Thursday, August 14, 2008
Why Not Warning Labels for Financial Experts?
One thing the federal government can do is require warning labels for anything that is, may be or could be hazardous to the health or safety of the citizens. They are expert at it with the dozens of alphabet soup agencies forcing manufacturers to slap notices on the labels or to disclose warnings when doing television commercials.
Haven't you all heard the dozens of warnings for different drugs. When they finish their outrageous lists you wonder how anyone in their right mind could ever use the damn stuff. Some even say the product "may" help a few people even if most can't be helped. I think that it a little crazy.
Still, the FDA, CPSC, DOA, ICC, SEC and FTC among countless others have developed quite a reputation for warning us about everything under the sun. Some prescription bottles have longer warnings than product information.
So it occurred to me that there is nothing worse for your mental or physical health than getting wrong advice on what to do with your money. It seems every bank, brokerage house, investment banker, stock broker, 401 K advisor and anyone out there telling you what to do with your money should have a warning label because every one of them have been wrong in the past year or two.
The wild predictions of spiraling oil prices up to $200 a barrel, skyrocketing inflation, a total collapse of the housing and credit markets, massive foreign trade deficits, and horror story after horror story intended to drive the market up or down any particular day depending on whether the source of bad news is buying or selling are just too much.
These people have been instrumental in causing our home values to fall, our stock portfolios to dissipate, our retirement funds to evaporate and our economy to nearly collapse. Isn't it about time the feds label them for what they are, a danger to our health and well being?
Maybe it should read like the following and be required on their news articles or over their picture if they are on television?
DANGER: The following is from a proven mental minimalist whose motivation is toward their own funds, bonuses, buyouts, and bosses with no regard to the fool consumers listening to them. These people are idiots and so are you if you do what they say. Ignore them or burn in hell with them!