"Cheap" rods used to mean big, heavy, Eagle Claw yellow glass rods from the drug store for 20$. "Cheap" now seems to mean anything thats not Loomis!
Tackle has come a long way since the old days. You can walk into any major sporting goods outlet (or check a catalog) and get an entirely serviceable rod for under 50$ for sure and some under 40$. These are graphite, or comp., IM6, etc. Some of them rival the "big names" in quality. They are far better tools for angling than most any rod available 20 years ago. Competition has brought more more choices and more reasonable prices. And I see it getting better all the time.
Hey, its great to have the lightest, most responsive rod around; but it certainly is not needed to catch fish. Most "cheap" rods are sensitive enough to tell you when a fish takes, and you certainly should be able to find one light enough to use all day (or you need some serious work on the wrist muscles!). Isn't using a 350$ rod kind of like shooting a deer with a gold-plated bullet?
Best all-around deal I've seen lately:
Shakespeare (NOT a mis-print!) Catera spinning reel. 5 ball-bearing smooth, tight lock-up, great smooth drag system, smmooth balanced retrieve, around 30$. Best spinning reel for the money I've ever seen.
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"It's NOT that much farther than the Cowlitz!"
"I fish, therefore someone else must tend the cooler!"