Brickbats

Brickbat: Sound Advice

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A new federal regulation that officials claim will protect investors could silence financial media personalities such as Dave Ramsey and Suze Orman. Because they receive compensation from book sales and from the stations that broadcast their programs, the rules would seem to bar them from offering advice to individuals regarding specific investments.

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  1. Free speech,what is it?

    1. It’s a big part of the Supreme Law of The Land, but that’s not important right now.

      1. Surely you can’t be serious.

        1. Picked a hell of a day to quit sniffing glue.

  2. After a quick survey of this Dave Ramsey’s website (I’ve never heard his show), it seems he tells people to pays their debts and save money. What. An. Asshole! He definitely needs to be held accountable for such reckless advise.

    1. Iv’e seen him on tee vee,and yeah,his pretty sane.Every loan I’ve ever had I paid extra on the payments to pay off early and cut down the I’ve had friend thin that was crazy.Learned that from the owner of the Gulf station I worked at in high school.

      1. tell your friend he is an idiot

        1. I would say most people don’t do this.They don’t understand of much 10,50,100 dollars an save you .

    2. Here’s some more bad advice he often gives.

      Sometimes he tells people to sell cars with big outstanding loans they can’t really afford and to pay cash for an older cars, then direct the money that was being used to service the car loan to other debts.

      Its insane. How can the economy keep going if people don’t go on debt benders like the US Government?

  3. I wasn’t aware that they gave advice on specific investments. I thought they just taught certain strategies and behaviors.

    Still, this is troubling. We cannot allow them to regulate away the first amendment. As I understand that simply putting my opinion about investing here in this forum would get me in hot water. Fuck that.

    1. Bernie,Hillary and that ‘other guy’ want to rip it’s heart out.

    2. Dodd Frank is a disaster. They’re doing every thing possible to raise the cost of financial transactions and putting small banks out of business. The regulatory environment is overwhelming.

  4. Markey hailed the Labor Department rule as ushering a new era in which “entertainers like Dave Ramsey can no longer evade the pursuit of regulatory oversight.”

    The eye of Sauron was only able to look in one direction at a time. Nobody is evading the pursuit of US govt oversight. Chase the small guys out so the big investment firms can scoop up the final scraps of the market and then buy off candidates. And I’m supposed to get worked up over Citizens United? Fuck off and stop making the big firms rich with regulatory capture.

    1. Yeah, I was a bit taken aback by that as well. Markey’s complaint simply imlies that Ramsey is…doing something…and so must be regulated. He never says how it is bad other than cutting into Markey’s bottom line, and by regulatory oversight what he means is regulatory capture.

      1. The old feature not bug thingy.

  5. So many laws are nothing but crony giveaways.Ethanol,milk,cars,beer,wine,liquor.You can’t name the all.And the guys that profit will always defend them as their ‘right’.

  6. the only reason we elected Ed Markey was to get him the hell out of the state

  7. Yeah, but what are we going to do about the scourge of high school kids chanting at basketball games? I mean, they said “SAT Scores!”

    The horror. The horror.

    1. Oh goodie, they went back to the 1600 point scale.

    2. Talk about blowing something completely out of proportion

    3. “This is a social justice school. If we’re going to be at a social justice school…

      You’re going to be turning out lifelong losers. Just the whining in that article alone tells me this person will fail utterly in doing anything productive with their existance.

    4. If you leave here tonight, and you’re like, ‘So they said “SAT scores,” and I carry on with my day.’ That’s what’s frightening.

      #SATScoresMatter

  8. From comments:

    “Anyone notice that all of these recent chanting episodes at high school games have involved some of the more affluent towns, usually from the Farmington Valley, as instigators? Seems like some spoiled brats really can’t handle losing.

    And what’s with the Farmington principal apologizing via e-mail? Were the phones down? I’d expect that from a teenager, but not an adult in a professional field.”

    Sports was always antagonistic. From the competitors to its fans. Those of us who played sports all remember certain teams and towns we hated to play against because of the people involved. But we all straightened up and dealt with it; either by ignoring it and sure, the occasional brawl. Once over everyone went home.

    The major difference today, I think, is media and social media. You can take a lousy chant and make it into something really big when the best thing is to, you know, IGNORE IT. Why breathe life into it? Point is, we didn’t have Twitter to run to. We’d complain and move on. To me, people who take to Twitter and the like to blow things out of proportion were the sort of people we used to tell people to chill back in the day.

    Take the insulting chant and MAKE THEM PAY BY IMPROVING THE SAT AND BEATING THEM IN SPORT. That’s the ONLY way to shut them up. Anything beyond this is asking for unnecessary trouble, intrusion from schools and government and regulations that suck the fun out of sports.

    1. I only remember one chanting episode from a sporting event. It was at the one Hockey game I attended at college. RIT vs Courtland, the score was 9-2 and the crowd actually broke the Courtland goalie with a chant of “It’s all your fault.”

      There wasn’t a ripple of comment about it after the game was over.

      1. In 1988, at a U of IL vs Northwestern (club) Hockey game….a woman came up to our part of the stands (right over the Northwestern bench) and told us an obnoxious player for the Wildcats had a 15-16 year old girlfriend. His name was Tony, so we started chanting “Statu-Tony”…it got his attention. It quickly devolved into a mass chant of “Ped-o-phile”. He blew a gasket, tried to swing a stick up and over the railing at us. He was a wreck on the ice after that, picked up a couple of stupid penalties and sat the bench the whole 3rd period.

        1. Hockey?! Not in ‘Murica, my good buddeh.

          In 1988, at a U of IL vs. Northwestern (club) Hockey game Aggressive Men’s Figure Skating ….

          FTFY.

    2. Back in the 70’s when the Wisconsin men’s hockey team was winning national championships (under the tutelage of the legendary Bob Johnson) , the home crowd chanted “sieve… sieve… sieve” when the Badgers scored a goal. An SI article at the time likened it to a medieval dirge (very slow and ominous). One time after the Badgers scored several goals, the opposing goalie refused to go back on the ice for the next period.

      And the pep band was notorious for their chants. One game in which Wisconsin scored short-handed, the band chanted “both teams, full strength”; when they scored again it was “, no strength” (I forget who the other team was). Good times.

  9. I wonder if they’d be getting all regulatory on their asses if these pop financial advisors were telling people to buy US T bills?

  10. Something something the freedom of speech something something shall make no law abridging.

  11. I read the article, but it wasn’t explicit enough. Suppose these radio guys are fiduciaries when they give advice to individuals, and they get paid by the station or sponsors. So what does a fiduciary have to do under such circumstances? Is it like, “I can’t advise you about this investment because they might be sponsors?”

    1. What’s the difference between a person calling Dave Ramsey vs asking his layman neighbor?

      Its just as likely that a neighbor would have some stake in the advice given as Ramsey would.

  12. It’s fascinating. The same people who are going nuclear over the “wealth gap” support regulations that will favor the wealthy while limiting the middle and striving lower class’s access to financial advice. BTW, if you want to understand Dave Ramsey’s philosophy it’s best summed up this way: “The rich who handle their money responsibly, get richer and the poor who handle their money irresponsibly, get poorer. But the rich who handle their money irresponsibly, get poorer and the poor who handle their money responsibly, get richer.” Dangerous man INDEED!

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