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Is the DOL about to define fiduciary down?

Fiduciary proponents wince as the DOL appears poised to snatch defeat from the jaws of victory.

By Chris Carosa | Updated on March 28, 2012

In 1993, the late New York Senator Daniel Patrick Moynihan published a report called “Defining Deviancy Down.” The report, subtitled “How We’ve Become Accustomed to Alarming Levels of Crime and Destructive Behavior,” was shocking not because of its blunt assessment of today’s culture, but that it was written by a popular “liberal.”

I put the word in quotes because Moynihan defied such plebian classification. Rather, we can more truthfully label him a rare “intellectual” in the field of politics. Indeed, true partisan liberals decried Moynihan’s report while conservatives cite it favorably to this day. 

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