Federal Trade Commission - FTC
Categories: Regulations, Company Management, Tech
Oh, those naughty sellers. They lied. They stole. They claimed it would let you fly. Only it didn’t. It was the era when the US was in fast conversion from being a farming dominated economy to an urban business-y kind of economy. Still exporting a lot of cotton and guns to Europe...and opening an era when uneducated, unsophisticated consumers believe more or less everything they read in the paper. And yes, in 1914, the newspaper was a Thing.
At its essence, the Federal Trade Commission is supposed to be the protector of truth, justice, and the American way. They exist to prevent fraudulent or deceptive trade practices.
Fraudsters aren’t new to the American playing fields. They live in the form of telemarketers, funeral home salesmen, identity theives, and all kinds of other scams and schemes to bilk Joe Sixpack out of money he’s saved to, uh…buy a six-pack.
Well, after one too many city slickers took advantage of poor Farmer Joe, Woodrow Wilson (or Woody Woo, as his friends at Princeton like to call him) stepped in and created the Federal Trade Commission (or FTC for short...kinda like that Woody Woo thing).
Cut to…today. And this is lifted directly off of their website. It’s worth a skim. It says:
OUR MISSION
Working to protect consumers by preventing anticompetitive, deceptive, and unfair business practices, enhancing informed consumer choice and public understanding of the competitive process, and accomplishing this without unduly burdening legitimate business activity.
OUR VISION
A vibrant economy characterized by vigorous competition and consumer access to accurate information.
OUR STRATEGIC GOALS
Protect Consumers
Maintain Competition
Advance Organizational Performance
So what does all this mean?
It means that fraudsters will always exist, that Gullible Garys will always feed them enough gruel to continue to exist...and that we’ll at least have Uncle Sam on our side protecting truth, justice, and the American way.
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Finance: What is the Federal Trade Commi...1 Views
Finance a la shmoop. What is the Federal Trade Commission or FTC? Oh those naughty
sellers they lied they stole they claimed it would let you fly only it [Guy's nose starts growing]
didn't. It was the era when the US was in fast conversion from being a farming [Woman with wings jumps out a window and falls]
dominated economy to an urban businessy kind of economy. Still exporting a lot
of cotton and guns to Europe and opening an era when uneducated unsophisticated [Guy reading a newspaper saying Oprah is running for president]
consumers believe more or less everything they read in the paper and
yes in 1914 the newspaper back then and that was a thing.. At its essence the [Picture of an old newspaper]
Federal Trade Commission is supposed to be the protector of truth justice and [Guy wearing a superhero costume with the FTC logo]
the American Way. They exist to prevent fraudulent or
deceptive trade practices like lying about what your product does, so fraudsters
aren't new to the American playing fields they live in the form of telemarketers, [Woman weaing a headset]
funeral-home salesmen, identity thieves and all kinds of other scammers and [A hand steals an ID card]
schemers to build Joe Sixpack out of money he's saved to you know buy a [Guy carrying two six packs]
six-pack. Well after one too many city slickers took advantage of poor farmer
Joe Woodrow Wilson or Woody Woo as his friends at Princeton liked to call him
stepped in and created the Federal Trade Commission or FTC for short kind of like [FTC logo comes out of a magicians hat]
short you know like that Woody Woo thing cut to it today and this is lifted
directly off their website and it's worth a skim. Our mission we're gonna [Picture of the FTC website]
protect consumers... competitive process... business activity... our vision a vibrant
economy characterized by vigorous competition... protect
consumers, maintain competition... Right so what does all
this mean well it means that fraudsters will always exist, that gullible Gary's
will always feed them enough gruel to continue to exist and that will at least [Gullible Gary opens a suitcase full of money]
have this guy on our side protecting truth justice and the American Way. [Superhero appears]