therefore reducing the strain on supply. Also, money is printed when loans are issued out. Higher interest rates, means less money supply.
That's a very good thing
I don't see it slowing anything.
If it's our energy policy than why is inflation of worldwide issue?
The Ukraine war cased a whole lot of supply and demand issues not just oil. Greedy American oil companys are not helping with gas, but it's not just fule.
Exactly, America isn’t the only country having high spikes in gas.🙄
Yeah Dave is spreading lies
Atlas shrugged. Let’s fine the oil companies, let’s shut down pipelines and decrease drilling permits. Let’s blame big oil for being greedy, let’s ask them to get their workers back who have left the industry. Let’s ask them to build more infrastructure so we can turn around and bring them to their knees when the crisis is over. Ill thought out energy policies are to blame.
Ramsay incorrect about this one. Funny how his lackeys just nod their head and say yes to Ramsey lol
He’s a clown! A parrot!
All they care about is a pay check as actors with no original opinions.
What part is he incorrect about?
Educate us then….
Isn’t part of the reason for inflation the big Wall Street bail out in 2020? I remember partners at the CPA firm I worked at saying that that was going to cause some massive inflation in a couple years.
You can go back further than that. All the bail outs from 2008, and the printing of money since then have been building the momentum for inflation. One simple definition for inflation is the devaluing of currency. Handing out "free money" does that too.
Sorry, Dave, but interest rates have been artificially low for far too long. This is a necessary correction that has been long overdue.
yeah we know what side of the aisle he is on
Bidenomics
The price of gas is based on the global price of oil.
America makes more than enough oil for itself, but costs still increases if global oil prices increase. America is not in a magical bubble. Other countries have seen even greater gas price increases. Double what ours is.
Yes! Oil and gas companies would rather keep supply low so they can increase prices. They are making record profits. They have the capacity to increase production.
So what? Stop comparing us to other countries. They have always had highter gas prices. Always!!! In addition, if Joe had not turned off the pipelines we would not be seeing the high increaes we are now. It matters where the oil comes from. Jeez. Thirdly, the EU was dumb enough to depend on Russia for their energy/oil so yeah, they are in a pickle of their own making.
So if the US produced more with drilling and fracking it wouldn’t affect the price at all? More supply doesn’t matter?
@@maryjones6115 So what is realizing that America is not in a bubble. The price of gas goes up even if America uses 100% of its home made oil. We already make enough for ourselves.
@@superblump87 not true
Thank you Dave!
Raising interest rates encourages less “free money” DEBT…isn’t this what Dave preaches????
He preaches no debt.
High interest rates are safer than not because as they go down you can always refinance if absolutely necessary low interest rates you can borrow up to your eyeballs and when they're a problem the banks are going to seize as Jerome Powell puts it "all excess money from the system."
🤔😡That’s the whole point DAVE!!!!
That’s why they created the Pandemic and shut down the Oil‼️‼️
Glenn Beck is smarter than u think!!
@@spankynater4242 if he preaches no debt then he should love higher interest rates.
@@enmass90 he didn’t exactly condemn them here.
House prices just going up along with Rent! Either buy with high interest or pay skyrocketed Rent!!!!
For higher desirable areas yes. Detroit and south Chicago are seeing prices dropping. Of course no one wants to live there…. You can buy a home in parts of Michigan for $99k.. might get robbed everyday, but hey you can’t say it’s expensive everywhere.
@@TheMopar97 even if the interest rate goes up to 10% for 150k house it's still less then national Rent average
Love these explanations!
I've been through financial peace and read Dave's books. I believe Dave's baby steps are changing people's financial future for the better including mine. As a person that has financially educated myself beyond just baby steps, this video is sooooo disappointing.
This sounds more like a person using his good will as a trojan horse to push a political agenda.
Bingo!
My exact situation and thoughts. So disappointed lately. 😕
Very apt. You sound quite intelligent. :)
Printing money was a partial cause of inflation. Raising interest rates should help compensate for that.
What was it, $4 trillion over the course of a few months for the initial stimulus. Then an additional $500 billion. Then Joe's $1.2 trillion American Rescue Plan. So overall about $6 trillion
Maybe if they raise the rate by 1000 basis points
Car manufacturers would go out of business if most people didn’t go into debt for their cars
Nah they'd just restructure
Dave hates rising rates because it hurts his real estate ventures
If he’s paying cash, how do interest rates impact him in any way shape or form?
You tell 'em Dave. I've been thinking the same thing, hanging out, debt free, working and saving as much as I can watching the financial freak show. I can take a vacation and go somewhere another time.
So Dave’s admitting now there will be a recession
He being saying it for a while. Check his previous video
@@Danny-iu1fq no he hasn't. He recently said house prices will keep going up
I don't think he's any expert.
@@thedopplereffect00 Dave Ramsey has been saying that we’re heading into a recession for a couple of weeks now, maybe longer.
@@thedopplereffect00 he also said everything is fine there won’t be a recession there won’t be a depression.
Dave we are in because it effects our pocketbook!! We are not all rich like you !!!
Wow there's a lot of wrong information in this one..
I’d like to add a caveat, Dave. Supply chain issues certainly were exasperated by policy decisions - so there is culpability there. The high price of energy/fuel is causing pain at the pump for truckers and freight companies. Just about every good we have relies and truck/train to get to us-cost of fuel and diesel goes up-the added cost is passed to you as a consumer in the good.
Honestly it's the route broker's in the middle trying to keep most of the gains from it
As well as random major food distribution center’s burning mysteriously
Excacerbated. Yes we are all exasperated
Unfortunately truck drivers are suffering right now. You might think truck driver charges more to move goods to keep up with the expenses but it’s not happening
@@kh-fk3ko Brokers have always tried to do that, but just say no to cheap freight
He’s frustrated. You know his net worth has taken a dip significant since January like the rest of us.
Appreaciate the neutral explanations and bold enough to saying it louder!
His views were rather opinionated lol
Neutral? You took this to be neutral? Lol
Great video Dave! 🙌🏻🙌🏻🙌🏻
Good info!
My dad paid much higher rates decades ago for his house, but that was standard back then. Rates today are still low comparatively... we are spoiled thinking it is "high."
Decades ago, I’m sure the cost of your dads house also was 75% cheaper than it costs today. So his high interest rate was irrelevant.
Absolutely! My 1st mortgage in 1983 was 12%!!!!!
@@dabsmoothbeats1174 wages were much cheaper and adjusted for inflation, not very far off. He bought his 1st house right when Jimmy Carter was in office and REAL inflation kicked in.
The perspective and advice of a rich guy. People need to filter what he saids...lol
🚨Dave is trying to rant, but george won’t let him 😡😂😂😂😂😂😂
Why would he allow his boss to believe that he has no purpose? :)
"BACK OF BOZO", havent laughed that hard in awhile. Great job Dave, been saying this for years and its amazing to hear it said unabated here.
When you pay cash interest rates don’t matter. Store cash and get ready to buy stuff when over leveraged people begin to liquidate assets.
Smartest comment on this entire board. 👍
What about housing inflation? I'm in the business and it's been out of control for quite some time. We need higher interest rates. This coming from a guy that benefits by higher commissions from higher prices and the appreciation of my real estate.
"it's been out of control for quite some time" = bubble. Mr Ramsey thinks different about this.
@@unclebenny yes, because supply is low and demand is high. Even if demand is reduced, the demand will still be higher than the supply.
@@bradleymaravalli2851 What do you think will cause supply to exceed demand? Will this ever happen?
For every person upset by the rise in housing prices, there is another person delighted that they got so much money.
@@unclebenny we need to build more housing. After the 2008 crash the construction industry completely tanked. We stopped building the necessary amount of houses which is why supply is so low
I think I like Dave Ramsey better than ever! He makes sense.
In this particular video, Dave manages to be extremely right and extremely wrong at the exact same time, and it's pretty wild.
What part is wrong?
Can you explain how he's wrong?
??
SPLAIN
The inflation was caused by money printing.
“Just sit”
Yeah, and let hyperinflation take over. Great idea.
I totally agree. The free money needs to stop especially the food stamps. I heard a lady say she gets $1200 and sells over half of it!!! I was furious.
Lol what free money??
I’m in Canada and we pay huge taxes - any time the give us back money I just think... thanks, this was mine to begin with
Free money for people not working, free housing, but have several children…that free money
Except raising the cost of borrowing will reduce job demand which will slow wage growth which will lower prices. Come on Dave.
Dave your co host has a lot to say give him a chance he's very smart
George is Dave’s hype man😂
Also…. T-shirt idea
“ let the thing do its thing”
This show would be way more entertaining if they actually debated on issues. But Dave’s minions know better than that.
George is just a fluffier. He fluffs Dave up hard and keeps it fluffed.
Here comes partisan back Ramsey to the rescue. The guy just can't go give minutes without giving takes that are so overly simplistic that a 5 year old could regurgitate. Pathetic.
And yet you hate watch him because you have so much free time?
I’m so impressed you have been as successful as you have … not sure I agree on your simplistic economics, but man can you present well … hats off to you and your team.
He’s right though. And millions of us who have followed his plan are now debt free.
He uses minipulation to brainwash the masses
@@katiejon17 right on simple personal finance. Not national economics
Get ready for the 50 yr home mortgage. It’s on the way for US borrowers. You will own nothing but have a house you can call your own.
@@rokyericksonroks hard to push back … but it will drive prices much higher and expose the banks in process. Might see 35 years but 50 wowzer. People buy based on affordable payments. This concept scares the @##$R# out of me.
I want a bumper sticker that says "Let the Thing do it's Thing" lol
Actually, gas prices have affected interest rates. My interest in buying gas has dropped.
🤣🤣🤣
@ Scotch 😂 😎 you the man :)
Me too. Problem is I'm still a little interested in being able to drive my car.
Papa Dave: "These doobers won't keep their fingers out of the pie!!! .. JUST back off bozo!!!" (I think Dave meant Goober..😆)
George: 🙄
yeah but "doober" works.
"let the thing do it's thing!" :) - the new Adam Smith!
Preach Dave!!!
This is politically biased and a bad take. Low interest rates absolutely encouraged people to borrow money. People who aught not be borrowing money are buying houses with money they've not made. How are you so politically blind to not see the issue?
Also I fear that the low interest rates represent (ed) a sort of subsidy not so much to would be owner occupants but more so to institutional and other would be landlords.
In Sweden many real estate tycoons are on verge of distaster bc they used leverage instead of Daves principles in investing.
Nobody is making 25-30 dollars an hour to stock grocery stores. Dude is so out of touch with how wages haven’t kept up with inflation since the 70’s.
They just raised rates... and Dave is already stating it is not working. R U KIDDING ME!!!!
Dave misses the mark a lot lately.
and 90% of people seem to be seeing it
“Raising interest rates did nothing to fix any of this.”
Well all they have is a hammer. They don’t have a way to set the wage of a (according to Dave) someone who should make $10 an hour.
Yeah…he’s succumbing to his own conscientious biases
Wrong
Companies take out loans. They have to pay them back.
So it does have an effect.
Good content, keep it up.
“Let the thing do its thing” - Dave Ramsey 😆
While i dont understand macro economics that well, daves ideas seem off the mark
Not sure what has happened to Dave. He seems wrong on a lot of points not just in this clip but in others.
Old and out of touch
It does not to have to be "caused by interest rates" for the increase to be effective against inflation
Can you be specific? I don’t follow.
I think Jonathan Rosario is saying increasing interest rates treat inflation like an aspirin does not cause a headache but treats it.
“Let the thing do it’s thing” 🤣
Right on Dave!!!
Inflation is always and everywhere a monetary phenomenon - Milton Friedman
you mean to tell me that is not cause by rising gas prices?
@@bavenhen00 Gas prices didn't rise. The purchasing power of your dollars fell.
No. The way of Ukraine has a lot to do with the cost of gas.
How about home loans? Those interest rates will slow down lending. 15 year rates will be crazy-unaffordable. So will HELOCs. If you took cash from your equity, at a variable rate, you’re going to be paying a higher monthly amount. Ramsey listeners don’t take out HELOCs, but investors do.
The "Great" Thing about the Feds raising rates? That discourages borrowing. Great video!
BEST truest honest speech i have heard in a long time!
90% Of the comments are negative take some advice from the audience Dave
I am glad they are raising interest rates! That is definitely to my advantage... finally. I hope it continues.🤑
How is it to your advantage?
@@JustinCase780 I have a lot of cash sitting on the sidelines.
@@charlesjackson1700 Great..But again, how is this to your advantage?
@@JustinCase780 prices will go down and people with cash will be able to snap up the deals
@@xterra4hire snap up what deals...housing?
The standard description people give for inflation is "too many dollars chasing too few goods" caused by printing too much money. Raising interest rates takes money out of the economy - that's the actual mechanism - the fed selling securities in the market which takes money out of the economy; they don't just do it by decree... Dave really showing his ass on this one.
"Let the thing do it's thing!" well said
DAVE SOUNDS LIKE FOX NEWS
You mean true and accurate?
@@GunGlutton Pretty much what I was thinking
Truthful?
@@Iburn247 LOL, I know, right?
He used to a show on there.
How is being a “greeny” a bad thing. Shouldn’t the US be trying to find a good middle ground in oil production and renewable energy.
The problem is there is no middle ground with the current Administration
The less money given to people who don’t like us, the better. How many billions spent on hurricane disasters in this country due to excessive heat in the oceans the past 10 years?
Green energy doesn't quite work! It's all to carbon tax us to death...the green gangsters have an agenda
The best thing about being debt free is rejoicing every time the Fed increases interest rates, because my money market and HYSA accounts rates keep going up, and my money makes more money.
GREAT ADVICE!! DON'T PANIC Sit Back and continue to get your FINANCES in order🙏🙏🙏❤
Dave Ramsey at his finest! Love it!
Its to fix the supply chain. Demand needs to be lowered so in order to do that they need to punish the consumer.
Serious question... How does increasing the interest rate lower the demand of fuel?
Or bread or milk?
This video is why I say he needs to retire and go spend time with the grandkids.
Wellsaid Dave!