Goldline, a gold vendor, endorses Glenn Beck in his programming. Every person is searching the gold market trying to invest their money into gold, knowing the value will never go down, and Back and Goldline have decided to partner up and make money off that. Mediaite and also the Big Picture report that Goldline is being investigated for some of the things it does. The Los Angeles District Attorney’s office explains that Beck is not a part of the investigation although Fox News doesn’t like one more sponsor of “The Glenn Beck Show”.
Why Goldline is in trouble
For a brief time frame – long before Goldline came into existence – the United States based 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. This is why individuals are when Glenn Beck says the only safe way to keep money stored is through getting gold. The gold sold by Goldline, which is also endorsed by Glenn Beck, has been way overpriced which is to take advantage of the fact people eat up every word Glenn Beck speaks sometimes. The Goldline investigation is being done by the DA, which contains two individuals 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 thinks Goldline really “grossly overcharges” individuals for every little thing sold. The Big Picture notes that markup on average is “90 percent above the melt value of the coin” and 47 percent higher than the competition, while one coin was valued by Goldline at 208 percent above melt value. Selling coins as high as twice that of melt value doesn’t constitute a good investment for consumers, as the price of gold would have to double before a consumer could break even. Considering how individuals are cheated out of their money with Goldline, the DA, along with others, want Goldline sales reps to stop claiming that they give out good investment advice, or that they are able to make any kind of investment advice.
Representative Anthony Weiner believes Goldline needs to stop
This was something Anthony Weiner felt was essential enough to discuss with the SEC and FTC. He has proposed legislation that would require companies like Goldline to reveal their full business plan to consumers, markup involved. Hearing are supposed to happen a little bit later, reports The Big Picture.
Anthony Weiner actually said that “Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this is a trifecta of terrible business practices.” ”Rodeo clown” Glenn Beck is going to have to find another sponsor if Congress sides that Goldline is out of hand.
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
