Friday, February 3, 2017

Satire on Financial Advisors renewed permission to screw investors with the elimination of the Fiduciary Rule

"The US financial and banking system has gone almost seven full years without experiencing a major crisis. With today’s announcement from the administration that Dodd-Frank regulations are about to be dismantled, this nightmarish period of excessive stability will finally be coming to a close.

...The tens of millions of Americans who came out to vote for Donald Trump and the subsequent hundreds who attended his inauguration have grown sick and tired of the burdensome protections and safeguards that have been put in place for them. All across the nation, working class people yearn for a world in which Citigroup and Bank of America can borrow unlimited sums of money for concentrated bets, trade in exotic securities that are barely understood and sell whatever products they want to whomever they choose.

In eliminating toxic investment choices from the consumers’ grasp, the quasi-marxist Department of Labor has taken our freedom to not retire away from us. The idea that financial professionals should be forced to sit on the same side of the table as their less knowledgable customers is the biggest regulatory overreach since the outlawing of asbestos in building construction. These limitations on our liberty will not stand.

...We applaud the coming castration of The Dodd-Frank Wall Street Reform and Consumer Protection Act and the immediate freeze on The Department of Labor’s Fiduciary Rule. With US household net worth ending 2016 at $90 trillion, significantly above its peak from before the great recession, it is clear that these restrictions have been doing a great deal of harm to American families. As stocks race toward record highs and interest rates begin to rise, there has never been a better opportunity for systemically important financial institutions to begin taking additional risk."