Trump Wants to Kill the Fiduciary Rule

[beagle9]

Wall St has shown unequivocally that they cannot be trusted. Fucking bastards would sell shit stocks to their dying grandmother if it made them money.

This is a huge mistake.

. And you want to control the citizens through government regulation instead of through education ? Why are leftist such control freaks ? Give Americans some credit to make wise decisions in life, but give them the information and education to do so. Stop trying to control outcomes with government power, and yet leaving the citizens uneducated and uninformed afterwards. Heck this is what the left does to keep power, and that is to keep people dependent on them for the answers and then the action that benefits only that power while the sheeple become dependent and lost afterwards.

 

[Freewill]

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For right-wingers, Trump’s move to rescind the new regulation known as the fiduciary rule will be good news. Why, because it was passed during Obama’s presidency, and conservatives are certain all regulations hurt jobs.

This certainty by conservatives is a useful tool to the Republicans, interested only in protecting Wall Street rather than investors. More proof conservatism relies on fools.

Trump Wants to Kill the Fiduciary Rule. Here’s Why That’s a Big Deal for Retirement Savers





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Do we really need this rule, or do we need smarter investors?

3 ways to protect your 401(k) if Trump kills the fiduciary rule

 

[Fueri]

Wall St has shown unequivocally that they cannot be trusted. Fucking bastards would sell shit stocks to their dying grandmother if it made them money.

This is a huge mistake.

. And you want to control the citizens through government regulation instead of through education ? Why are leftist such control freaks ? Give Americans some credit to make wise decisions in life, but give them the information and education to do so. Stop trying to control outcomes with government power, and yet leaving the citizens uneducated and uninformed afterwards. Heck this is what the left does to keep power, and that is to keep people dependent on them for the answers and then the action that benefits only that power while the sheeple become dependent and lost afterwards.

I am not a leftist, as I'm sure my leftist 'friends' ::cough, cough:: on this board would attest.

I'm not advocating controlling citizens, but protecting those same citizens, from a group that has proven itself greedy beyond comprehension.

Some citizens are sophisticated enough to navigate the financial markets, while others arent. Regardless of that level of sophistication, John q. Public has absolutely no way of knowing whether or not the guy across the desk has his better interests in mind or is selling them a pig in a poke by steering them and their money in a direction that benefits them rather than the client.

There is no means, none, to 'educate' people to the level of knowledge of the financiers or they'd be financiers themselves. Are we saying that a steelworker or plumber shouldn't be protected from having his ass robbed because he doesn't have a degree in finance? That's crazy.

A sensible measure like this is not hobbling or controlling anything, but a very, very minor safeguard for people on an industry that has shown, beyond the shadow of a doubt, that they will steal any damn thing they can.

 

[imawhosure]

I have mixed feelings on the policy change. Basically those that'll be hurt directly are folks who probably are either (1) are too trusting or (2) think they're smarter than they actually are. It all comes down to how far do we go to protect people from themselves? That one I don't have an answer for.

think about it like this. I own a bank you come into my bank and open a savings account. I invest your money in something safe and make a profit and pay you interest for having a savings account with me. This regulation means that not only can I charge you whatever fees I wish, but i can invest your savings account into something as risky as the open stock market where you may lose everything.

That is a good thought and years ago I would have valued that concern a good bit more than I do today. But I find it harder to care when seeing folks accept companies screwing their fellow customers. I'm thinking of Wells Fargo still being in business after their recent ploy was exposed in which they were socking people with fees on unwanted and unrequested accounts. On the surface I dislike Trump's plan. I would prefer if people take action to step up and do things for themselves.

you dont have much choice there is really only 5 major banks, thats why you hear about banks being "too big to fail".

blaming the victim is an old strategy, besides even if you dont use anyone of these banks, they still effect your life.

That is correct, after the regulations forced smaller banks out of the market thanks to Obama and Warren. The regulations were to costly for small banks to comply with, even as they were NOT the banks who were in trouble after the financial meltdown.

 

[beagle9]

Wall St has shown unequivocally that they cannot be trusted. Fucking bastards would sell shit stocks to their dying grandmother if it made them money.

This is a huge mistake.

. And you want to control the citizens through government regulation instead of through education ? Why are leftist such control freaks ? Give Americans some credit to make wise decisions in life, but give them the information and education to do so. Stop trying to control outcomes with government power, and yet leaving the citizens uneducated and uninformed afterwards. Heck this is what the left does to keep power, and that is to keep people dependent on them for the answers and then the action that benefits only that power while the sheeple become dependent and lost afterwards.

I am not a leftist, as I'm sure my leftist 'friends' ::cough, cough:: on this board would attest.

I'm not advocating controlling citizens, but protecting those same citizens, from a group that has proven itself greedy beyond comprehension.

Some citizens are sophisticated enough to navigate the financial markets, while others arent. Regardless of that level of sophistication, John q. Public has absolutely no way of knowing whether or not the guy across the desk has his better interests in mind or is selling them a pig in a poke by steering them and their money in a direction that benefits them rather than the client.

There is no means, none, to 'educate' people to the level of knowledge of the financiers or they'd be financiers themselves. Are we saying that a steelworker or plumber shouldn't be protected from having his ass robbed because he doesn't have a degree in finance? That's crazy.

A sensible measure like this is not hobbling or controlling anything, but a very, very minor safeguard for people on an industry that has shown, beyond the shadow of a doubt, that they will steal any damn thing they can.

. Yes, but I disagree with not being able to counter them with education, and we need yes the educated working to counter these crooks, but not to keep the sheeple ignorant as they do afterwards it seems. To much have we also seen that the people who claim that they are the champions over the plight of the poor, and use the issues of the poor as if they are fighting for them, have since gotten filthy rich from the game in it all as well. Otherwise who the hell can the people trust these days ? Must be done with educating people, even if it means dedicating a channel on TV just for this very reason, and getting educators to put it into the simplist of understanding for them. It can be done.

 

[Fueri]

Wall St has shown unequivocally that they cannot be trusted. Fucking bastards would sell shit stocks to their dying grandmother if it made them money.

This is a huge mistake.

. And you want to control the citizens through government regulation instead of through education ? Why are leftist such control freaks ? Give Americans some credit to make wise decisions in life, but give them the information and education to do so. Stop trying to control outcomes with government power, and yet leaving the citizens uneducated and uninformed afterwards. Heck this is what the left does to keep power, and that is to keep people dependent on them for the answers and then the action that benefits only that power while the sheeple become dependent and lost afterwards.

I am not a leftist, as I'm sure my leftist 'friends' ::cough, cough:: on this board would attest.

I'm not advocating controlling citizens, but protecting those same citizens, from a group that has proven itself greedy beyond comprehension.

Some citizens are sophisticated enough to navigate the financial markets, while others arent. Regardless of that level of sophistication, John q. Public has absolutely no way of knowing whether or not the guy across the desk has his better interests in mind or is selling them a pig in a poke by steering them and their money in a direction that benefits them rather than the client.

There is no means, none, to 'educate' people to the level of knowledge of the financiers or they'd be financiers themselves. Are we saying that a steelworker or plumber shouldn't be protected from having his ass robbed because he doesn't have a degree in finance? That's crazy.

A sensible measure like this is not hobbling or controlling anything, but a very, very minor safeguard for people on an industry that has shown, beyond the shadow of a doubt, that they will steal any damn thing they can.

. Yes, but I disagree with not being able to counter them with education, and we need yes the educated working to counter these crooks, but not to keep the sheeple ignorant as they do afterwards it seems. To much have we also seen that the people who claim that they are the champions over the plight of the poor, and use the issues of the poor as if they are fighting for them, have since gotten filthy rich from the game in it all as well. Otherwise who the hell can the people trust these days ? Must be done with educating people, even if it means dedicating a channel on TV just for this very reason, and getting educators to put it into the simplist of understanding for them. It can be done.

I do see what you're saying and it's possible to further educate people. I agree that there should be a much more focused effort on this as our economy moves in this direction or people are just flying blind, although I'm not sure education can totally fill that gap effectively.

But my issue isn't so much there as what is happening that people have no means of actually knowing. Large financial houses have means of market study and risk analysis the lay person does not. Lots of stuff moving around in the markets that goes well beyond a basic understanding of how they work.

Without some safeguard there's no means of stopping them from not sharing, or potentially using that knowledge against, their clients.

We saw it in 08 while the bastards were dumping billions in mortgage securities to people while at the same time gobbling up credit default swaps.

Boiling it down I don't see a means to completely close the knowledge gap and assure the investor knows and actually understands everything the financier does. And I absolutely, positively, do not trust wall st types to not pull whatever stunts they can to put money in their pockets. The profit potential is too huge.