A ubiquitous part of Glenn Beck’s programming is his endorsement of the gold vendor Goldline. Everyone 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. Goldline has been investigated lately because of the things people have been reporting them doing, reports Mediaite and the Big Picture blogs. 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”.
The difficulties Goldline has caused
The U.S. based its system off of gold for a while. 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. Glenn Beck tells viewers that buying gold is the only safe way to invest right now during this economy, and people tend to believe him. The gold sold by Goldline, which is also endorsed by Glenn Beck, has been way overpriced which is to take advantage of the fact that people eat up each word Glenn Beck speaks sometimes. New York representative Anthony Weiner and House Commerce Subcommittee Chairman Bobby Rush feel a have to be a part of this investigation that the DA is conducting on Goldline.
Goldline lies about things, reports DA
The Los Angeles DA thinks Goldline actually “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, when one coin was valued by Goldline at 208 percent above melt value. 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. Considering how people 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.
Anthony Weiner wants it to end
Anthony Weiner, who sits on the House Subcommittee on Commerce, Trade and Consumer Protection, has contacted the SEC and FTC concerning Goldline’s practices. Weiner has a plan to make companies be required to show how much money they’re making off the gold being sold, including Goldline. Hearings on the matter can be held later this summer, according to The Big Picture.
In a public statement, Anthony Weiner 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.” ”Rodeo clown” Glenn Beck is going to have to discover one more 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
