Posted on 08/16/2024 6:05:14 AM PDT by where's_the_Outrage?
It will come as no surprise to the regulars around here that I have soured to the point where I can barely pucker up to the work being done by our corporate, national media these days.
My love affair with the profession I gave most of my life to has ended in hurt and disappointment. Our national press too often presents as incompetent fools who are more interested in being led around by the nose than they are in sniffing out stories, including the biggest one of our lives.
Our democracy is under attack RIGHT NOW in America, but I bet if you took off and went running to find that reported in any of our newspapers of record in this nation at this very moment, you’d be hard-pressed to locate it in any proper form. There’s a political horse race to run you see, and anything that gets in the way of that, like the biggest story in America since the Civil War, is simply not fit for print.
Imagine my surprise then, while lapping up coffee Sunday morning and poking around all the likely and unlikely places for news, I came across what we used to called a “blockbuster story” in The Washington Post........
It’s backed with this subhead: The financial services industry has blocked the Biden administration from requiring brokers to put retirees’ needs first — above lucrative commissions.
Here’s the lede. I have highlighted a few passages for emphasis:
"To protect older Americans’ life savings, President Biden pledged in October to crack down on financial advisers who recommend investments just because they pay higher commissions. Then the insurance industry got to work."
(Excerpt) Read more at msn.com ...
I think the “financial advisor” industry is 99% trash and crooks—but that is not a political issue.
They use the law (long complicated documents drafted by lawyers) to dupe their clients into paying huge fees.
More laws are not going to fix that.
...but I don’t see the connection here.
~~~
The media have discovered that democrats are complete morons and will believe anything as long as democrats are portrayed as the good guys and republicans are bad.
They make zero pretense about their absurd bias anymore.
If you read the article...Biden shot off his mouth and nothing happened.
More laws are not going to fix that.
—
Its not supposed to fix anything, unless you count it as a step in destoying the financial industry.
Bingo. Exactly correct.
Both parties rake in the insurance money.
The irony - nay, the ‘hypocrisy’ - is that the financial industry does the fed’s bidding and supports the entire scheme whose foundation - i.e., the ‘house of cards’ - is unrestricted public spending via the printing of greenbacks.
I read this as just more ‘smoke’ to distract from what they’re really doing.
...and there’s a LOT of ‘smoke’...because the stakes are that high.
I am not up on this issue but it seems to me the important issue is what is accomplished by adding a federal bureaucracy layer to what is already a fiduciary relationship governed by both state and other federal laws? I am especially leery of authority granted to Elizabeth Warren’s consumer protection quasi-federal bureaucracy which is largely independent of federal overview.
Smart consumers insist on fee for service financial advice—pay by the hour—no commissions and no percentages and no hidden “extras”.
Dumb consumers get hosed on fees.
The article is totally biased, doesn’t accurately reflect what is going on with these best interest standards. It’s garbage.
Just for the sake of completeness—this is an excellent discussion group helping folks manage their own finances and avoid getting ripped off:
https://www.bogleheads.org/forum/index.php
How about a requirement that the financial advisor gets a percentage of the money the account makes? Say 25% and they pay you if the account loses money?
If they lose 25% of your money you get to put them is a “stock” outside the downtown building so passers-by can punch and spit at them.
Lol.
This is why Democrats try and ruin education.
Anyone who has a working brain, doubly so anyone who learned logic and logical fallacies, would discard this in a second.
For the people who are trained to be unable to think, this works, as follows:
- A Democrat proposes “fixing” something to “protect” some people (the more they align with a victim class, the better)
- Protecting people is good. Therefore:
a. Whatever is currently happening is bad
b. Whatever is currently happening is Republican because a Democrat is going to fix it
c. (and of course Republican = bad anyway, but every instance of this scam just reinforces the programming)
- The stupider and more harmful the “fix” the better, because all the people with working brains come out and describe why the “fix” is stupid and harmful. Actually, I should say half-working brains.
a. The original appeal is to the lower emotions. Fear; greed; anger, resentment, envy, hatred.
b. The logical explanation, to a non-working brain, is both meaningless AND scary. So, when people describe how having the corrupt elite oversee what should be a private business relationship (advisor/client, doctor/patient) all they’re doing is making the super-rich richer and giving up their freedom, all they see or hear is “angry white Republican guy doesn’t want us to have this.”
This is not new. History and literature are littered with examples, of which the easy obvious one is Shakespeare’s Marc Antony vs. Brutus (’cause it’s written exactly to this point).
The counter to emotional appeal is a stronger emotional appeal sometimes, or ridicule always. That’s why the meme wars have been so effective, why Trump makes up insulting names for people, and why idiots like Duhhhhearl really believe that Republicans hate us because they want to stop Nice Mr. Biden from keeping us safe.
IMO: apply this everywhere you see the appeal to the ignorant. The above, bullet points and all, is for FReepers, who are among the thinking.
My sister posted on FB about some anti post office law passed by congress blaming republicans for it. I looked up the vote and 98 senators voted yes, but it was all the republicans fault.
Well thought out and well written and all true.
The Democrat Party Crime Families must control the levers of power in the government in order to enrich themselves.
Their means of controlling these levers of power are many and varied.
They have been perfecting this for over 100 years.
The Democrat Party Crime Families make their fortunes from government so they manipulate voters and voting.
They will manipulate voters to make their fortunes, but if that isn’t enough, they will manipulate the voting process to make their fortunes.
The first step is to protect the voting process.
The first step in protecting the voting process is for everyone to know that The Democrat Party Crime Families manipulate the voting process to make their fortunes.
Maybe that’s why my son is doing so well in the business. He actually CARES about his clients. He talks to them, at length, before making the very first investment plan. His referral business is off the charts.
Alternet = liars. Commie trash replacement for MSM.
i meant 25% of the change in my funds. not 25% of my funds. right now they want 1.5-3% of it all cash/stocks/bonds( what does an FA have to do with cash on hand? )every year. I found a better FA who wants <1% of funds not including cash to handle everything. or a flat fee to yearly review my account
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