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I'm Sayin' He Is A Gold Digger: Weiner Takes On Beck's Goldline Ties


Glenn Beck and Rep. Anthony Weiner (D-NY)

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Rep. Anthony Weiner (D-NY) says he never meant to engage in a "battle of wits" with Glenn Beck over the Fox News host's pitching for Goldline.

"As you know," Weiner said, "he comes only half prepared to that battle."

But nevertheless the fray began when Weiner rolled out a report this week that questions Goldline's legitimacy. Weiner alleged that the company "uses aggressive sales tactics, conservative spokespeople and rhetoric to sell over-priced gold coins to unsuspecting consumers." Weiner pilloried the "unholy alliance between Goldline and conservative pundits" -- who he calls "paid endorsers" -- and is proposing legislation that would force Goldline to reveal details of their business practices.

On his radio show Tuesday, Beck called Weiner's legislation "another arm of this administration coming out to try to shut me down. This is absolutely incredible."

On his Fox News show yesterday, Beck offered more defense, mainly in the form of a website called Weinerfacts.com. "I've decided," Beck said, "I'm not going to waste my precious air time on 'Weiner facts,' so we have now Weinerfacts.com."

Unfortunately, the site is not so much about the "facts" as it is about "pictures of hot dogs and innuendo related to the Congressman's name," so Beck had to rely on his blackboard to come up with an explanation. "Now it's official," he said. "McCarthy has appeared."

Beck then listed Rev. Jim Wallace, former White House green jobs adviser Van Jones, and former SEIU head Andy Stern as part of an "unholy alliance" (a term he got from a Weiner press release) that refuses to appear on Beck's show, and is therefore a part of a greater conspiracy by the White House. "What are the odds that the President doesn't know what one, two, three of his advisers, and now one Congressman, Weiner, is now doing this to this program?"

"How afraid they really must be," said Beck.

Watch:

Goldline encourages customers to prepare for an inevitable market collapse by investing in gold, whose market value Goldine says is on the rise. On the "Why Buy Gold?" section of its site, Goldline sums it up:

Gold's status as a safe haven asset, gold's ability to offer a hedge against inflation and fluctuations in the dollar, gold's reputation as an internationally recognized monetary and financial asset and the portfolio diversification benefits of owning gold and precious metals.

Weiner, for his part, is questioning whether the gold is worth as much as Goldline is selling it for, while attacking Goldline's for its ties to conservatives. He calls the company "an unfortunate byproduct of the Tea Party movement," and describes the "unholy alliance" between Goldline and conservative pundits, who "promote the purchase of gold as the only safe investment alternative for consumers who want to safeguard their livelihoods," and then cut to a Goldline commercial.

In a press conference this week, Weiner listed as Goldline's "paid endorsers" Glenn Beck, Fred Thompson, Dennis Miller, Mike Huckabee, and Laura Ingraham, among others.

On Keith Olbermann's show on Tuesday, Weiner explained further, saying if one was watching a health show, "and someone says you should drink as much soda as you can, all throughout the day because it's good for you, and then the very same guy is advocating for Coke or Pepsi in an ad, you would scratch your head."

Comments (94) | Join the Conversation!

May 20, 2010 5:18 PM   

Weiner loves wieners; all the way.

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May 20, 2010 5:44 PM    in reply to Sailormarlowe

Are you coming out? If so, my congratulations to you. Glenn Beck is just a actor who will do anything for his one true God, MONEY!!!

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May 20, 2010 9:55 PM    in reply to roadberger

WEAK...
FOX News Corp and Murdoch whould not let Beck on thier network if he wasn't speaking the truth.

As for the truth, that would be any information in which FOX and Murdoch could get sued for libel.

Don't think for a minute that people that Beck bashes daily would not sue in a heartbeat.

Why don't you Beck bashers state some facts instead of name calling?
Afraid of the truth?

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May 20, 2010 10:20 PM    in reply to 8644

this has to be the funniest thing I have ever read.....

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May 20, 2010 11:09 PM    in reply to 8644

Thanks for making me laugh so hard I almost choked! I needed that.

Faux knowing what the truth is...Hilarious.

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May 20, 2010 11:37 PM    in reply to 8644

Wow, another stupid liar. And defending the king of the stupid liars.

Who knew?

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May 21, 2010 12:13 AM    in reply to 8644

you are pathetic

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May 21, 2010 1:03 AM    in reply to 8644

8644:

Libel law is very weak in the U.S. Basically, if you are a "public figure"--which includes all politicians--anyone can say anything about you, no matter how false, and there is virtually no chance you'll be able to get a libel conviction.

That's why nobody sues Beck, no matter what lies he spews, because his targets are public figures.

Beck would not be able to operate in, say, the United Kingdom, where there is no "public figure" exception to libel laws.

As for Fox in general, the U.S. Supreme Court has actually come out and said in a ruling that news outlets have no obligation to tell the truth.

So your post is incorrect on all counts.

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May 21, 2010 2:36 AM    in reply to 8644

8644:

You are either a very poor satirist or a very accomplished moron--I mean, Village Idiot class of your own.

FOX NEWS parent corporation; that would be News Corp. The defendant that filed a successful brief on appeal defending their right to falsify the News.

See Akre v WTVT

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May 21, 2010 8:35 AM    in reply to 8644

Kidding....right? You can't possibly be that challenged.

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May 21, 2010 1:11 PM    in reply to 8644

"In February 2003, a Florida Court of Appeals unanimously agreed with an assertion by FOX News that there is no rule against distorting or falsifying the news in the United States.

Back in December of 1996, Jane Akre and her husband, Steve Wilson, were hired by FOX as a part of the Fox “Investigators” team at WTVT in Tampa Bay, Florida. In 1997 the team began work on a story about bovine growth hormone (BGH), a controversial substance manufactured by Monsanto Corporation. The couple produced a four-part series revealing that there were many health risks related to BGH and that Florida supermarket chains did little to avoid selling milk from cows treated with the hormone, despite assuring customers otherwise.

According to Akre and Wilson, the station was initially very excited about the series. But within a week, Fox executives and their attorneys wanted the reporters to use statements from Monsanto representatives that the reporters knew were false and to make other revisions to the story that were in direct conflict with the facts. Fox editors then tried to force Akre and Wilson to continue to produce the distorted story. When they refused and threatened to report Fox's actions to the FCC, they were both fired.(Project Censored #12 1997)

Akre and Wilson sued the Fox station and on August 18, 2000, a Florida jury unanimously decided that Akre was wrongfully fired by Fox Television when she refused to broadcast (in the jury's words) “a false, distorted or slanted story” about the widespread use of BGH in dairy cows. They further maintained that she deserved protection under Florida's whistle blower law. Akre was awarded a $425,000 settlement. Inexplicably, however, the court decided that Steve Wilson, her partner in the case, was ruled not wronged by the same actions taken by FOX.

FOX appealed the case, and on February 14, 2003 the Florida Second District Court of Appeals unanimously overturned the settlement awarded to Akre. The Court held that Akre’s threat to report the station’s actions to the FCC did not deserve protection under Florida’s whistle blower statute, because Florida’s whistle blower law states that an employer must violate an adopted “law, rule, or regulation." In a stunningly narrow interpretation of FCC rules, the Florida Appeals court claimed that the FCC policy against falsification of the news does not rise to the level of a "law, rule, or regulation," it was simply a "policy." Therefore, it is up to the station whether or not it wants to report honestly.

During their appeal, FOX asserted that there are no written rules against distorting news in the media. They argued that, under the First Amendment, broadcasters have the right to lie or deliberately distort news reports on public airwaves. Fox attorneys did not dispute Akre’s claim that they pressured her to broadcast a false story, they simply maintained that it was their right to do so. After the appeal verdict WTVT general manager Bob Linger commented, “It’s vindication for WTVT, and we’re very pleased… It’s the case we’ve been making for two years. She never had a legal claim.”

http://www.relfe.com/media_can_legally_lie.html

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May 20, 2010 5:53 PM    in reply to Sailormarlowe

Great analysis, did Beck diagram that on a chalkboard for you.

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EH

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May 20, 2010 7:12 PM    in reply to Hobbes83

He did. He wrote "Weiner is a fag" on the board and then kept drawing arrows between them until everybody realized what his point was.

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May 20, 2010 6:36 PM    in reply to Sailormarlowe

Many adolescents (whatever their calendar>/i> age) judge everything based on sex. Sailorboy is a classic example.

Cue infantile response calling me "Fagsworth."

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May 20, 2010 7:47 PM    in reply to farnsworth

I've seen that on a couple of his posts. I guess his limited intellect(as evidenced with his post), prohibits him from varying his responses.

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May 20, 2010 8:15 PM    in reply to Hobbes83

"limited intellect" is an understatement when it comes to sailormoron.

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May 20, 2010 9:09 PM    in reply to chameleon

I'm just trying to be nice. Kind of like how mental health workers treat the mentally-ill with kindness. I think Sailor compares quite well to them.

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May 20, 2010 9:46 PM    in reply to Hobbes83

Hi Hobbes. How are you? These people are somethin aren't they? It's a good thing I don't own a gun....lol....I mean this is lunacy...it's like a nightmare....

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May 20, 2010 9:55 PM    in reply to chameleon

Hey Chameleon, I'm enjoying thirsty Thursday right now. I'm kind of with you on the gun thing. It's just scary/interesting that you have three types of people on the right: you have the bat-shit crazy element(teabaggers and the like), who are devoid of critical thought and cannot be engaged in logical discussion, the paultards, and the moderates, who are the ones that are logical yet they are marginalized by their own party. I'm not saying the left doesn't have a wing of idiots, but at least they have something concrete to bitch about. Sailormoon seems to have a spin board of verbs, adjectives, and nouns that he spins and uses that to put together his posts.

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May 20, 2010 10:02 PM    in reply to Hobbes83

Every day is a thirsty day!!! lol. You and I agree!!. I find myself shaking my head in disbelief. What can I say? It's nuts!!

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May 20, 2010 10:17 PM    in reply to chameleon

LOL. Yeah, when I was in the Corps, everyday was thirsty too!!! I don't even think that guy believes what he says. He's another Ann Coulter, spouting bullshit to rile people up. At least s/he(Annie) makes money for it.;)

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May 21, 2010 6:07 AM    in reply to Hobbes83

Why don't you two "partners" get a room in a hostel?

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May 21, 2010 8:38 AM    in reply to Arundhati

I don't remember either of us addressing you so GTFOOH!!

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May 21, 2010 8:44 AM    in reply to Arundhati

Is that you sailormoron?

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May 21, 2010 2:04 PM    in reply to Arundhati

Sorry that some of us are friendly and actually have conversations about our activities, douchebag. Either comment on something substantive or GTFO.

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May 21, 2010 12:15 AM    in reply to chameleon

sailormoron lives in his mother's attic in his star war's pajamas

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May 21, 2010 7:44 AM    in reply to Sailormarlowe

So relieving to see that frightwingers have enlisted 8th grade boys in their defense team. Scamming the old and ignorant has become the forte of the radical right wing media. Whether it is convincing them they should fight against the very programs that help them survive, social security and medicare, or just robbing them blind, all roads lead back to neo-con rats. The question becomes, why do frightwingers want to kill grandma and grandpa? Is it just because they don't want to pay for their upkeep and funnel that money to Wall Street instead?

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May 20, 2010 5:20 PM   

Glenn Beck has to circle the wagons around one of the few companies that will advertise on his show.

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May 20, 2010 5:23 PM   

Gold bugs are funny.

Usually because they rarely actually own any gold, but they post about gold on the Internet a whole lot.

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May 20, 2010 7:58 PM    in reply to LiberalRedneck

What would be rather funny is if someone in Congress was to put up a bill to require the federal govt. to start selling off the Fort Knox gold reserve whenever the price reaches a certain level.

They could permanently remove all possibility of an increase in the value of the gold this century.

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May 20, 2010 9:59 PM    in reply to hallam

Unfortunatly the govt has no say on gold prices anymore.

That's why gold is selling for what it is.

Plus, China has most of our gold anyway.

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May 21, 2010 5:15 AM    in reply to 8644

"Unfortunatly the govt has no say on gold prices anymore.

That's why gold is selling for what it is."

Darn that free market!

Because without govt regulation, now gold is in a bubble, just like houses were, and the internet before that.

You'd almost think underregulated markets were prone to bubbles, or something.

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May 21, 2010 10:25 AM    in reply to hbobrien

"underregulated?"

you mean "unregulated" even the least oversight would have prevented the worst of the disaster... and those resultant "bubbles"

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May 21, 2010 7:38 PM    in reply to JEP07

"Un-" is a subset of "under-"

The reverse is not true.

Thus, I wrote what I meant. One might almost think that's a practice of mine.

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May 20, 2010 5:41 PM   

Typical that Beck doesn't address the actual criticism.... Goldline isn't a commodities broker - they're not selling people X gold at the current X price, they're actually selling gold "coins" (in the sense that the gold is stamped into a coin... it's, of course, not a 'coin' in any real sense) at TWICE the melted value.

Beck's idiots are being scammed - they're basically paying double the current price of gold.

I guess it's just the touchy-feely liberal in me that would prefer to see even idiots with abhorrent views who follow shitheel pied pipers not be scammed... I lose a little bit of that every day, though... the more money they waste paying twice the market value of gold, the less money they can donate to idiot conservative candidates and what not.

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May 21, 2010 10:27 AM    in reply to zonk

Beck needs to print up a gold-plated lead coin with his own face on it, that would quite accurately represent what he's really doing to his suckers.

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May 20, 2010 5:43 PM   

Goldline is bad, but there are worse. The ones you really have to watch out for are using incredibly thin sheets of gold to dress up basically useless coins. I saw a bunch of ads after President Obama's inauguration that were simly lipstick on a pig, but advertised as "sure to go up in value." This happens with 'reproductions', too. The entire gold business, from mining stocks to fancy mining gear, is based on hucksterism -- don't mine the gold, mine the miners. Dr. Beck is just the latest in a long line.

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May 20, 2010 5:49 PM   

beck is deranged and delusional...

paranoid with delusions of grandeur...

and creepy as shit too

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May 20, 2010 10:07 PM    in reply to NerdRage

How would you know what Beck is like with all that food in your face?

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May 20, 2010 5:55 PM   

The funny part about the whole situation is that Mr. Beck doesn't realize that he's creating a bubble in the gold market. We all know what eventually happens to bubbles and the people who invest in them...

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May 20, 2010 6:07 PM    in reply to Hobbes83

Hmmm...I would guess he knows or has advisors that know. People who create the bubbles know when to get out before they pop. Hence the economic debacle.

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May 20, 2010 6:10 PM    in reply to Winston Smith

I don't think that he thinks too far ahead. He doesn't seem to be the person who surrounds himself with educated people to handle his finances. Remember when he spewed that non-nonsensical drivel about the origins of the P.Hd. program?

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May 20, 2010 9:38 PM    in reply to Hobbes83

The whole point of the exercise is to create that same bubble, then cash in and burst it before the rubes do. As long as the rubes are being driven by insecurity and fear, as pumped by these TV hucksters, the price will rise. Beck et al are paid insiders and they will be informed before the sell-off.

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May 20, 2010 9:42 PM    in reply to akatla

Yeah, we agree on the matter. I just think that the gold market is so volatile right now, they may get it wrong on when the bubble is going to burst.

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May 20, 2010 5:58 PM   

Mother Jones has an excellent piece on this:

http://motherjones.com/politics/2010/05/glenn-beck-goldline-weiner

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May 20, 2010 6:17 PM   

Why is there a gold bullion ad on this page?

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May 20, 2010 6:33 PM    in reply to bentbill

It is an automated system. The system detects the word "gold" in the content of the web page, and calls up an ad for gold automatically.

TPM has no control whatsoever over this. Well, besides canceling the contract with the advertiser. And that is extremely unlikely.

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May 20, 2010 6:27 PM   

I ain't sayin' he a gold-digger...

http://www.youtube.com/watch?v=6vwNcNOTVzY

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May 20, 2010 6:32 PM   

I agree with the point in this article, but you can't just taint only conservative figures with this brush. I listen to progressive radio and have had both Ron Reagan and Stephanie Miller try to convince me the sky is falling so I should buy gold. I'm sure there are others as well on both sides of the aisle.

It is ofcourse a sucker's bet. Gold might have some theoretical intrinsic value, but it's street value goes up and down like any other currency, commodity or security. These companies are marketing fear for profit.

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May 20, 2010 6:41 PM   

Wasn't the late Air America and other liberal radio hosts hawking gold from ITM Trading? Rachel Maddow, Thomm Hartmann, Stephanie Miller and others used to drive me crazy with them.

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May 20, 2010 11:02 PM    in reply to mageduley

Ed Schultz does too on his radio program. Is there a difference in the quality of the company(ies) that Ed and Rachel and Thom promote over Goldline?

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May 20, 2010 6:43 PM   

Goldline is advertising on TPM.

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May 21, 2010 10:31 AM    in reply to FDRdog

...but you won't see Josh Marshall promoting it shamelessy with his own personal endorsement.

That is the difference and it is substantial.

Josh sells ad space to an agency that fills that space with their own revolving clients.

He's not preaching "buy gold" to all of us reading here, after scaring us silly with trumped-up gloom and doom projections and prognostications.

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May 20, 2010 7:12 PM   

Let me see if I understand this correctly..
A company (Goldline), who has an A+ rating with the BBB, advertises its product on radio and tv and in print. This company (with the A+ BBB rating) pays to advertise on the Glenn Beck Program, on CNN, and in the New York Times (to name a few). It's perfectly acceptable for them to run their ads on CNN and in the NYT, but not okay to run them on GBP. Hmmnn.. I still don't see what the problem is. Oh right, the problem is that when they advertise on GBP they use scare tactics to get people to buy from their A+ company. Hmmmn.. okay, so then an investigation should also be done on GMC. They use scare tactics to sell their On-Star system. And, Broadview they use scare tactics to sell their home security systems. Then there are all those life insurance and pharmaceutical companies, why they use all kinds of scare tactics to sell their policies and life-saving drugs. And of course Obama certainly used scare tactics to sell his Stimulus Package. Do I smell an unholy alliance here? NO, OF COURSE NOT! This is completely ridiculous and irresponsible. Mr. Weiner has no business making these far-fetched factless accusations. Shame on you Mr. Weiner! You're disgraceful.

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May 20, 2010 7:18 PM    in reply to tinahdans

What...?

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May 20, 2010 8:35 PM    in reply to LiberalRedneck

ditto...

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May 21, 2010 2:55 AM    in reply to JEP07

and, BTW, by padding the rating agencies, the big guys can get those A ratings cheap like potato chips, so don;t think that impressed anyone here.

Even a AAA rating might very well be suspect these days considering how many 401K's went belly up investing in padded triple A's with a creative balance sheet.

Enron, anyone?

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May 20, 2010 10:13 PM    in reply to tinahdans

A lot of those junk derivatives had AAA ratings.

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May 21, 2010 10:24 AM    in reply to stavrogin2

And don't forget the mortgage-backed-securities ...

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May 21, 2010 5:24 AM    in reply to tinahdans

The difference is, the scare tactics used by GM to sell OnStar don't have a direct effect on its price. (For that matter, OnStar isn't bought and sold as an investment.)

Beck and Goldline, on the other hand, are effectively manipulating the price of the commodity they sell through their scare tactics. Beck creates the fear; Goldline sells the shiny stuff (thereby unwinding their proprietary gold holdings); the artificially pumped up demand drives up the price; Goldline profits; Goldline then gives Beck his kickback.

Once the gold bubble bursts, though, my guess (and I'll concede it's a guess) is all those goldbug libertarians will come running asking for a bailout of the retirement savings that'll be wiped out once the supply of bigger fools is exhausted.

Libertarians: All in favor of free markets -- as long as the market agrees with them.

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May 21, 2010 6:52 AM    in reply to tinahdans

Read the Mother Jones article about the way Goldline actually does business.

If you still feel the same way, then by all means, buy some "gold" from them. Swap out all your retirement savings, as they will only become scary worthless in the vaguely dark near future.

And good luck.

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May 20, 2010 7:17 PM   

What did I just see on this page? An advertisement for Blanchard & Company - saying I should diversify my portfolio and invest in GOLD! Wow, is this an unholy alliance between Blanchard and TMP? Better get Weiner on the phone.

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May 20, 2010 7:23 PM    in reply to tinahdans

You really don't understand the difference between being a paid spokesman for a company and how web banners work, do you?

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May 20, 2010 7:25 PM   

Thom Hartman spends almost as much time hawking gold coins on his radio show as he does selling his books. Just saying.....

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May 20, 2010 8:14 PM   

Goldline does not show prices for its coins whereas Blanchard and others I have browsed do so that you immediately know how much premium the dealer is charging. Gold coins usually command about a 5% premium over the "melt" value. If Goldline is getting a 90% premium as Wiener asserts, then they are ripping off unsuspecting and unsophisticated customers. That's not to say Gold is a good or a bad investment right now. That depends on your outlook, and you won't know if you're right or wrong until it happens. But if you get stuck for a 90% premium to market value at the onset, you're basically screwed and they're basically laughing all the way to Zurich.

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May 20, 2010 10:03 PM    in reply to elsiegel

AS with any investment, you roll the dice.

STFU about the mark-up.

The U.S. Mint has a 600%+ markup on silver proofs.

Do you think Weener will investigate that?

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May 20, 2010 11:08 PM    in reply to 8644

You probably bought gold from those crooks, didn't you? And you can't stand being told that you're being ripped off. Good game!

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May 20, 2010 11:45 PM    in reply to 8644

Gads, you are stupid. You can't tell the difference between actual proofs from the Mint and worthless coin-shaped medallions?

You must be on Goldline's payroll.

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May 20, 2010 9:52 PM   

Nice to see all of the country's problems are fixed and Weiner now has the time to do what needs to be done. The Goldline problem is as pressing as the College Football bowl system and steroids in the Major Leagues. Bravo Anthony.

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May 20, 2010 11:46 PM    in reply to masanf

You can always be counted on to bring teh stoopid!

Well done sir!

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May 21, 2010 12:08 AM   

At least Rep. Weiner didn't change his name to Savage.

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May 21, 2010 2:40 AM    in reply to RodinUK

surely you don't mean his FIRST name?

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May 21, 2010 3:22 AM    in reply to JEP07

no wonder Beck's so jealous...

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May 21, 2010 10:26 AM    in reply to RodinUK

I think you have to be an ethno-botanist to do that - and have aspirations to succeed on hate radio.

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May 21, 2010 2:38 AM   

Hey, this could prove very interesting...

These conservative "poundits" are collectively raking in some serious dough from the suckers who are falling for their golden hook. But if that investment bubble eventually bursts, will all those suckers just swim off?

Or will they be looking for pitchforks to go get those poundits, get them toossed in the pokey and hire jailyard weightlifters to kick the crap out of em' over and over again, which sounds like what happened to both Madoff and Stanford.

Can you see Rush running down the cellblock, squealing like a sow as a gang of bangers chases him toward the shower room?

Like the derivative traders who took those 401K's and all those small Wall Street investors, these people will be considered the crooks they really are, when the next bubble bursts.

I have never understood the survivalist penchant for gold.

When it comes to survival, gold has karats, not calories, no matter what shape it is in.

You can't eat a Kruggerrand. Maybe after the big collapse they can make bullets out of it, it's only one chemical away from lead on the periodic table, doncha know?

Considering how many millennium the alchemists have been trying to turn lead into gold, wouldn't it be ironic if gold was used for lead because it has no more useful value?

OK, somewhat OT, but sometimes, I just let if roll...

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May 21, 2010 7:33 AM    in reply to JEP07

I have never understood the survivalist penchant for gold.

That's always been a mystery to me, too. I recall hearing some gold bug saying, "Gold is the only investment that has real value." This is the voice of someone who failed Econ 101.

As you say, you can't eat a Krugerrand. You can't drink it, you can't fuel your car with it, and it won't keep you dry when it's raining.

It has some industrial uses, like for plating contacts, but if that were the only demand for gold, the price would be a tiny fraction of what it is.

Gold is valuable only because some people think it is. That could change in a heartbeat.

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May 21, 2010 10:30 AM    in reply to Early Out

I had a discussion with a gold bug about this recently.

I told him that the only reason gold was ever used as a currency was because the societies that invented currency needed a form that was too rare to easily counterfeit. I then pointed out that since the modern dollar is based on the same principle, does it not have the same inherent value or lack thereof?

He said no because gold can be used to make circuits.

At that point I just gave up.

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May 21, 2010 11:19 AM    in reply to LiberalRedneck

...imagine if the aliens came to Earth, offered us unlimited free energy, but wanted our gold for their spaceship circuits...

Not only would the energy hawks try to nuke the visitors to protect their gold, they'd want to take them out because of the free energy.

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May 21, 2010 7:33 PM    in reply to LiberalRedneck

"...the only reason gold was ever used as a currency was because the societies that invented currency needed a form that was too rare to easily counterfeit."

"Easily" being the operative word, because counterfeits existed during the gold coin era.

So did inflation, through the debasement of currency. If it comes to that, the global supply of gold has been climbing through the roof in the past century, just like printing money: The supply has quintupled since 1900, and doubled since 1960. Now, one may argue that's less inflation than we saw during the 20th century, but it certainly isn't zero, which the goldbugs claim.

And that's before we go into the argument that goes, Not all countries dropped the gold standard at once; This means countries on the gold standard competed in the market against countries off of it; The result was a competitive market slaughter; So at this point, the only way to put the US back on the gold standard is a massive, statist, counter-market intervention of govt policy.

The same applies to the Fed, and reserve banking generally. The same also applies to Keynesianism, on reflection.

Not that libertarians in general, nor the Royal House of Paul, give a damn about what markets do when the results don't fit their elegant theories.

Libertarians: The same culture of doctrinaire uniformity as 1960's Marxists. The nouns may be different, but the culture is the same. As is the insistent refusal to acknowledge human nature.

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May 21, 2010 9:19 AM   

So if gold is such a big thing... Why not diamonds? They have all kinds of industrial uses, and are great for jewelry. And Hey the govn't shouldn't want to take your gold!

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May 21, 2010 9:49 AM    in reply to vasu

Why not diamonds?

There's a dirty little secret about diamonds, to wit, they're not particularly rare, especially not the smaller ones. The price of typical gem-quality diamonds is artificially pumped up by De Beers. Industrial diamonds are literally as common as dirt.

There's a problem with the investment value of anything whose primary purpose is adornment. Jewelry is just a fashion, and tastes change. How are your stocks for the "men's hats" sector of the garment industry doing, now that the '50s are over? ;)

On the other hand, people always need to eat, drink, and stay warm in the winter. When the Mad Max Era arrives, your canned peaches are going to be worth a lot more than your gold or diamonds.

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May 21, 2010 10:49 AM    in reply to Early Out

Plus, diamonds are relatively easy to manufacture these days.

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May 21, 2010 11:36 AM    in reply to Schmed

apparently, so is gold...

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May 21, 2010 9:45 AM   

Phht!
Whadda a whining Weiner.
C'mon Tony, do your job or go get a job!

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May 21, 2010 9:50 AM   

Funny, a lot of people like Weiner talk about investing in government. You can't eat a government program. You can't drink it, you can't fuel your car with it, and it won't keep you dry when it's raining.

You can trade gold for food, clothing and housing.

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May 21, 2010 10:08 AM    in reply to prescient_1

Ever heard of government bonds? War Bonds, you know the thing that people invested in back in the 40-50's to support the government in time of war?

Well they still have those bonds, and they have a decent payout. Though most tea party folks wouldn't invest in such a thing. Because then that would be admitting that Obama's administration is valid and they would have no one to "Take Their Country Back" from.

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May 21, 2010 10:23 AM    in reply to prescient_1

You can trade gold for food, clothing and housing.

You can trade little pieces of paper with green and black printing on them for those commodities, too. Does that mean that dollar bills have some sort of intrinsic value? Nope. They're just pieces of paper.

Gold is valuable only because some people think it is. If most people change their minds about it, the value pretty much disappears. Compare that to wheat.

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May 21, 2010 10:34 AM    in reply to prescient_1

Try it.

Take some gold to a store right now and try to trade it for food.

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May 21, 2010 7:35 PM    in reply to prescient_1

"You can trade gold for food, clothing and housing."

Not with me you can't.

Nor with 99+% of America.

The number of places willing to accept gold as a tender is vanishingly small. (Tough to make change at current bubble-inflated prices, among other things.)

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May 21, 2010 10:14 AM   

It's not just Beck, Ingraham and other right wingers. Ed Schultz and Stephanie Miller use the same fake populist fearmongering to push gold on their shows.

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May 21, 2010 10:47 AM   

Let them eat gold.

No, you can't trade gold for food, clothing and housing. You need to convert it into currency first. Duh. This is not Ayn Rand fantasy land with cancer-free cigarettes and tiny gold dimes that are only accepted by "honorable" men.

Go ahead, Prescient, pay above market price to turn your currency into gold, then hide it in your bunker with your "steel core ammo with the bear-down primers from some east-bloc nation that no longer needs 'em ©," and watch the Beck/Limbaugh bubble pop.

Gold is just like any other metal. It's intrinsic value is only in what we can use it for. If not for the human fascination with shiny objects, the only thing it would be good for is electronics and anti-corrosion coatings.

Ask the Hunt brothers, another pair of wingnuts with more money than brains, what the intrinsic value of silver is.

© James McMurtry

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May 22, 2010 9:14 PM   

Cap and Trade is a corruption scandal that is bigger than any other in the history of the United States. It could explain the 'why' behind the Climategate scandal that broke last year but was ignored by the American mainstream media. Not only are several former Goldman Sachs executives working inside Obama's Administration, but the banking giant has a 10% stake in Cap and Trade technology via the Chicago Climate Exchange (CCX), an entity that Barack Obama helped form as a Board member of the Joyce Foundation.

The odds of all these connections between all of these entities, tying each back to a $10 Trillion scam, are far too long to be strictly a coincidence.

Here are the players and their roles:
Joyce Foundation – A group founded in 1948 that took a sharp turn to the left after it's founder, Beatrice Joyce Kean died in 1972.
President Barack Obama – One time Board member of the Joyce Foundation. Largely responsible for creating the CCX by financing it with money funneled from the Joyce Foundation.
CCX – An exchange dealing exclusively with Cap and Trade passes, techonology, etc. Its formation was in large part due to Obama's role as Board member on Joyce Foundation. Obama oversaw the funneling of money from that foundation to the CCX as well as to an entity headed by Bill Ayers' brother.
Valerie Jarrett – Senior advisor to President Barack Obama and current Board member on the Joyce Foundation.
Al Gore – Founder of London-based Generation Investment Management (GIM). London also happens to be in the same country where climategate broke. GIM owns 10% of the CCX.
Goldman Sachs – Banking giant that, like Gore, owns 10% of the CCX. Also worthy of note is that at least six former Goldman Sachs executives work inside the Obama administration while Congress puts on a dog and pony show, publicly chastising other Goldman execs about their supposed complicity in the financial crisis.
Franklin Raines – Former head of Fannie Mae. While there, Raines used taxpayer dollars from Fannie Mae to purchase cap and trade technology. Raines profited handsomely to the tune of some $90 million by buying and bundling bad mortgages that led to the collapse of the American economy. His interest in climate trading is curious until one realizes cap-and-trade would make housing costlier as well.
The climate trading scheme being stitched together here will do more damage than Goldman Sachs, AIG and Fannie Mae combined. But it will bring power and money to its architects.
The environmental impact of Cap and Trade will be so minute that it will essentially be immeasureable. Cap and Trade has nothing to do with saving the environment, and everything to do with personal enrichment for the political elite, a massive government power-grab, and a complete fleecing of the American citizenry.

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May 22, 2010 10:18 PM   

Beck may have stepped over more lines than he realizes. From an ethical perspective, it's one thing to build ratings by presenting opinions on political issues that your audience is likely to embrace, quite another to then use the trust you've built to sell questionable advice that benefits only you and your sponsor. To use caveat emptor as a defnse is a tact he cannot take. He either cares about his followers or he doesn't. It's not a case of a sharp salesman simply doing his job.

Legally, the SEC and FTC may be the least of his worries. There's also the FCC to be concerned about. If Goldline is only buying time from the radio and cable networks, that's one thing. But if Beck is receiving additional remuneration for the infomercials he's been delivering, then as far as radio goes (cable doesn't use the public airwaves), this is no different from payola - editorial content being paid for by a sponsor unbeknownst to the listener. The disclosures from the SEC and FTC inquiries will make that case one way or the other.

Speaking of disclosures, check out Goldline's website. As of Thursday, they company's Risk Disclosure page was in black lettering on a dark red background. Totally unreadable. Now it's been changed to black on white. If nothing else, Rep. Weiner's complaint has accomplished that.

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May 29, 2010 12:43 AM   

Goldline is bad, but there are worse. The ones you really have to watch out for are using incredibly thin sheets of gold to dress up basically useless coins. I saw a bunch of ads after President Obama's inauguration that were simly lipstick on a pig, but advertised as "sure to go up in value." This happens with 'reproductions', too. The entire gold business, from mining stocks to fancy mining gear, is based on hucksterism -- don't mine the gold, mine the miners. Dr. Beck is just the latest in a long line.

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