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Old 04-12-2017, 10:03 PM   #136
BigV
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we have professional standards for medical doctors who are obligated to seek the best for the patient and advise the patient accordingly.

we have professional standards for lawyers who have an obligation to their clients *first*.

these are a couple areas where if you're seeking professional advice, you are probably dealing with something serious, or potentially serious. your finances are serious or potentially serious. Why not have similar standards?

Let me turn the question around. Explain why it is better for the financial advisers to be permitted to put your interests behind their own? the term snake oil comes to mind. Caveat emptor? Let the market decide? Why have any regulations regarding truth in lending for example? That's just a big fucking hassle. an unnecessary expense.

as for widening the problem to everyone, lemme ask you. have you yourself been subject to terrorists violence? Probably not, I hope not. Yet, you have to go through aaaalll the bullshit, with the rest of us, for a chance to reduce risk. Why is this a good idea? Widen the problem to include everyone. That's crap. You don't have to seek the advice, you don't have to fly, you don't have to get sick or arrested.

But... when you do. you want the people taking care of you, advising you, to be looking out for you first, don'cha? I do.

edited to add:
1--fixed typo
2--wow, serious tailposting, I missed the intervening 20 posts, give or take. this was due to just opening the thread to the most recent unread post, then I posted. then I saw my post and aaaaalll the others I failed to notice on the next page when I readthenposted. oops, sorry.
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Last edited by BigV; 04-12-2017 at 10:45 PM. Reason: 'parently, had more to say.
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Old 04-12-2017, 10:30 PM   #137
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no. fuck ut and fuck his bullshit opinion.
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Old 04-12-2017, 10:32 PM   #138
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insufferable, preachy, know-it-all cunt
"my tunnel vision gives me superpowers!"
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There's a level of facility that everyone needs to accomplish, and from there
it's a matter of deciding for yourself how important ultra-facility is to your
expression. ... I found, like Joseph Campbell said, if you just follow whatever
gives you a little joy or excitement or awe, then you're on the right track.

. . . . . . . . . . . . . . . . . . . . . . . . . . Terry Bozzio
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Old 04-12-2017, 10:53 PM   #139
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Quote:
Originally Posted by Undertoad View Post
You know, I've never wanted to discuss stuff less with people. Have fun storming the castle, you win I'm out.
Good idea, you had a losing hand...

Quote:
Originally Posted by Undertoad View Post
Financial planners are under-regulated? Here is a "problem" that ONLY affects the upper middle class. It's not exactly the 1%, but it's the 10%-35% who care about this, but good on protecting them and stuff, they are the new Democratic Party after all. Since they are the electorate, they are going to need to be focused on, in the next few decades. Well not "need". They don't "need" but sure enough they will get attention!

You got a financial planner Biggie? Corporate or independent?
and you played it badly.



Still I am interesting in hearing your defense of the suspension of the rule. I'm interested in hearing a rationale for why it's a better idea for the public to have the lower "suitability standard" in place of the higher "fiduciary standard".

If you come back and play, I'll share my marbles with you.


ok, that was dirtier than I thought at first. srsly, though, if you got an argument to make, I'm open to hearing it.
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Old 04-12-2017, 11:02 PM   #140
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The investopedia article does mention a drawback where smaller firms may have to shut down or sell themselves to other firms, due to compliance costs.

Of course, some of those will be doing so due to not being able to scam their customers anymore, so I'll shed no tears for them. But there may well be honest firms that have some problem with the required paperwork.

Just being devil's advocate here; I'm fully in favor of implementing the rule. But that's what the Republicans will be referring to when they say the rule will diminish customer choice.
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Old 04-13-2017, 06:34 AM   #141
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Quote:
Originally Posted by xoxoxoBruce View Post
When deciding if a federal regulation, which of course applies to everyone, is good or bad, should you only be concerned with the people you know it affects right now, and not the people it affects you don't know about, or people who may be affected later?
I haven't been following this but when the Republicans monetize privatize Social Security would everyone be effected? The new privatizations, as in education, have been less about saving money for taxpayers and more about channeling tax dollars up the income ladder, trickle up economics if you will.
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Old 04-13-2017, 09:06 AM   #142
henry quirk
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regulation, or...

...buyer beware.

In the first, some one else protects you.

In the second, 'you' protect you.

Best advice: if you got money to gamble away, throw the dice yourself.
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Old 04-13-2017, 09:53 AM   #143
Happy Monkey
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You protect you in both cases. With regulation, it's easier to do so, and you have a mechanism of redress if they cheat you anyways.
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Old 04-13-2017, 10:14 AM   #144
henry quirk
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"You protect you in both cases."

Difference is: in the first, when some one else is doin' the defending, that some one is usually the one settin' up the paremeters. In the second, you decide. Now, mebbe the other guy has your best interests in mind, mebbe he doesn't. Always, though, you'll have your best interests in mind.

I simply think you're a better defender of you than the other guy can ever be.

Or, you're supposed to be.

#

"With regulation, it's easier to do so,"

Easier is not always preferable.

#

"and you have a mechanism of redress if they cheat you anyways."

Even in an unregulated world you have the option for redress...just have to be willing and able to get dirty, is all.

And really, that's what it's about, isn't it?

Some folks can get dirty, but too many can't or won't (so nobody gets to).

Reminds me of a private back-n-forth I had with Lamp way back, he favoring regulations (of a sort), me advocating for a d.i.y. approach, with my own experiences to back that approach up.

He didn't talk to me much after that.
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Old 04-13-2017, 10:24 AM   #145
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No, you still decide in both cases.
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Old 04-13-2017, 10:24 AM   #146
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Quote:
Originally Posted by Griff View Post
I haven't been following this but when the Republicans monetize privatize Social Security would everyone be effected? The new privatizations, as in education, have been less about saving money for taxpayers and more about channeling tax dollars up the income ladder, trickle up economics if you will.
I agree, it's Reagan's trickle UP plan, redux.

Quote:
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He didn't talk to me much after that.
So it was you, I thought it was me.
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Old 04-13-2017, 11:21 AM   #147
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Nice plan, henry, you just roll up your shirtsleeves and give the guy running your 401k a fat lip? Turns out we don't need any laws, about anything at all!
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******************
There's a level of facility that everyone needs to accomplish, and from there
it's a matter of deciding for yourself how important ultra-facility is to your
expression. ... I found, like Joseph Campbell said, if you just follow whatever
gives you a little joy or excitement or awe, then you're on the right track.

. . . . . . . . . . . . . . . . . . . . . . . . . . Terry Bozzio

Last edited by Flint; 04-13-2017 at 11:27 AM.
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Old 04-13-2017, 12:32 PM   #148
henry quirk
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"No, you still decide in both cases."

No, only in one.
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Old 04-13-2017, 12:33 PM   #149
henry quirk
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"401k"

I don't have one of those.
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Old 04-13-2017, 12:33 PM   #150
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"Turns out we don't need any laws, about anything at all!"

Hyperbole.
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