Dave Ramsey

On Tuesday’s CBS "Early Show, " co-host Julie Chen lead the show with a depressing segment on the economy: "...with the economic woes hitting the nation, we have your complete guide to surviving the big squeeze." Chen proceeded to highlight high gas prices, then explain how "...the crisis in the housing market is also a drag on the economy," and finally, "Completing this perfect storm of economic woes, the devastating floods in the Midwest and how they will directly impact food prices."

When discussing the housing crisis with correspondent Thalia Assuras, Chen asked in desperation: "Thalia can you tell us anything good? Is there any relief in sight?" Assuras then offered a small glimmer of hope: "Well, the Senate toady is actually going to consider a foreclosure prevention plan or rescue plan of looking at the numbers here. It's going to provide $300 billion in new cheaper mortgages for high risk homeowners." However she then made it clear that Bush Administration would soon crush such hope: "But you know Julie, there's going to be a lot of squabbling and the White House has threatened a veto."

Following Chen’s report, co-host Maggie Rodriguez talked to financial advisor Dave Ramsey and took the same pessimistic tone: "So with all this economic volatility, what are we supposed to do?...if there was ever a time to panic, is this it? It sounds pretty gloomy." In contrast, Ramsey was having none of it: "Absolutely not. I'm sorry I'm not with Chicken Little and we're not handing out helmets. There -- it is not a time to panic, there's lots of good things going on in our economy and for most people this may represent opportunity."