What are consumer advocates doing right now? Jason Hartman talks with the executive director of Consumer Federation of America, Jack Gillis, about where his focus is right now. With COVID-19 playing such a large role in every aspect of business, it's no wonder that there have been a large number of related scams introduced in 2020. As well, Jack and Jason talk about the less obviously affected industries from COVID-19 associated problems, like the automotive industry and it's struggles due to the lack of car accidents. Finally, these two discuss possible solutions for media concentration and the issues with big tech's ever-growing power and influence.
Key Takeaways:
[3:25] What is the state in consumer advocacy in the world today?
[7:15] COVID-19 has provided ample opportunity for scammers.
[11:00] Jack discusses the importance of credit rating and how COVID forbearances should not have a negative impact on them.
[15:15] There is no fundamental responsibility for investment advisors or financial advisors to operate as true fiduciaries.
[16:45] A debate for the ages, do regulations make it impossible for startups to compete with companies that have solid footing?
[19:25] The accident rate for automobiles has gone down exponentially, which in turn is causing a negative side effect on the automotive industry.
[23:45] Is there a solution for media concentration?
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