Finally we have bi-partisanship in the Senate!!! Senator Tom Harkin (Democrat, Iowa) was joined by Committee Republicans in approving an amendment to stop the SEC from being able to regulate equity indexed annuities. These controversial products are often sold by people who don’t understand them adequately to other people who are totally clueless about how these products worth. All for a big fat commission check, of course!

Senator Harkin is someone who has at times impressed us by seeming to stand up for the common man. Yes, at age 69 he now stands firmly against the people and for the insurance companies. He wants to make sure that one of the most abused products on the market is not regulated with rules to protect consumers. Iowa has a lot of insurance company employees and, we assume, contributes handsomely to the coffers of the Senator.

At almost 70 years of age, it is time for anyone to “do the right thing”. In this case, the right thing is simple and apparent to anyone. Yet, for a change, we are close to Senator Harkin and our elected officials acting in a manner that is to our direct detriment. Thanks a bunch!!

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