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Monthly Archives: November 2013

That didn’t go so well, did it?

06 Wednesday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ 2 Comments

Tags

Health Research Tax, Jackson County, Kansas City, missouri

After all that money, the Health Research Tax on the ballot in Jackson County didn’t even come close.

From the Jackson County Board of Elections:

Election Summary

Jackson County, Missouri

Special Election

November 5, 2013

(Unofficial)

100 OF 168 POLLS REPORTING Tuesday, November 5 2013 21:21:15

Non-Partisan

Jackson County, Missouri Question No. 1

Total Percentage

Total: 28391

NO* 24385 85.89%

YES 4006 14.11%

[emphasis added]

From the Kansas City Board of Elections:

UNOFFICIAL RESULTS

NOVEMBER 5, 2013

SPECIAL ELECTION

JURISDICTION WIDE, ALL COUNTERS

11/05/13

21:12:08

Registered Voters 212411 – Cards Cast 31049 14.62% Num. Report Precinct 121 – Num. Reporting 121 100.00%

Question 1

Total

Number of Precincts 121

Precincts Reporting 121 100.0 %

Total Votes 31007

YES 5747 18.53%

NO 25260 81.47%

[emphasis added]

So the Borich Group bests Axiom Strategies using a fraction of their budget.

Over a million and a half dollars couldn’t swing it.

Previously:

Campaign Finance: not quite plural (August 22, 2013)

Campaign Finance: make it an even $50,000.00 (August 28, 2013)

Campaign Finance: counter volley (August 30, 2012)

Campaign Finance: a citizen keeps contributing (September 3, 2013)

We’re big enough to take care of ourselves (September 4, 2013)

Campaign Finance: Wham! (September 4, 2013)

Campaign Finance: Wham! again (September 6, 2013)

Campaign Finance: Wham! and again (September 7, 2013)

Campaign Finance: it looks like a contribution, only smaller (September 11, 2013)

Campaign Finance: trying to do something (September 17, 2013)

Campaign Finance: and still (September 19, 2013)

Campaign Finance: now that’s what you call research money (September 27, 2013)

Campaign Finance: definitely not holding anything back (October 2, 2013)

Campaign Finance: dueling interests (October 13, 2013)

Campaign Finance: Jackson County health care tax home stretch (October 19, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 2 (October 20, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 3 (October 20, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 4 (October 22, 2013)

Campaign Finance: a last minute, big money player (October 23, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 5 (October 24, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 6 (October 25, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 7 (October 29, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 8 (October 30, 2013)

Campaign Finance: there is an election on Tuesday in Jackson County (November 3, 2013)

M – I – Z, boo… part 2

06 Wednesday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

enlistment, missouri, oath, Obama, University of Missouri

Previously:

M – I – Z, boo… (November 2, 2013)

Tonight, via Twitter, from a member of the republican majority in the Missouri General Assembly:

Casey Guernsey ‏@CaseyGuernsey

I find booing a liar to be patriotic and rather enjoyed it. Crowds Boo Obama at Mizzou Football Game « CBS St. Louis [….] 8:16 PM – 5 Nov 13

Uh, you neglected to mention that it was while new members of the Missouri National Guard were being sworn in during a ceremony at the point in the required text “…and that I will obey the orders of the President of the United States…”

Also, via Twitter:

Matt Tharp ‏@matt_tharp

#MOLeg rep and agenda 21 expert —-> MT “@CaseyGuernsey: I find booing a liar to be patriotic and enjoyed it. Crowds Boo Obama at Mizzou” 8:24 PM – 5 Nov 13

It figures.

Though he was absent for that last vote in the regular session.

Update:

Well, that went over well:

Sean Nicholson ‏@ssnich

Birther-> MT @CaseyGuernsey: I find booing a liar to be patriotic and rather enjoyed it. Crowds Boo Obama at MU Game [….] 8:50 PM – 5 Nov 13

Someone else noticed:

Jason Hancock ‏@J_Hancock

MT @CaseyGuernsey I find booing a liar to be patriotic & rather enjoyed it. Crowds Boo Obama at Mizzou Football Game [….] 8:53 PM – 5 Nov 13

And:

Sean Nicholson ‏@ssnich

Recall that @CaseyGuernsey was part of @DrOrlyTaitzEsq birther lawsuit in 2009 [….] 8:55 PM – 5 Nov 13

Update II:

Representative Casey Guernsey (r) deleted his tweet:

Sorry, that page doesn’t exist!

Thanks for noticing-we’re going to fix it up and have things back to normal soon.

Another Twitter comment:

Cameron Sullivan ‏@CamSullivan

Or delete the tweet & just pretend it never happened MT @matt_tharp: @CaseyGuernsey feel free to apologize for your comments whenever #MOLEG 9:18 PM – 5 Nov 13

Uh, the Internets are forever, as someone pointed out via facebook:

He deleted that tweet after about 1,000 screen shots taken by every major new source in the state and many RT’d it.

Your Fall Election Day moment of Zen

06 Wednesday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

missouri

While we await election results.

Fall in west central Missouri.

It’s been a very colorful season.

Don Long (D) 1961-2013

05 Tuesday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ 1 Comment

Tags

Don Long, missouri

Don Long (D) 1961-2013.

Our friend Don Long, political activist and union through and through, passed away on Sunday. He was someone who cared.

He was fearless when it came to tackling the chores in a political campaign that needed to get done. Going door to door with him was always a gas.

He wasn’t afraid to speak up and he wasn’t ever afraid to speak truth to power.

I was always recounting how Don and I first met. Years ago both of us were running for state Democratic committee. I was the incumbent. Other than three observers no one else showed up for the election meeting. We both held piles of proxies, but because of the rules we could each only use two of them. Tied. We sat there staring each other down for twenty minutes, neither of us relenting, and I finally said something like, “What the hell, it’s yours.” I’ve considered him a friend ever since.

Every time I saw him he would talk with me about the latest post on the blog. It was his way letting me know that we had at least one faithful reader who liked what we do.

He ran campaigns and did the tough work to get good people elected to public office. In 2012 we were was so glad for Don when he was elected a delegate from the 4th Congressional District to the Democratic National Convention.

We’ll miss him. A lot of people in this part of Missouri and across the state will, too.

Our condolences to his family, friends, and union brothers and sisters.

On the line, speaking truth to power in Harrisonville, Missouri – December 2012.

Donald “Don” Long, 52, Harrisonville, Missouri, died Sunday, November 3, 2013 at his home. Memorial services will be held at 11:00 a.m. Saturday, November 9 at the United Methodist Church in Harrisonville. Family will receive friends from 6:00-8:00 p.m. Friday, November 8 at the church. In lieu of flowers, contributions may be made to Working Families’ Friend, Donald Long Memorial, 1021 Pennsylvania Ave., Kansas City, MO 64105.

Donald was born October 26, 1961 in Harrisonville, Missouri, the son of Oliver and Neola L. (Oskee) Long. He was a lifelong Harrisonville resident and a 1980 graduate of Harrisonville High School. He was united in marriage to Sharon M. Kelley on March 23, 1991 at the United Methodist Church in Harrisonville.

He started work at Honeywell after high school and attended night school at Longview Community College, earning his Associate’s Degree in Business. Donald was a member of the International Association of Machinists and Aerospace Workers, Local #778 and was the current secretary/treasurer of Local #778, first elected in 2008.

Donald was chairman of the Cass County Democratic Committee, elected in 2010. He was a Missouri State Democratic Committeeman; a delegate to the 2012 Democratic National Convention; past chairman of the 31st Democratic Senatorial Committee; past chairman of the 124th Democratic Legislative District. He was elected Cass County Democrat of the Year in 2007.

He was a member of the United Methodist Church in Harrisonville; Cass Masonic Lodge #147, Harrisonville; Ararat Shrine, Kansas City, Missouri. He was also a member of Bayard Chapter No. 179 Order of Eastern Star and was a former board member of the Harrisonville Rainbow Girls. He was a former president of the WAVE Soccer Club.

Donald was preceded in death by his mother, Neola Long. He is survived by his wife, Sharon, of the home; one son, Levi Long; one daughter, Samantha Johnston and husband, Brian; his father, Oliver Long; one brother, Mark Long and wife, Kim; a brother-in-law, Jon Kelley and his wife, Peggy, and 4 grandchildren, Jayden, Carter, Maddox and Leylah Johnston, all of Harrisonville, Missouri.

Door to door campaigning in Belton, Missouri – October 2012.

It upsets right wingnuts…

04 Monday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

4th Congressional District, gas, gasoline, missouri, Vicky Hartzler

…when their spoon fed talking points fizzle.

Apparently.

The current retail price of gasoline in west central Missouri:

Well.

It goes up, it comes down.

Previously:

Thank goodness that Keystone pipeline is up and running (October 28, 2013)

We’re on an express elevator to…going down (October 14, 2013)

Water is wet (October 9, 2013)

Rep. Vicky Hartzler (r): we don’t need no stinkin’ objective reality (January 21, 2012)

Rep. Vicky Hartzler (r): not especially prescient (January 9, 2013)

Rep. Vicky Hartzler (r): strange silence, still (December 19, 2012)

Quick, blame Obama! – part 3 – trickle down (December 8, 2012)

Quick, blame Obama! – part 2 (December 5, 2012)

Quick, blame Obama! (December 1, 2012)

Rep. Vicky Hartzler (r): make it stop… (November 18, 2012)

Rep. Vicky Hartzler (r): the price keeps dropping and we’re running out of gas puns (November 15, 2012)

Rep. Vicky Hartzler (r): on an express elevator… (November 12, 2012)

Rep. Vicky Hartzler (r): wait, wait, don’t tell me (November 8, 2012)

Vicky Hartzler (r): it’s so quiet when the price keeps dropping (October 31, 2012)

Vicky Hartzler (r): What’s that? Did you say something? Apparently not. (October 29, 2012)

Vicky Hartzler (r): the sound of silence (October 23, 2012)

The past, the gas, and isms (September 24, 2012)

Rep. Vicky Hartzler (r): let’s pass the gas – part 2 (June 6, 2012)

Rep. Vicky Hartzler (r): let’s pass the gas (May 27, 2012)

White House Petition: it sorta makes sense

04 Monday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

daylight saving time, Petition, White House

At the White House Petition site:

We petition the Obama Administration to:

Permanently retire daylight savings time and change from four time zones in the continental United States to two.

Daylight savings time became popular in the 1970s with the intent of conserving energy however he actual energy savings are minimal, if they exist at all. Frequent and uncoordinated time changes cause confusion, undermining economic efficiency. There’s evidence that regularly changing sleep cycles, associated with daylight saving, lowers productivity and increases heart attacks. Being out of sync with European time changes was projected to cost the airline industry $147 million annually.

End Daylight Saving, but also take it one step further – Americans on Eastern Time should set their clocks back one hour (like normal), Americans on Central and Rocky Mountain time do nothing, and Americans on Pacific time should set their clocks forward one hour. This will result in just two time zones.

Created: Nov 01, 2013

Issues: Economy, Technology and Telecommunications, Urban Policy

Signatures needed by December 01, 2013 to reach goal of 100,000 99,801

Total signatures on this petition 199

Network television schedules would probably end up making sense in the bargain, too.

We’ll keep posting those Fall moments of Zen as long as they continue

03 Sunday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

missouri

Fall in west central Missouri.

Campaign Finance: there is an election on Tuesday in Jackson County

03 Sunday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

campaign finance, Health Research Tax, Jackson County, Kansas City, missouri, Missouri Ethics Commission

And the ads are on television in the Kansas City media market. There’s more money for and from the campaign promoting the health research tax on the November ballot in Jackson County. At the Missouri Ethics Commission:

C131107 10/31/2013 COMMITTEE FOR RESEARCH TREATMENTS AND CURES Walter Porter 14675 Caenen Lane Olathe KS 66062 Deloitte Consulting Principal 10/31/2013 $10,000.00

C131070 11/01/2013 CONTINUE TO CARE PAC Committee for Research Treatments and Cures 4131 Mulberry Dr Ste 200 Kansas City MO 64116 10/31/2013 $25,000.00

C131107 11/01/2013 COMMITTEE FOR RESEARCH TREATMENTS AND CURES Paul DeBruce 411 Nichols Rd Suite 217 Kansas City MO 64112 Requested 11/1/2013 $15,000.00

C081339 11/01/2013 JACKSON COUNTY DEMOCRATIC COALITION Committee for Research Treatments and Cures 4131 North Mulberry Drive Suite 200 Kansas City MO 64116 10/31/2013 $15,000.00

[emphasis added]

There’s money moving every which way.

As the election grows close the required time frames for reporting campaign contributions and expenditures tighten into an eight day before the election report and then into twenty-four hour reports.

From the Committee for Research Treatments and Cures [pdf] eight day report:

ADDENDUM STATEMENT M.E.C. ID NO. C131107

The payments to the Continue to Care PAC were for campaign support services to be rendered by the organization. They are reported here as expenditures and not contributions pursuant to MEC Opinion NO. 2010.08.CF.004.

Some of the other expenditures:

ITEMIZED EXPENDITURES OVER $100 SUPPLEMENTAL FORM

COMMITTEE FOR RESEARCH TREATMENTS AND CURES 10/28/2013

Axiom Strategies LLC

1251 NW Briarcliff Parkway

Suite 85

Kansas Cityi MO 64116

10/1/2013

campaign strategy and po box rental

$15,598.07

amanda de leon

1819 Baltimore

#201

Kansas City MO 64108

10/1/2013

Management fees

$5,000.00

FPI Strategies LLC

P O Box 16504

Alexandria VA 22302

10/1/2013

Video shoot and production

$54,376.00

Groundswell Public Strategies

100 E Grand

Suite 380

Des Moines IA 50309

10/1/2013

Production of online ads

$19,950.00

Smart Media Group LLC

814 King St

Suite 400

Alexandria VA 22314

10/4/2013

TV ads

$143,175.00

ONeill Marketing

4049 Central

Kansas City MO 64111

10/8/2013

Polling research

$6,431.75

Wilson Perkins Allen

1319 Classen Drive

Oklahoma City OK 73103

10/8/2013

Campaign survey questionairs

$17,650.00

Midwest Mediation & Consulting

P O Box 3314

Independence MO 64055

10/8/2013

Grassroots efforts in Jackson Co

$7,500.00

Smart Media Group LLC

814 King St

Suite 400

Alexandria VA 22314

10/15/2013

TV ads

$109,775.00

Kansas City Call

1715 E 18th St

Kansas City MO 64108

10/15/2013

Newspaper ads

$4,625.00

Kansas City Globe

615 E 29th

Kansas City MO 64109

10/15/2013

Newspaper ads

$2,489.42

Groundswell Public Strategies

100 E Grand

Suite 380

Des Moines IA 50309

10/17/2013

production of online ads

9,600.00

ONeill Marketing

4049 Central

Kansas City MO 64111

10/20/2013

Focus group services and management

$8,000.00

Candidate Command LLC

1831 NW Vivion

Suite 101

Riverside MO 64150

10/20/2013

Video shoot

$4,362.50

FP1 Strategies

P O Box 16504

Alexandria VA 22303

10/20/2013

Production of TV spot

$10,000.00

Smart Media Group LLC

814 King St

Suite 400

Alexandria VA 22314

10/21/2013

Media Broadcasts

$69,775.00

Wilson Perkins Allen

1319 Classen Drive

Oklahoma City OK 73103

10/21/2013

Survey phone calls

$18,000.00

The Dover Group

43 L Street

Lake Lotawana MO 64086

10/23/2013

Direct mail pieces

$201,800.92

Northeast News

5715 St John Ave

Kansas City MO 64123

10/23/2013

Newspaper ads

$698.84

Independence Examiner

401 S Liberty

Independence MO 64050

10/23/2013

Newspaper ads

$2,356.00

Lees Summit Journal

415 SE Douglas St

Lees Summit MO 64063

10/23/2013

Newspaper ads

$1,800.00

Dos Mundos

902 Southwest Blvd

Kansas City MO 64108

10/23/2013

Newspaper ads

$2,402.00

KC Hispanic

2918 Southwest Blvd

Kansas City MO 64108

10/23/2013

Newspaper ads

$2,040.00

Candidate Command LLC

1831 NW Vivion

Suite 101

Riverside MO 64150

10/23/2013

Robo calls

$4,879.83

[emphasis added]

Television ads, polling, focus group(s), direct mail(!), newspaper ads, robo calls.

Some of the expenditures from the opponent(s) eight day report:

ITEMIZED EXPENDITURES OVER $100 SUPPLEMENTAL FORM

CITIZENS FOR RESPONSIBLE RESEARCH [pdf] 10/28/2013

Image Line Productions

1220 N. Poinsettia Place

West Hollywood CA 90046

10/10/2013

Advertising

$1,841.25

Bluff Ridge Communications

6221 S. Bluff Ridge Rd.

Ozark MO 65721

10/11/2013

Advertising

$7,306.41

GravesGarrett LLC

1100 Main Street

Suite 2700

Kansas City MO 64105

10/11/2013

Professional Services

$3,911.50

Time Warner Cable

9225 Indian Creek Parkway

Suite 500

Overland Park KS 66210

10/11/2013

Advertising

$9,213.15

KMBC

6455 Winchester Avenue

Kansas City MO 64133

10/11/2013

Advertising

$4,930.00

KCTV

4500 Shawnee Mission Parkway

Fairway KS 66205

10/11/2013

Advertising

$6,285.75

WDAF

3030 Summit

Kansas City MO 64108

10/11/2013

Advertising

$8,461.75

KSHB

4720 Oak Street

Kansas City MO 64112

10/11/2013

Advertising

$5,376.25

Time Warner Cable

9225 Indian Creek Parkway

Suite 500

Overland Park KS 66210

10/24/2013

Advertising

$5,926.20

Image Line Productions

1220 N. Poinsettia Place

West Hollywood CA 90046

10/24/2013

Advertising

$2,091.25

[emphasis added]

Television ads. Not quite the same scale, eh?

And further detail:

INDEPENDENT CONTRACTOR EXPENDITURE SUPPLEMENTAL

CITIZENS FOR RESPONSIBLE RESEARCH [pdf] 10/28/2013

The Borich Group

3630 Holmes

Kansas City MO 64109 10/21/2013

Direct Mailings

$7,310.00

The Borich Group

3630 Holmes

Kansas City MO 64109

10/23/2013

Direct Mailings

$31,196.78

The Borich Group

3630 Holmes

Kansas City MO 64109

10/17/2013

Print Media

$903.00

[….]

[emphasis added]

Direct mail.

We’ll all find out how this turns out on Tuesday night.

Previously:

Campaign Finance: not quite plural (August 22, 2013)

Campaign Finance: make it an even $50,000.00 (August 28, 2013)

Campaign Finance: counter volley (August 30, 2012)

Campaign Finance: a citizen keeps contributing (September 3, 2013)

We’re big enough to take care of ourselves (September 4, 2013)

Campaign Finance: Wham! (September 4, 2013)

Campaign Finance: Wham! again (September 6, 2013)

Campaign Finance: Wham! and again (September 7, 2013)

Campaign Finance: it looks like a contribution, only smaller (September 11, 2013)

Campaign Finance: trying to do something (September 17, 2013)

Campaign Finance: and still (September 19, 2013)

Campaign Finance: now that’s what you call research money (September 27, 2013)

Campaign Finance: definitely not holding anything back (October 2, 2013)

Campaign Finance: dueling interests (October 13, 2013)

Campaign Finance: Jackson County health care tax home stretch (October 19, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 2 (October 20, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 3 (October 20, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 4 (October 22, 2013)

Campaign Finance: a last minute, big money player (October 23, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 5 (October 24, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 6 (October 25, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 7 (October 29, 2013)

Campaign Finance: Jackson County health care tax home stretch, part 8 (October 30, 2013)

M – I – Z, boo…

03 Sunday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ 1 Comment

Tags

enlistment, missouri, oath, Obama, University of Missouri

Via Twitter, from the “Mizzou athletics beat writer for the St. Louis Post-Dispatch & STLtoday.com” (at the University of Missouri football game in Columbia):

Dave Matter ‏@Dave_Matter

US soldiers taking their oath of enlistment on Faurot Field at halftime. Oath mentions “the president.” Crowd boos. 7:53 PM – 2 Nov 13

A few of the responses:

Jeff Gelski ‏@jjgelski

@stuart_goldman @Dave_Matter Any rodeo clowns in attendance? 7:57 PM – 2 Nov 13

James Hare ‏@harej

@Dave_Matter @Alex_Keck Boy, just wait until they find out President Obama is in charge of the U.S. military. 7:57 PM – 2 Nov 13

TremendousSkullet ‏@STLSlowMo

@Dave_Matter just imagine if they mentioned #Congress…8:01 PM – 2 Nov 13

And those are some of the tame responses.

Ann Wagner does Wall Street’s bidding and and asks Main Street to thank her for doing it

03 Sunday Nov 2013

Posted by Michael Bersin in Uncategorized

≈ Leave a comment

Tags

Ann Wagner, Dodd-Frank, H.R. 2374, missouri, Retail Investor Protection Act, SIFMA

So we know Republicans hate Obamacare so much that they can’t shut up about it. But don’t let their nattering on this topic lead you to think that they don’t have a long list of other most-hated things. Foremost on that list is the Dodd-Frank Act that allows the government to regulate the financial industry in order to forestall another financial crisis such as that of 2008, as well as to protect consumers of financial services. However, hostile forrays against Dodd-Frank have to be handled delicately since, given the somewhat confused populist bent of at least a fraction of the Tea Party, none of these folks want to admit that they’ve done Wall Street a solid at the expense of Main Street. Enter smarmy, make-nice, Missouri Rep. Ann Wagner (R-2).

Wagner is the author of the latest manifestation of Republican disdain for Dodd-Frank, the misnamed Retail Investor Protection Act (H.R. 2374) which just passed the House. Wagner’s bill “tweaks” Dodd-Frank in such a way that it curtails the ability of the Securities and Exchange Commission (SEC) and the Department of Labor (DOL) to make rules that protect investors:

… the Certified Financial Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors – said that it “views H.R. 2374 as a ‘back-door’ attempt to undermine investor protection provisions in Dodd-Frank and to prevent the SEC and DOL from proceeding with investor protection rulemakings consistent with appropriate cost-benefit analyses and routine interagency coordination.”

Dodd-Frank authorized the SEC to establish a uniform fiduciary standard of conduct for both broker-dealers and investment advisors, the coalition said, and the passage of H.R. 2374 “would substantially impede or completely prevent the SEC from proceeding with a congressionally authorized and long-needed rulemaking that would allow all investors to receive investment advice that is based on their best interests.

This proposed change has not only roused managers of 401(k) funds, but consumer advocates who are concerned that it could stop any regulation of investment brokers who have long been free to run amok. In addition to the groups mentioned above, others such as the Chair of the SEC, the AARP, the Investment Adviser Association, and the North American Security Administrators Association have also lobbied vociferously against the Wagner bill, asserting that it “imposes unnecessary and onerous rulemaking requirements that the Securities and Exchange Commission (SEC) must meet before it can adopt a fiduciary rule” which “not only unnecessarily slows DOL’s rulemaking, but […] potentially halts DOL’s rulemaking altogether if the SEC does not act on a fiduciary rule.”

The net result: H.R. 2374 would leave individual investors and the retirement funds of middle class Americans to the mercy of the sharks. Yet Wagner tries to present the passage of the bill as a victory for the little guy, claiming in an email to constituents that it will “preserve and increase lower and middle income Americans’ access to affordable investments.” Because, you know, in the wealthy Wagner’s country club world, regulation is known by everybody who matters to be bad. Quoted in Investment News:

Ms. Wagner said that the agencies’ “massive rule making” could raise regulatory costs and limit access to investment advice for people trying to save for retirement, college or a home.

In response to similar gibberish, Bob Clark of Think Advisor, an investment advisor magazine, replies:

Seriously? Is there really a question about whether retail investors are being harmed by what study after study has shown to be the nearly universal [and mistaken] belief that their broker has a legal obligation to act in their best interest? That the costs of acting in investors’ best interests really might somehow outweigh the benefits? Or the underlying implication that it would cost brokerage firms more to act in their clients’ best interests?

Fortunately, there are folks who remember 2008 and understand that regulation is necessary. President Obama has indicated that he will veto the Wagner bill if it makes it through the Senate – which is unlikely since the Chair of the Senate Banking Committee has said that he does not expect that the Committee will waste time on legislation destined to be vetoed.

Nevertheless, it’s not all good – 30 House Democrats voted for this gift to Wall Street, and and although that’s not a really strong bipartisan vote, it’s disheartening. And, of course, Ann Wagner is swanning around bragging about how she’s working hard for the little guy and holding this piece of drek up as evidence. As Clark noted in his article, it’s mortifying to learn that the securities industry lobby group SIFMA “could really get a Congresswoman, who tells us that ‘it’s the responsibility of Congress to intervene and stand up for hardworking American families’ to put her name on such a bill.”

Cross-posted to Daily Kos.    

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