Posted by Tina
If you work for a living and you have an individual retirement account the Labor Board wants to restrict the advice you can receive from an investment professional and grab that power and control over your savings for the government. The excuse for this power grab is not only deeply insulting it is arrogant:
According to the report, the department claimed that the rule was necessary because individuals could not “prudently manage retirement assets on their own,” and that they “generally cannot distinguish good advice, or even good investment results, from bad.”
Heads up Dewey. This is creeping fascism! This kind of control would put regulators in control of your investment and also in the position to pick winners and losers in the broker arena. Government would once again make itself your nanny and open the door for corruption.
The Competitive Enterprise Institute has estimated that the rule change could cost middle class Americans $80 billion in savings over ten years. It bases it’s findings on research into a similar policy in the United Kingdom that resulted in investment advisers declining to manage smaller accounts.
There is no end to the damage this president can do in the next 10 months through simple power grabbing rules like this that might be easily overlooked.
Read the story in The Washington Free Beacon.
LOL Tina
I will look into this. But as a person who worked for American Express Financial I can tell you there are very few “Professional Investment Advisers” worth a hoot these days. I left the industry for a reason. The goal is to move the money around to extract fees for no other reason than profits. That is how they make their living.
What did you do for a living that makes you idolize job titles without understanding the actual business?
fascism is business control of government. We have a business controlled gov and a rigged economy.
So I will look onto this and see what is up.
Under all presidents whether Rep or Dem the corporations control all lawmakers. Obama has not been any different than the Bush or Clinton families or any president since Reagan who continued the road to fascist control.
You really need to get in touch with what is going on.
Your ideology that all businesses are some kind of godlike honest entity that cares about improving the investments of the common man is simply ….well misinformed.
The hedgefund managers and corporate politicians are raiding all assets creating something to trade in the markets for their gain only.
“fascism is business control of government.”
No moron. Fascism is government control of business. You have it upside down.
I have never said all business is godlike or honest.
I have said that ALL people are capable of good and evil.
I have said there is corruption and greed at all levels of society.
I have said that the law is the venue to use to prosecute wrong doing by companies or CEO’s.
I have said that companies cannot tax you, jail you, punish you with onerous regulation, destroy you (coal industry and coal JOBS), harass you (IRS, FBI,OSHA, ATF-Catherine Englebrecht, Gibson Guitars, journalist James Rosen), force you to buy health insurance or pay a fine…but government can.
A person can refuse to do business with any company.
Try that with the government and it’s hundreds of thousands of regulations and tax laws and it’s well armed departments of enforcement!
You need to get yourself educated.
“The hedge fund managers and corporate politicians are raiding all assets creating something to trade in the markets for their gain only”
High tax government types like Bernie and Hillary want to make government the biggest hedge fund manager of all!
Tell me how it works better when you have no choice in the matter? How does it work out for the average worker when the federal takes from the rich, a huge chunk of the investor class that creates jobs, to spend and redistributes without anything positive to show for it but debt and lost jobs?
Sorry, Tina, but the nation’s financial services sector is badly in need of rigorous regulation. Remember when several of your beloved capitalist enterprises got the bright idea to put employees’ pension monies in company stock … soon-to-be-bankrupt company stock.
We had to make law about that. We have to make law about some new excess of clever greed regularly. We can barely keep up. But we’re bloody well not giving up.
You go put you head back in the sand, and then you won’t be bothered by it.
SMART regulations I would agree to. Stupid regulations, which your party can’t seem to quit writing, kill business, cost jobs, create unnecessary costs that are passed on to the consumer, and are filled with loop holes for cheats to exploit.
There is absolutely no reason in he77 that regulations need to be complicated and difficult to read and follow. The only reason they are is so that slick lawyers and corrupt politicians can play games and rake a lot of cash for producing nothing…not a job and not a product.
It’s insanity to think the solution is to destroy the entire capitalist system because of the bad apples…instead we punish the bad apples. That is the purpose for having laws. Smart regulations make it easier, not harder, to punish bad apples. They also make it harder to become a bad apple.
Don’t try to lecture me, sweetie, there are plenty of crooks in your party writing those stupid, complex, easy to cheat with laws…Dodd Frank is a nightmare. It killed a lot of small community banks, helped to create monopolistic banking and made Hillary’s pals at the BIG BANKS:
Those idiotic EPA regs on the coal industry are also dumb, dumb, dumb. The cost to meet them isn’t justified by the minuscule percentage of return in cleaner air…but thousands have lost jobs and businesses.
You lefties are a bunch of dumb a$$es, con artists, and crooks. There is nothing reasonable in what you do. You run around with your noses in everyone elses business, acting like you’re gods gift to the country, when in actuality you destroy a lot of lives in your wake.
We’d all be better off if all of you would stick your own noses…elsewhere…and get out of the way so that decent working folks, who don’t mind reasonable regulations and laws, can get back to providing for their families. Frankly, we are da*n fed up with your meddling.
So is law that prevents any more pension fund raiding a good law? Is a law requiring that only a certified fiduciary is permitted to give investment advice a good law?
You can’t crab about regulation in general, like it’s all bad, when it’s not. In fact, the whole post is an exercise in hyperbole. Nobody is out to destroy capitalism, just modify it. And economies are eternally in flux. If you work in a coal mine, you better start looking around, because we sell most of ours to the Chinese and even the they are scaling back purchases.
You’re probably right about Hillary, as I believe I’ve already conceded.
But you’re dead wrong about coal plant emissions.
“So is law that prevents any more pension fund raiding a good law?”
There is no such law, never can be. (Reference immigration and gun law on another thread). Laws do not “prevent” crime. They exist to inform about the rules and as justification to prosecute when rules are ignored or flaunted. If you want to hold out the expectation that the rules will be followed you had better make them simple and clear.
“Is a law requiring that only a certified fiduciary is permitted to give investment advice a good law?”
As far as I know this has been law for some time now. Anyone who is involved with other peoples money has a fiduciary responsibility. Realtors, bankers, investment advisers certainly all do.
Too bad we don’t hold our governments to the same high standard!
The post is exactly on point! I don’t want the government deciding how I should invest any more money than they already do…in fact I’d like to take back MUCH of their power over my money because they don’t manage or control it responsibly or well!
“Nobody is out to destroy capitalism, just modify it”
Your ignorant, socialist party has done a damn good job of destroying it in the last seven years…Bernie would do twice the damage in half the time!
Regulations have exploded in the last few decades. June 2013:
Sorry old girl, but this is nuts!
“economies are eternally in flux”
Natural flux is a lot less disruptive than those instigated by political manipulation! They also rarely effect all sectors and a are much more likely to recover on there own quickly. That’s because people, acting in their own best interests will get busy and make it happen.
“If you work in a coal mine, you better start looking around…”
In 2012 17,000 jobs were lost due to the shut down of coal plants because of Obama’s war on coal. conditions haven’t improved since then believe me…the time to “look around” is long past!
The Chinese economy is falling apart…nobody is doing all that well. SOCIALISTS are the reason.
I am right on about coal plant emissions. If the industry hadn’t already cleaned up operations the East Coast would look like Beijing! It doesn’t!
Additionally coal companies would probably be more than happy to continue to look for ways to clean up operations but it’s insane to make them do it so quickly that it’s impossible to comply and jobs (170000) are lost!
NOTE, “NOAA Radiosonde Data Shows No Warming For 58 Years:
17000 jobs lost because of hysteria and political opportunism over a HOAX!