Beck’s city of gold continues to unravel

Throughout Glenn Beck ‘s meteorologic emanation to become king of all rightist media, a once-obscure Santa Monica peddler of gold coins called Goldline International has been along for the depend on. The support of Beck and other radio hosts — chiefly conservatives like Mark Levin and Fred Thompson — who spend 55 minutes creating reverence of an economic collapse and then five minutes telling you why coins from a company like Goldline are the only safe haven has helped Goldline become a $ 500 million company. This, for case, is what 2 million television viewers who clicked on Beck ‘s nightly Fox News Channel show heard on Oct. 6, 2009 : You do n’t have any gold, right ? This is you. This is you. This is your savings. How much did you lose if you had any money in your 401k ? Did you lose, get ‘s say, I do n’t know, 40 percentage of it ? indeed, that ‘s gone. now, did you know that the dollar has lost about 29 percentage of its rate in the last seven years ? twenty-nine percentage. OK, that ‘s gone. Just gone. This is n’t an ad, although it may sound like one. It ‘s the editorial contented of the indicate, although at some period during the hour viewers are sure to see an ad for Goldline with their “ 800 ” number prominently displayed. meanwhile, visitors to see a big ad for Goldline, while visitors to can see testimonials from Beck for Goldline. It ‘s hard to know sometimes where Beck — who famously told his viewers to get behind “ God, gold, and guns “ — ends and Goldline begins.

never mind that anxiety-drenched radio listeners never got to hear the other side of the gold coin, which is that the industry is plagued by hard-hitting sales tactics a well as high gear commissions which mean that gold — already at a record high ( although not when adjusted for inflation ) — would have to rise well beyond its stream highs to see a fair return on their investment. last, a grown-up has stepped in to try to clean up this mess — Rep. Anthony Weiner of New York. At this hour, Weiner is holding a news program conference not lone call out Goldline as “ a caller that uses conservative palaver, eminent pressure sales tactics and grandiloquent tales about the future of gold to sell over priced coins that can be bought somewhere else for cheaper, ” but to ask regulators from the Federal Trade Commission and Securities and Exchange Commission to investigate its tactics. Weiner ‘s staff investigated Goldline and found that the coins it sells are not the well investing that its salesmen — who are not licensed investment advisers — call that it is to consumers, because the price of gold would basically have to double beyond its current high to begin seeing any gains. specially, the investigators found Goldline coins selling for 90 percentage above the mellow value of the coin, that is, its measure by burden. The largest markup seen on a mint, Weiner said, was 208 percentage above the fade value.

“ In the by there is always the “ intersection ” that is either the adjacent big thing ( the dot com boom ) or the investing that will never go down in price ( the housing market ), and in the past much of the media has failed in its duty to conduct due application, but never ahead have they worked thus hand in hand to deceiver consumers, ” Weiner said in his organize report. “ Commentators like Glenn Beck who are shilling for Goldline are either the worst fiscal advisers around or wittingly lying to their patriotic viewers. ” lend Weiner : Goldline ‘s high pressure sales tactics and fear mongering about big government a well as their ability to hire sales staff and spokespeople who misrepresent their roles are sheath studies in why entities like the SEC and FTC are necessity. The Brooklyn congressman sent letters to the heads of the FTC and the SEC request that some of Goldline ‘s more questionable tactics be investigated. In accession, he says he will propose legislation requiring full disclosure of hidden fees, the leverage price/Melt value/Resale value, and how much the cost of gold will need to rise in the value for the customers ‘ investment to be profitable. All coarse sense ideas.

Look, no one but Beck himself — who ‘s made a career out of gaining entrust from his listeners only to sell them a bad investing that besides enriches him through sanction fees — and Goldline International are to blame for this mess. But of course, Beck is doing what he does best and blaming the messengers, accusing them of “ McCarthyism “ by going after his sponsors. That has nothing to do with this — it ‘s about consumer protection. If Beck endorsed companies that did n’t use questionable sales tactics, there would be no history. And honestly, Weiner would n’t even be involved if the SEC and the FTC had been doing their jobs in the first place. As I mentioned in a post yesterday about Beck ‘s sponsor LifeLock, I became concern in Beck ‘s relationship with the type of products he endorses when I was researching my pending koran, The Backlash : rightist Radicals, Hi-Def Hucksters and Paranoid Politics in the Age of Obama. It ‘s not a tangential issue at all ; rather, Beck works hand-in-hand with these companies to create a non-stop whirlwind of anxiety, fear and gimmicky solutions that enriches both him and the companies, even though the side consequence of all the excess paranoia is quite harmful to american english politics. Funny that Beck would talk then much about Joe McCarthy nowadays. When McCarthy-inspired paranoia ultimately reached the tied where the wrong to the American body politic was clear, the adults ultimately stepped in and put an end to the circus. I wonder if the like thing is last happening here, whether it ‘s finally time to say “ good night and good luck “ to Glenn Beck ‘s influence .

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