From my simple observation, more media has been focusing on alleged "Lies" from Obama about keeping existing insurance policies under Affordable Care Act than paying attention to recent efforts in the GOP-led House to push aside financial safeguards for Americans. Do you think I am making this allegation up? Do you think no one could be so crass as to push aside or delay protections for all Americans from financial con men? Okay Rubin, what do you have?
Per the Associated Press, the GOP-led House of Representatives just this past week, introduced a Bill (HR2374) to "sidetrack regulations that impose fiduciary standards on virtually all entities that sell personalized financial advice" to personal investors (emphasis added). The GOP Bill would "indefinitely" suspend all pending Securities and Exchange Commission (SEC) regulations and rule making that protects individual Americans from fraudulent financial advice from any and all sources. The GOP claims in the Bill that imposing rules to include all entities as "Fiduciaries" for American investors must first be shown to positively impact American investors and that only after further study by the SEC may such rules go into effect (see http://beta.congress.gov/bill/113th/house-bill/2374). Does anyone really need to delay action because further study is needed to determine if Americans should trust all financial advisers at any level? The vote for sidetracking the pending regulations? 254 for and 166 against. And it gets worse.
In response to the GOP measure to sidetrack regulations designed to protect individual American investors, the Democrats proposed an Amendment to HR 2374 to exempt protections against fraud in seniors' and veterans' pensions, 401(K) accounts and other retirement accounts from being "sidetracked." Yes, the Democrats tried to ensure that any efforts by the GOP to delay imposing fiduciary duties onto all financial advisers and salespersons, even when dealing with investments by senior citizens and veterans be excluded, yet the GOP defeated the measure by a vote of 223 to 195. All the while the media is focusing on Obama "lies", the GOP is actively working to undermine a financial safety net necessary to protect all Americans from shams and scams. But it gets even worse.
The Republicans in the House proposed a Bill (HR992) that would exempt financial "transactions such as commodity swaps, equity swaps and certain credit-default swaps from rules imposed by Dodd-Frank on the $600 Trillion-plus derivatives market"...you remember derivatives right? Those "investment" vehicles designed to fail that led to a government bailout of banks and Wall Street after they crashed in 2008. Why wouldn't Americans expect to see strict regulation on these suspect investment vehicles? Unfortunately, the Bill passed the House by a vote of 292 to 122, which means seventy Democrats joined all but three Republican colleagues to allow derivatives to move forward without strict regulatory scrutiny. Think Wall Street lobbyists poured some contributions into campaign funds for this Congressional favor in the House?(see http://beta.congress.gov/bill/113th-congress/house-bill/992?q=%7B%22search%22%3A%5B%22HR+992%22%5D%7D). Do you think it can not get any worse? Think again.
This past week, the GOP-led House voted 223 to 190 to defeat a Democratic initiative to maintain federal regulations that "police excessive speculation in the derivatives (junk stuff again) that could result in the manipulation of oil and biofuel prices." (Source: The Associated Press. See Amendment to HR 992). Are Americans being informed of these efforts in the House of Representatives? Is the Media interested in informing the public about real legislative initiatives undertaken in the United States House of Representatives? Of course not! Media is too preoccupied with ObamaCare and alleged "lies" instead. Obama is the source of scandal, ask any GOP leader (or Marco Rubio, Rand Paul, Paul Ryan or Ted Cruz - all potential GOP "pretenders" vying to lead their party - back into a ditch).
Isn't it time for the Media to return to their role as investigators and informers of real news? Isn't it time for Americans to be told truths instead of talking points and narratives? Isn't it time for Americans to expect more than ideologically oriented message control from our Media? As President Harry Truman once said; "There is nothing new in the World except the history you do not know." Isn't it high time we demand to know what is happening instead of what politicians (and their supporting Media) want us to believe? Have a great week (and stay INFORMED).