You can read that article here.
Look. THIS IS BAD. very very BAD.
I worked for more than 10 years in the Financial Industry. And what is ABSOLUTELY true is that the people who sell equities do NOT fully understand them.
They are hired because they are good at selling them. That is the key skill they need.
The ONLY thing keeping them in check – and it’s the barest check – is regulation.
PROTECT your future. Protect everyone’s future.
Do you know why the economy crashed last time? Because we hadn’t regulated the particular fuckery of mortgages. And they TANKED the world economy selling crap.
Regulation in the Financial Industry is a huge pain the in the ass, but it is an ABSOLUTELY NECESSARY PAIN IN THE ASS. Almost every reg can be traced to some sort of fuckery.
Call or write to your rep. THis is NOT something you should ignore. Really.
You can find your local rep here,
Once you have the name, google it and you can find the reps website which will have a phone number and address for the local office. This is the most impactful way to connect with them.
This feels less emotionally important than racism and sexism and immigration. But in reality this is going to be a NIGHTMARE for everyone.
EVERY PERSON in this country, regardless of race, religion, or economic status will be impacted by the bad choices of financial advisors because those collected choices snowball. They can and literally have shifted the world economy into the toilet. People lose their retirement funds, their jobs and their homes.
DO NOT IGNORE THIS.
2 thoughts on “Trump Wants to Let Wall Street Scam Customers Again”
When I have heard investment people tell me they are not a fiduciary, my response is simple. Of course, you are whether you admit it or not. As for your broader point, those poor voters who believed this man would look out for their interests have been conned. He will screw them in a heartbeat which is his history. They just did not bother to look.
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That’s what really irritates me about the ‘regulations only stifle business, we’d never ever do anything bad’ bunch that pumps millions into the coffers of congress. The situation is just as you said; every rule and regulation is in place because we know from experience that they can and will do anything and everything they can to scam people out of their money. All you have to do is go back to the Reagan administration for a prime example. Reagan deregulated the savings and loan industry, and almost immediately the entire destroyed itself through shady dealings, and cost the government billions to cover the losses.
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