The Personal Finance Industry Scam (with Helaine Olen)

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Pound Foolish, author Helaine Olen explained her background as a personal finance writer, how the personal finance industry got started, the story of 401ks, the problem with Suzy Orman, how the financial services industry turns what are political problems into a personal problems, the genius of Occupy, the urgent need to regulate and the financial services industry…

This clip from the Majority Report, live M-F at 12 noon EST and via daily podcast at http://Majority.FM

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18 Comments

  1. Lol. I heard Suzzie yell at a woman who wanted to go to an Irish elf hunting school. It was funny as hell.

  2. What a surprise that they use a "free lunch or dinner" to sell high seed, high commission packages and products…. like he right wing loves to say, "There is no such thing as a free lunch," especially when it's offered by con artists and "fiscal conservatives." (A clear oxymoron."

  3. I want to hear her talk without him interrupting with nonsense

  4. In capitalism and democracy, which I believe is the imperfect best option, most of the time you can choose how self-serving your "contribution to society" will be. Some make money selling advice and some make it telling how bad the other group is. But the key is in your MOTIVE: How selfish/self-serving or unselfish you really are when giving ANY advice.

  5. The Government is the problem. Individuals need to take care of their own destiny. SS was developed to protect the elderly who were poor. Socializing our money is a very bad thing. Government is very corrupt they do not have our best interest in mind with this fiduciary standard baloney. Faith in government and the education system is a joke. Many investors are good and transparent. if you do not do your homework the government will steal you blind. Why do these people think the government has not taken enough steps to protect people when they do not live like the regular person.

  6. And the host shouldn't be in radio. He can't speak without adding 10 "uh's" per sentence.

  7. This lady is a BLUBBERING idiot.

  8. Start early,Save Early.Use The Power of Compounding Interest.Live WITHIN your Means.Buy Your Needs NOT Your WANTS.Increase Your Assets (Things that GIVE you MONEY) Decrease Your Liabilities (Things that That TAKE YOUR MONEY AWAY)Invest in Your Self NOT in a COMPANY.HEALTH is WEALTH.

  9. I disagree wholeheartedly with the premise, in fact you CAN have a good financial life with individual savings. Sure outliers will have health crisis and other disasters, but disciplined savers CAN get ahead.

  10. I agree with the overall theme of your talk in this video BUT only nearly all of the specifics you present in order to express the theme. I'm no financial genuis BUT I've learned a few things from [places such as #RichDadPoorDad] sources which have put me in a clearly better position than I was 2-5yrs ago. There is a #Balance of individual and societal responsibility when it comes to "our" longer term financial responsibility at play but it is easy to miss the mark and blame one more than the other.

  11. I don't think the personal finance industry is a scam…but I think most advisors don't really care if their clients do well,
    they just care about their own financial gain. Pretty much like everyone else on the planet. I do feel most people can do just as well ,if not better, if they educate themselves and use common sense.

  12. We must stop Dave Ramsey and his ilk from teaching personal responsibility. Only government knows how to handle money.

  13. Very interesting indeed.

  14. Atlas is Shrugging …  

    If the stock market does not go up over time … there will be no wealth to redistribute.

    SS tax over $113K?   Are you serious?   Likely people who make over $113K don't need SS…   Let them opt out.   Let everyone opt out.

    Suze and Dave are right.   You can't afford cigarettes, $5 coffees, and lottery tickets.  DENIED!   Save that money, invest in the markets,and become a Wealthy Barber.

  15. Interesting discussion, I would like to get the book– However the problems associated with the industry and the characters like Dave Ramsey and Suze Orman at least give their followers some kind of plan of action. I am not sure becoming politically active to change the system is going to work or give me in my personal situation the results that will help my retirement. I don't have much faith that the government or giant corporations are going to change and allow me to receive a "pension".

  16. 25:35

    *cough* SCHUMER *cough*

  17. Buying and selling stocks is like playing roulette. The dealer (trading companies) who take a cut of every transaction are the only net winners.

  18. This "fend for yourself, personal responsibility" mentality is poisonous. We have a needless contempt for collectivism in America. Instead of collectively creating a safe country, we all individually carry guns. Instead of uniting together and creating fiscally sound social safety for all, we make a tiny portion of our population ultra-rich so that some of us have the chance to get by. When somebody falls down we demonize them as "moochers" if they ask for help. Unity is dead in America.

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