Reagan Revolution & Newt Gingrich Strike Yet Again!

The Reagan Revolution was the methodical dismantling of the regulatory functions of the United States Government. Mostly put in place by the New Deal but not alwaysl Nixon gets credit for the EPA and OSHA. Consider: The CPSC - Consumer Product Safety Commission - was created to insure among other things that no lead paint was in children's toys. We learned the CPSC still exists but is grossly understaffed so that it cannot perform its statutory function. Food and oil prices skyrocket? The CFTC - Commodity Futures Trading Commission - is likewise gutted, 405 employees down from pre-Reagan/Gingrich 4,000. Your meat bad? Your lettuce makes you sick? You can't eat tomatoes? Your medicines "killing" you? The FDA - Food and Drug Administration - and USDA - United States Department of Agriculture - have been stripped of scientists and inspectors. Say "thank you Ronnie and Newt!" This is the Milton Freidman 'Free Market' at work and performing at its BEST! The RICH get richer and the poor get poorer.

Shift gears. On REVERSE mortgagees. I have for a long time been curious how that worked. Superficially I’m under the impression the owner gets the equity of his home paid to him or her over a certain period which sometimes seems to be represented to be payable until they die. The closest thing that comes to me mind is an annuity. Annuities are a form of life insurance you buy on the promise it will pay you a monthly sum starting at a predetermined age and running until you die. There is often an associated guarantee of “120 months certain” which means if you die before the company has paid 120 installments, then they will pay your estate the amount unpaid equal to 120 months.

I was watching a Wells Fargo Bank - one of America’s oldest and largest - which was pushing the reverse mortgage thing on tv. They had a 1-800 number but I don’t like calling on that kind of errand. Instead I looked up Wells Fargo on Google and e-mailed their home office asking for a copy of the Reverse Mortgage brochure. I admit I did get a quick response but it said THAT information was available ONLY via the 1-800 phone number which the e-mail writer included.

So I ask myself, What’s up here? How much trouble would it be for Wells-Fargo to mail me a brochure? I had included my mailing address in my e-mail. Then it occurs to me. Of course, that tv ad was a COME-ON for the old 'bait-and-switch' hook.

I was much disappointed to learn one of America’s leading financial institutions was using such common thievery methods to “contact” potential customers. Another area that BEGS of close oversight by a disinterested governmental agency.

Alert: With 96 million Americans participating in PRIVATE mutual funds, pension managers and other blue sky operatives, it boggles my mind - and makes me mad as heck - to imagine how many BILLIONS of dollars a year are being SCAMMED if not STOLEN outright by a MOST essential industry that is 99.44% unregulated. Sweet Jesus! Is there no end in sight? You put in your monty for X number of years, believing in your Goldwater heart of hearts that when you retire you will get XXX money per month. you wake up and discover its NOT there. What do you do? Your broker is living high on the hog in Switzerland and your "investment" institution is headquartered in Dubai of the United Arab Emirates. So who do you sue? Act now to avoid disappointment later!

Sorry to hear you feel you're not mentally capable enough to look out for yourself without the Federal government hiring thousands of people to help you out.

Of course it's Reagan's fault that Wells Fargo wants to contact you and there is no bureaucrat there to stop them.

I truly feel sorry for you if you really think this way.