Brain Top Off!

Goldline, a gold vendor, endorses Glenn Beck in his programming. Recent concerns over the value of the U.S. dollar have prompted numerous to turn their attention toward the market for gold, and Beck and Goldline are eager to capitalize. Goldline has been investigated most recently because of the things individuals have been reporting them doing, reports Mediaite and also the Big Picture blogs. Glenn Beck may not be part of the investigation, according to the Los Angeles District Attorney’s office, but Fox News doesn’t appreciate there being yet another problem with a sponsor of “The Glenn Beck Show.”.

Understanding why the law is upset with Goldline

For a brief time period – long before Goldline came into existence – the United States based upon its monetary system on a gold standard. Such a system of commodity money has its limitations, but fiscal conservatives praise the gold standard for its ability to place a government on a leash by limiting the potential for chronic deficit spending. Such individuals tend to believe Glenn Beck when he predicts the U.S. dollar will collapse and says that getting gold is the only way to stay away from economic gloom and doom. Conveniently, Beck gives his endorsement to Goldline, a company that, as outlined by the Los Angeles District Attorney, is selling gold at overly inflated prices. The Goldline investigation is being done by the DA, which contains two people who for some reason are very interested in what is going on; New York Rep. Anthony Weiner and Bobby Rush, from the House of Commerce Subcommittee.

What Goldline lied about, as outlined by the DA

The Los Angeles DA claims that Goldline “grossly overcharges” for its coins. Goldmine, according to The Big Picture, sold one coin for 208 percent more than it was worth, while on average, coins tend to be “90 percent above the melt value of the coin” when bought within the most recent times. It may be a stable piece of gold, but nobody will purchase it from you for even what you paid for it, making it nearly worthless to you. Moreover, the DA takes issue with the claim some Goldline salespeople have made that they can give gold investment advice, but because they are not licensed investment advisers, Goldline salespeople cannot legally make that claim.

Anthony Weiner wants it to end

The SEC and FTC have both been individuals representative Anthony Weiner of the Trade and Consumer Protection contacted about this. He has proposed legislation that would require companies like Goldline to reveal their full business plan to consumers, markup incorporated. The Big Picture reports that there will be hearing later. Anthony Weiner really said that “Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this can be a trifecta of terrible business practices.” If Goldline gets in trouble with the law with this case, then “rodeo clown” Glenn Beck is going to have to find somebody else to pay the bills as a sponsor.

Additional reading

Mediate

mediaite.com/online/rick-sanchez-confirms-glenn-becks-weinerfacts-com-still-going-strong/

Weiner

weiner.house.gov/Reports/GoldlineReport.pdf

Ritholtz

ritholtz.com/blog/2010/07/glenn-beck-goldline/

Wikipedia

en.wikipedia.org/wiki/Gold_standard

Rep. Anthony Weiner versus Goldline

youtube.com/watch?v=3GDts0Q1dK8

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