Sunday, March 29, 2009
Note to the news media: Dave Ramsey does not know a damn thing about the economy, its future
The national news media has caught onto the truth that Dave Ramsey does not know a damn thing about the economy nor how people should invest their money.
Ramsey is showing up less on cable TV shows. But unfortunately, the Nashville area media still uses the guy way too much.
Ironically, this past week in the Williamson Herald, Ramsey was featured as offering hope. Yet early in the article, he noted that he was not prepared for the "September 2008" meltdown of the financial markets.
In fact, he was so unprepared then that he got on NewsChannel 5 on its Friday 6 p.m. newscast and told viewers there was hope then --- and put their money into growth mutual funds.
Then, the Dow was at 10,600. Now it is well below that mark despite a Bear rally of the past two weeks.
Look for stocks to lose that ground they gained. This week is supposed to deliver more bad economic news for this nation for the first quarter of 2009, with an unemployment rate rising to at least 8.5 percent. Marketwatch.com reports that companies continue to shed jobs at a fast rate.
Consider that Tennessee's jobless rate already is at 9.1 percent. So much for hope. The wings of the American people have been clipped. They cannot magically fly out of this situation.
So Ramsey's record when it comes to the economy and investing is quite bad. For the media to offer him as an authority is derelict. Ramsey did not predict this downturn and he should not be proffered as knowing when things will turn around.
We are in unprecedented economic times. This Great Recession cannot be compared to any other economic era. The Chinese own our future. This nation's future will be greatly determined in Beijing, not Washington. The loss of wealth in this nation is unprecedented, even when stacked against the Great Depression.
And Dave Ramsey will be the last person to know what's going on.
He should stick to telling people how to reduce their debt. Other than that, he is woefully unqualified and any media outlet that uses him for advice outside his realm should be avoided.