Posted on 03/05/2016 4:33:44 PM PST by SeekAndFind
Isn’t this a bit alarmist?
CNBC, where Cramer et al spout off, aren’t money managers. So why would they have fiduciary duties?
I miss the old HotAir comment section. The rebel site HotGas is very well done but not very welcoming to those outside the click, maybe after the election things will get better. Very sad, but time moves forward. JMHO
There have been state health departments that have tried to shut down bloggers who write about the paleo diet and things like that.
Eventually you won’t be able to talk about anything without a license.
if you are on TV talkign to random people who don’t give you money, how do they qualify as your clients?
Soon you will not be allowed to express an opinion of any kind. You may however parrot any line that you are fed by the State and the Party. Leave the thinking to the nomenklatura, komrade.
As far as Dave is concerned, I agree.
Getting out of debt - and staying out of debt - IS in the listener’s best interest!
A. They don’t. This piece is a waste of electrons.
Sounds to me like they are trying to set things up so that if you are a professional and you give advice, even over the air, that sets up a fiduciary duty.
If you have ever listened to a lawyers talk show on the radio they have disclaimers every few seconds about ‘this broadcast does not constitute legal advice... consult an attorney for your specific situation....”.
I was thinking the same thing. How would getting out of debt be harmful? I must be missing something.
Truth be told, I am following Ramsey’s advice and while I am still early in the process, it is already working for my finances. Assuming no major emergencies and already accounting for a couple of surgeries between the wife and I, we should be down to just the house payment in a few years.
I think that they may be acting outside their jurisdiction. If this is not outside their jurisdiction it should be.
I’ve never heard Dave Ramsey recommend anything specific. His recommendations are generic, “Invest in mutual funds,” as an example. He will recommend a specific sector of mutual funds, “Growth funds,” comes to mind, but not a specific fund.
Congratulations! You’ll love the feeling of liberation.
We’ve been 100% debt-free since paying off the house 4 years ago this spring. And that was the only payment we had starting in 1998.
FREEEEEEDOM!
Record each caller agreeing with a disclosure statement and call it good.
Dave Ramsey carefully couches his advice as “what I would do if I were in your shoes”.
Suze Orman, I think, had her last season on the air, but she did much more in depth financial reviews with some people on TV, telling them what to cut, what to renegotiate, where to pay down debt or save.
Labor department?
As far as Dave is concerned, I agree.
Getting out of debt - and staying out of debt - IS in the listener’s best interest!
**************
Dave’s right about debt but dead wrong about investing in general... the boob still thinks it’s a great idea to throw money into our stock market through index funds... no doubt when it all crashes he’ll be saying things like “how great it is to be averaging down in cost!”.
What is your ideal portfolio?
Bingo. My financial advisor called last week to tell me about the regulation. He said ERISA just took over all IRA’s. He was previously of the belief that this would happen to IRA’s obtained through the employer, and not ones contractually obtained through insurance companies. Because of the proposed regulations, Met Life and AIG have sold their brokerage businesses.
ERISA regulates pension plans. It has been under the Labor Dept since 1974. From his description, looks like fundamental transformation to me.
Some other interesting operations are under the Labor Dept. Looks like a great place for govt. mischief making.
http://www.dol.gov/general/topic/health-plans/erisa
What is your ideal portfolio?
****************
I used to be a stockbroker and I can tell you that based on your age , risk profile and investment objectives I was forbidden to offer anything outside of a narrow range of products... Dave Ramsey gives the same advice for everyone... growth or growth and income mutual funds and states a BS rate of return which you’ll never see. I can honestly say that 95%+ of the brokers I worked with were lousy at picking stocks and just used whatever was in the company “recommended” list unless the guy in the next cube had a stock with a great story...
Today (and for at least the last 7-10 years) the system has been so rigged with HFT , a lack of individual investors and QE that failing companies have been pushed to valuations far above what the best companies used to be priced at.. and nothing is improving.
What do I suggest? It’s pretty clear we are going down the same path as Europe... the banks are bankrupt , business is contracting for something like the 5th year straight (when you add in the real inflation rate) , cash is taxed , stocks are ridiculous and the “central banks” are one trick ponies with nothing but free cash for their members and ZIRP/NIRP screwing anyone with savings or attempting to live on a fixed income... I’d suggest being short everything but I doubt you could cash out in time... since money is being destroyed by the FedRes’s actions I’d buy land , gold and trade goods. In the great depression people that kept from losing it all made fortunes buying “new and exciting” companies like IBM and Coke when they were beat down... having cash is great ,, my uncle made a small fortune in the late 40’s in real estate with money saved from his wartime factory job...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.