Fiduciary Rule Faces Trump

It seems that people have a very short attention span. If you’ve forgotten the great recession of 2007 — when the investment banks were given more leeway -and they plunged the world markets in chaos, maybe you should take a refresher.

 We lost millions of jobs in the work force, which candidate Trump told us was because of China and Mexico.  His rally cry to Make America Great Again struck a chord with many disenfranchised voters.

But when you take a deeper look you come to realize that manufacturing in America peaked in the late 1970s, and with small ups and downs has been on a steady down spiral since.

The world has gone global and you can’t stuff that genie back in the bottle, and you can back step decades to re-invent America as a manufacturing country; we’re not, we will never be again. Because whether the Chinese, Mexicans, Indians or anyone else is out there providing cheaper manufacturing, the reality is that automation is taking — and will continue to take — jobs well into the future.

But President Trump has a different view. He thinks we can blackmail or pay for jobs to remain in America, and in fact bring many back. He’s wrong, which economists have been saying for some time. Yet the President insists it will all work out well if we rollback regulations — regulations he says is too tough on businesses.

Bankers and investment brokers have proven time and time again that their greed prevents them from policing themselves;  they’re incapable of ethical boundaries without regulations. Yet the President is pushing forward. In a recent NY Times article it notes that President Trump signed an executive order to review the “fiduciary” rule brought forth by President Obama that says a anyone advising a client on financial matters has to act in the clients best interest. If this rule is reversed, then many professionals merely have to meet the “suitability” clause, and are a “fiduciary” responsibility.

And how does this help businesses grow?

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