Child don't you realize if you marry that little goblin your name will be Huma Weiner? Get it ? Hum a Weiner? Get it?
Posted on 09/16/2010 2:41:02 PM PDT by Jet Jaguar
Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it's also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury. A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner's Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman's Commerce Committee) will focus on "legislation that would regulate gold-selling companies, an industry who's [sic] relentless advertising is now staple of cable television."
From the press release: "Under Rep. Weiner's bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold." That's great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?
Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold exchange-traded-fund, taxed at the higher rates that apply to collectibles rather than long term capital gains.
Not to mention the fact that Mr. Weiner's regulatory push seems as much aimed at conservative journalists as at the gold-dealers. The press release says, "Goldline employs several conservative pundits to act as shills for its' [sic] precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president."
Imagine the uproar if a Republican-majority Congress started investigating and having a regulatory crackdown on big advertisers in liberal outlets such as the New York Times. The First Amendment freedom-of-the-press crowd would be marching in the streets.
The whole situation is amazing. If Mr. Weiner really wants to calm fears about hyperinflation, the last way to do it is to have a government hearing cracking down on the people warning of it.
The press release reports that "invitations to the hearing have been sent to the representatives of Goldline International, the Federal Trade Commission, the Consumers Union and other potential witnesses, including former Goldline employees." Mr. Weiner might also consider calling John Paulson and George Soros, who have also reportedly been buying gold lately, though Mr. Soros was also quoted as calling it a bubble. But Mr. Paulson saw the housing bubble coming so he might be right about the inflation risks, and Mr. Soros is a big funder of left-wing causes, so neither of them would fit with the objective of the hearing.
Anyway, we are looking forward to the hearing, which should be quite a show.
They're both master debaters.
Almost as good as Woody Johnson, apologizing for his Jets' locker-room conduct the other night.
Could you enlarge on what you think this will be please?
Though definitely not cunning linguists.
That was as hilarious as when (I think during Hillary’s presidential run) they sent BJ on an appearance with “Magic Johnson”!! (The attendees were disappointed when only one guy showed up)
They could drum up fear that the government will try to confiscate gold (not that I think that will happen) and they will also bring the fact the Beck and others are pushing gold because of coming inflation, gov. spending, etc.
Do you think this administration would dare to control the road gold is on....they have got their dirty hands on every other business and industry, whereever there’s revenue flowing in one form or another.
Child don't you realize if you marry that little goblin your name will be Huma Weiner? Get it ? Hum a Weiner? Get it?
Is Executive Order 6102 still in effect?
They don’t want people to own gold. Why not?
Is it because owning gold is a hedge against the gross inflation they know is coming when we default on our debt because the interst is unmanageable and the left doesn’t want the people to have any financial strength whatsoever?
Absolute fascists. They are doing to conservatives and really all average Americans what was done to the Jews in pre-WWII Germany.
Never, ever lay down your arms!
This will be cancelled. These idiots will figure out such a hearing will expose their own scams.
They may not have time if we get the House back in American hands in November.
Wiener and Waxman are both schmucks with ear flaps.
I got a great tip from my conservtive investment broker. He said to invest in gold only from companies that actually carry bullion. If necessary, you can actually go and take possesion of the gold you own. His fear was that the government was going to find a way to regulate the value of “Gold”. But they would only be affecting the value of gold that was bought and sold as paper/electronic. There is no way the government can actually restrict values on 2 oz of 24K mineral.
I’m still working on figuring this all out. But I might have to make some arrangements to haul a couple of pounds of gold to my house and bury it under my basement.
The only sane method to own gold (whether that’s a good idea or not) has ever and always been to have it in your possession. Your broker isn’t giving very good advice. Much of the financial system in recent years has proved to be a scam and/or house of cards, don’t expect the gold market to be any different. There will likely be at some point some very upset people who thought they owned gold, that is especially ironic. Akin to having a picture of a fire extinguisher in lieu of the real thing.
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