Tea Party Financial Advisors Long America Ex the Next Three Weeks
At least one of them is not sweating the whole debt ceiling thing and is happily buying up U.S. equities, as well as enough gold to stay on friendly terms with Ron Paul. What does worry him though is how cavalierly Nebraska regulators will go around sanctioning people for, and here's where it gets a little murky, either (a) misleading customers about variable annuities and maybe forging their signatures a little bit, which he could see how that might look unfortunate, or (b) calling the President a Communist.
"This so-called crisis will all be over in a week or two or three, and when it’s over, the stock market will go right back to where it was," says Bob Bennie, a certified financial planner in Lincoln, Nebraska, and a leading state Tea Party organizer. ...
"If someone came to me with cash today, I would invest it in domestic equities and commodities tomorrow," says Bennie, who manages about $85 million in assets. "I don’t believe this market is going to take a big tank tomorrow: no way, no how." He’s investing in gasoline, gold and silver.
To say Bennie is no big fan of Democrats and the White House is putting it mildly. Financial Advisor reported last month that Bennie sued the Nebraska Department of Banking and Finance, alleging the department sanctioned him because he made a public statement calling President Obama a Communist.
Be warned, however, that other Tea Party advisors are less keen on America, preferring bastions of liberty Switzerland and China. They're particularly bearish on Treasuries, which makes sense what with their whole wanting to default thing.
Commodities in, cash out for Tea Party wealth advisers as debt deadline looms [Reuters]
Also: Couples say Bennie misled them about investments [Lincoln JournalStar]
