Seeking truth through diverse,openminded expression,explaining america to the world
Monday, April 18, 2016
Government, Interfering
THE SECURITIES AND EXCHANGE COMMISSION, or some damned meddlesome government agency, recently issued a ruling that for now on, stockbrokers, financial advisers, and financial services firms must always act in the best interests of their clients, rather than, say, the best interest of themselves, or their shareholders. Now, you might almost think that that in the land of opportunity you could take this for granted, that professionals would always act in the best interests of their clients, for the normal American christian and capitalistic reasons, and that government regulation wouldn't be necessary - but, oh hell no. Research clearly indicates that, over the long haul, financial professionals heretofore in human history, and especially in American history, have not hesitated in the least to give advice to clients and manage their money in ways which benefited the provider more, and the client less. High fees, many many small fees, questionable stock purchases, etc. Now, no more. The entire financial services industry is in an uproar, claiming that government is maliciously attacking them, robbing them, robbing them of their inherent right as good Americans to fleece their marks. Now, the poor working stiff with a wife and four kids and a measly 401K won't have to worry that his fund is being pilfered by the guy in a suit and tie who drives a new caddy. Strike a blow for the common man! And not only that, but, so far, even though the new rule has been in effect for only a couple of weeks, the nation's economy has not collapsed under the crushing burden of government regulation, government meddling, and socialism, e have not slipped into a recession due to the stifling of the free market by liberal morons, but our conservative colleagues doubtless expect it, and hope for it, to at any moment. Anything to prove the liberals wrong.
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