Richard Rosso - Certified Financial Planner Joins Houston's Morning News

Episode Transcript

Speaker 1 (00:00):
Six, twenty two, our time here in Houston's Morning News.
We're joined by Richard Rosso Surfi financial planner, to talk
about Congress in getting rich in Congress and Nancy Pelosi
is a perfect example. I mean, she had some money
when she went into Congress, and her husband certainly has
some money. But the amount of information she's been able
to gather and know about ahead of time, it's just uncanny,

(00:21):
is it not? How they've been able to just find
the right time to buy and sell.

Speaker 2 (00:27):
Let me tell you, it's all scoochy or is that
sketchy as s guy Mike would say, right?

Speaker 1 (00:33):
Yeah, you did you.

Speaker 2 (00:35):
Pick up forty two point five million dollar increase in
net worth in twenty twenty four? Was that magical? Or
did she know about the Microsoft anti trust case before
everybody else? So, yeah, Jim, it's a real problem with
inside of training. You know, if you and I did it,
we'd be we'd be prison mates right now. We might
be cellmates if we did it. You're right, that doesn't happen.

Speaker 1 (00:59):
Well, you know, de Feds do limit outside income the
amount of outside earned income that you can achieve, but
it does not restrict unearned income from investments and interest
in rent. So until they do something to prohibit that,
this is probably going to continue, don't you think? Well
it will.

Speaker 2 (01:15):
And frankly, there is the Pelosi Act that Josh Hawley
put into place, or at least he's trying to. It's
not bipartisan support.

Speaker 1 (01:23):
But here's the thing.

Speaker 2 (01:24):
You've got to enforce it. Who is going to enforce
it against Congress? Okay, I just don't see it. So
I'm not very confident that this is going to change.
You know, it's all intuitive. We would all think that
Congress wouldn't be able to do it, and maybe they
should only invest in mutual funds or other ways of

(01:44):
doing this, maybe through a trust where it's separate from them.

Speaker 1 (01:48):
But no.

Speaker 2 (01:49):
So the thing is, you can go ahead and get
bipartisan support for this effort, but then you have enforcement,
and who is in Congress going to enforce that? Again,
it's their.

Speaker 1 (02:00):
Own Well yeah, I suppose that's true. But can we
get an independent agency they could be in charge of
enforcing it.

Speaker 2 (02:08):
Well, there's talks about maybe doing that, but again, you know,
I think again it's all precarious and until we get
maybe better people in Congress that understand maybe they shouldn't
be doing it. You know, I don't see a lot
of hope for it at all, But you know, again
it does. It's one of those few things that does
have bipartisan support. So maybe you're right. But again, we

(02:31):
as Americans, if we did this, we would be in
serious trouble. And it's not the same for them. But
then that's what we've gotten used to, isn't it.

Speaker 1 (02:41):
Well, it is, And what's really sad about to me,
Richard Rosso, It's not the only thing that we've gotten
used to when it comes to a double standard. There's
virtually virtually everything, healthcare, anything you could possibly imagine that's
been forced upon us by an Act of Congress. They
are except from that act. That's right.

Speaker 2 (03:01):
And think about this, Not many people really associate with
it because they invest through their form, like, hey, they
don't really know what they own. They may not understand stocks.
So even if you talk to them about most people
about insider trading, they're like, what's the big deal? It
doesn't affect me so out of everything, it's very distant
from what's going on in your kitchen and in your

(03:22):
dining room. You don't really understand that. And that's a
problem that you know, you may not get as many
Americans to really understand what's going on with it.

Speaker 1 (03:32):
By the way, before I let you go, how's can
view stock this morning? The makers are tell at all,
how's their stock doing?

Speaker 2 (03:38):
Oh, it's been hurt and I don't know what it's
doing on the prime market. But obviously that's been taken
a hit since the news broke.

Speaker 1 (03:45):
No doubt.

Speaker 2 (03:45):
And that's another thing. If we seen mister Pelosi by it,
we know if this isn't gonna work. So you go
to autopilot and you can track the Pelosi trades if.

Speaker 1 (03:57):
You so choose to right. It'd be interesting to know
if they sold that stock about it. I don't know
a week or so ago, would it would? Richard Rosso,
Thanks as always that certified financial planner, Richard Rosso.