Forbes: Popular financial radio show host Dave Ramsey caused a firestorm onTwitter TWTR +0.26% last week when he weighed in against the “fiduciary rule”—the controversial pending Department of Labor regulation that would impose new restrictions on a vast swath of financial professionals who handle IRAs and 401(k) accounts. Yet, Ramsey was only echoing concerns about the costs of the rule already expressed by Members of Congress from both parties.Ramsey Tweeted, “this Obama rule will kill the Middle Class and below ability to access personal advice.” A war of Tweets then broke out between opponents of the rule, and supporters, the latter of which includes fee-based investment advisers expected to benefit from the new costs the rule will shower on their broker competitors.
I know the dingbat Supremes will let it go, it suits their politics. But it will not last, the flood of rights lawsuits will tie up the courts. Lower courts will simply rule against, based on the first amendment, which permeates life everywhere.
Ask yourself, will this idea make sense? If your answer is no, then how is it the Obama is a constitutional scholar? Oh yes, from Harvard.
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