With gold hitting record highs, it is obviously time for Congress to do something stupid. Seeking Alpha reports:
A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner’s Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman’s Commerce Committee) will focus on “legislation that would regulate gold-selling companies, an industry who’s [sic] relentless advertising is now staple of cable television.”
From the press release: “Under Rep. Weiner’s bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold.” That’s great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?
Why don’t they require all companies selling goods to disclose the resale value? The second you drive off the lot with a new car, the value drops by about 20 percent. Why isn’t that disclosed? Of course, the goal here is not disclosure. It’s to put these companies out of business. It would be impossible for a company like Goldline to disclose the resale value in its commercial because the value is constantly changing. Is Congress too stupid to know that or so manipulative as to pretend they are looking out for consumers?
- Facing hearings, Goldline fights back (politico.com)
- Fools Gold: Inside the Glenn Beck Goldline Scheme (ritholtz.com)
- Anthony Weiner Demands Answers From Goldline, Glenn Beck Sponsor (huffingtonpost.com)
- Gold Confiscation? (lewrockwell.com)