http://www.ritholtz.com/blog/2010/07/glenn-beck-goldline/• Goldline Plays off Public Fears of Government Takeover and Has Formed an Unholy Alliance with Conservative Pundits to Drive a False Narrative
Goldline employs several conservative pundits to act as shills for its’ precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president. He will often promote the purchase of gold as the only safe investment alternative for consumers who want to safeguard their livelihoods. When the show cuts to commercial break, viewers are treated to an advertisement from Goldline.
“Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this is a trifecta of terrible business practices,” Weiner said. “It’s disgraceful that this company would capitalize on financially unstable times to prey upon people’s nest eggs.”
Rep. Weiner, who sits on the House Subcommittee on Commerce, Trade and Consumer Protection, wrote letters to the SEC and FTC requesting that they investigate Goldline and is proposing legislation that would force Goldline and companies like it to fully disclose their dishonest business practices. Under Rep. Weiner’s plan, Goldline would be required to show consumers its full business model including its astronomical markups and deceitful promises of profitability. No date has been announced but it is expected that the hearings will be held later this summer.