Dave Ramsey gives some questionable advice that is not going to bring people any financial peace

NewsChannel 5 featured financial expert Dave Ramsey on its 10 p.m. newscast tonight, and he gave some advice that was questionable in the least and darn right dangerous on the extreme.

Ramsey downplayed the existing financial crisis, told viewers not to panic and even counseled on putting money they now have in mutual funds.

Mutual funds that invest in the market are a vehicle of the past in what has become a short-trading Bear market for at least 12 months and more. A Wall Street Journal story earlier this year showed that people who lost money in their mutual funds in the downturn of 2001 still had not regained their investment up to the market's last high in the winter of 2007.

As we all know, 2008 has been a tough year, with most investors losing money in their mutual funds. If they follow Ramsey's advice now for the short term and the long term, they will end up losing even more money.

Only individual stocks geared toward a Bear market, municipal bonds and traditional CDs from banks are going to deliver any kind of positive return in the 12 months. Get a certified financial planner to learn about more defensive investments, because the Dow is going to decline to 10,000 or lower over the next year.

Most of all, don't listen to someone like Ramsey downplaying an era-change in America that will cost the little guy or gal money in the short and long term. You'll get no financial peace from following his advice about the stock market.