New York's Representative Anthony Weiner suddenly perceives himself as a caped crusader responsible for protecting the citizenry from the evils of Glenn Beck and Goldline, a large precious metals dealer. His heated rhetoric implies that he has an extensive background in economics and finance. That is not the case; Representative Weiner's experience and training in predicting the future has been gained by his time spent as a TV weatherman.
It is obvious that Weiner is a huge fan of holding value in US dollars. In the years since 1972 when President Nixon removed us from the gold standard the dollar has lost only 95% of its purchasing power! About one third of that period Rip Van Winkle (aka Weiner) was snoozing away in Congress. Now he has awakened and consulted his trusted advisers from the Miss Cleo school of economics. The result is his drafting legislation that he claims will protect consumers.
His proposed law would require full disclosure in three key areas:
1. Area number one is full disclosure of hidden fees. Wiener can travel from his district over the Brooklyn Bridge to Wall Street, a place second only to Washington DC for practicing transparency and full disclosure in its operations. He and his staff can study almost any version of a hidden fee right there in his own backyard.
2. The second area is full disclosure of the purchase price versus the resale value of the asset. Once again Wall Street and Washington engage in this practice. When a customer purchases a product from one of Weiner's investment institutions and sells that same item they receive a full disclosure statement of their profit or loss. That is the customer's profit or loss - not the investment bank's!
3. Third is the disclosure of how much the cost of gold needs to rise for the investment to be profitable. The answer to that question will come right after Weiner is able to tell us how much longer the Brooklyn Bridge will have to be for an investor to purchase it.
His proposal, in my opinion, is not about bashing Beck or Goldline. The paper is a scream of panic that American citizens are starting to see that US dollars could become the tulip bulbs of the 21st century. Bloom'n idiots are not extinct. The wonder gangs in Washington and on Wall Street are working overtime to convince us the stench coming from their paper assets is what real roses smell like.
Are Beck and other broadcasters correct about gold's future value? We are guaranteed to receive the answer. Time will reveal it. If Representative Weiner will include in his legislation that the United States government and all investment institutions are required to follow the same law he will have a groundswell of support. It is even predicted all the so-called conservative broadcasters would give their support. It would be interesting to ask Michael Smerconish and liberal radio talkers if they would support Wiener.
