He is so right and not only does it apply to your financial life but to your personal life as well. "Stuff" is not going to make you happy but the life experiences you have with those around you. Do you think that you'll only be happy if you go on that cruise around the world, the trip to the Bahama's, see the Eiffel tower? Do you think you will be happy when you get that new car, go to the fancy restaurant or get a bigger RV then "The Jone's"?
Do you have "stuff-itis"? I know when I first got married my hubby and I got stuff-itis really bad and had to have everything we saw. We got into debt buying things that I don't even have anymore. But that was short lived and we hit bottom fast. Now we don't care what "The Jone's" have and we don't care where they go or how much money they spend. We learned that if we don't have the money in hand for it, it's not really that important and can wait until we do have the money. We are happier now that we are not being bonded by our debt. Yes, it's hard to pull out of it but we are doing it and it really has been a great blessing and comfort to know that within the next year or so we will be out of debt. We don't need to go and spend tons of money to have a good time. There are so many things that don't cost a dime and can be just as fun as going to disney land.
During the LDS April 2009 Conference Elder Robert D. Hales gave a talk entitled "Becoming Provident Providers Temporally and Spiritually" in which he talks about debt and how we can over come when we "covet".
It really is a good talk (all the talks are exelent but this one just stood out to me). Not only did I hear it at conference but I also was reminded about it when my home teachers came over and spoke about this talk as their lesson.
I hope that this helps shed light during this "economic crisis". I know there are lots out there who are struggling and I understand, I have been there and know that "this too shall pass" and the Lord won't give you anything that you can't handle. Have faith and do what you can to get out of financial bondage and be free.