We're not suggesting that everyone who gives retirement investment advice is taking advantage of their clients, since many advisers do act in their client's best interest. But, because the law does not require them to do so, far too many do not. That's why the President's recent action is so important.
The last couple of days have been a provocative view of the near-term future of American politics. There are four major teams on the scene at the same time, coming from four different corners of the field, and they all have some amount of political juice. On the Republican side, there is the increasingly conservative -- but apparently never extreme enough -- establishment wing of the party led by Boehner and McConnell and the big business lobby, and there is the Tea Party anti-establishment wing. The two wings of the Democratic Party are similarly the insiders and the populists. How they end up interacting and competing with each other will be the driving political story for quite a while into the future.