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[–] Big_Bad_Boss 4 points 19 points (+23|-4) ago 

They keep doing it because the public keeps letting them get away with it.

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[–] Morbo 2 points 19 points (+21|-2) ago 

Most people don't even know these things are happening because there is nothing to clue them in until it is too late. But even if people were aware of these things well in advance, what power do we have? Voting? Hahahahaha! Yeah like that works anymore. You can blame the public all you want but the sad fact is these things happen because the system is completely against we the people and complete in favor of the ultra-wealthy. The public would stop this if we had any power to but we don't under the current system.

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[–] Capt_Rye 1 points 20 points (+21|-1) ago 

We have power. It's called the second amendment. The trick is to get everyone else on board or you end up looking like the bundy's in Oregon.

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[–] RedLeader 0 points 2 points (+2|-0) ago 

Knowledge is power. Free the minds of those around you from the death grip of the corrupt education system's teachings and this will come to an end.

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[–] Cap_Dec 0 points 1 points (+1|-0) ago  (edited ago)

The fact that we are reading this post, and that those of us who didn't know this info now do is progress my friend. Things just moved forward a tiny tiny little bit. It's a start.

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[–] Big_Bad_Boss 3 points -1 points (+2|-3) ago 

Most people don't even know these things are happening because there is nothing to clue them in until it is too late. But even if people were aware of these things well in advance, what power do we have? Voting? Hahahahaha! Yeah like that works anymore. You can blame the public all you want but the sad fact is these things happen because the system is completely against we the people and complete in favor of the ultra-wealthy. The public would stop this if we had any power to but we don't under the current system.

I agree with you completely. One hundred percent.

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[–] HowieCameUnglued 6 points 11 points (+17|-6) ago  (edited ago)

Misleading title (not that we should expect better from HuffPo). They voted to remove a red tape law where financial advisors would need to file additional reports to the SEC about every transaction

Sad to see this being upvoted by reactionary anti-government types who didn't read the article. There are lots of subtle ways the government fucks over your retirement savings, but this is not one of them. Get pissed about how they repealed almost every measure put in place to stop bundling MBSes, so we're going to have another 2008 financial crisis in 10 years. Dont get mad that they're not looking over your shoulder ag every transaction.

Ironically for the anti-government types, the regulation being repealed would give the government more control over financial transactions. I guess knowing that requires reading the fucking article, though...

Edit: I especially love the final sentence in the article. J guess that's the Huffington Post mantra: "And, as always, Obama prevails!"

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[–] daskapitalist 0 points 5 points (+5|-0) ago 

Folks, let me explain how this works. In the past, these advisors were required to provide "suitable" advice. It couldn't be /bad/ advice, but suboptimal investments with high fees were OK. This regulation would raise the standard to something approaching "ideal" advice - but there's a catch. Ideal investments are suitable for homo economicus - low fee index funds that you buy and hold for decades. These provide minimal income for financial advisors, which sharply limits the amount of resources financial advisors can dedicate to working with non-homo economicus investors (read: average people who have to be talked out of panic selling and chasing bubbles).

So while the "ideal advice only" is well-intended, it basically cuts out average investors from being able to get advice at all because advisors can't afford to spend hours working with them for pennies. While the homo economicus investors who'd use the "ideal" advice don't need financial advisors in the first place. The logic is like banning personal trainers and forcing people to either self-motivate to exercise or go to very costly physical therapists because paying some college kid $20/hr to talk you out of foolishness is suboptimal.

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[–] Donbuster [S] 1 points 3 points (+4|-1) ago 

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[–] valk2 2 points 2 points (+4|-2) ago 

When our media doesn't report actual news this is what happens.

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[–] RedLeader 0 points 2 points (+2|-0) ago 

This is a piece of the puzzle. Keep spreading the truth!

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[–] GizaDog 0 points 2 points (+2|-0) ago 

The House is Corrupt!

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[–] selpai 0 points 1 points (+1|-0) ago 

brokers who oversee retirement savings accounts can be paid extra to steer their clients into unnecessarily expensive funds or excessively risky investments, without disclosing that fact to their clients. That sort of conflicted investment advice costs Americans saving for retirement $17 billion a year

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[–] laikaislost 0 points 1 points (+1|-0) ago 

Good thing we all voted in these fiscal conservatives. Supply side Jesus would be proud of all these Christian republicans.

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