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Tom Buffenbarger, an independent labor voice, appeared on the America’s Work Force Union Podcast and spoke about the deregulation of the American banking and railroad industries and the similarities to the economic climate prior to the Great Recession.
Buffenbarger recalled a previous appearance on the podcast when he mentioned deregulation of the railroad industry during the previous presidential administration would create problems. He believes the two Ohio train derailments, including the release of potentially damaging chemicals near East Palestine, Ohio, were the result of those deregulations. With fewer crew members and quicker safety inspections, the derailments were inevitable, he said.
Along with the rail industry, there was a deregulation movement in the banking industry. With the recent failure of the Silicon Valley Bank and the potential for more to follow, Buffengarger believes we are now seeing the downside to banking deregulation. Until the regulations can be reinstituted in both industries, the country will not be able to avoid a situation similar to the one that led to the Great Recession, he said.
While on the topic of deregulation, Buffenbarger explained how the Trump Administration deregulated the defense production and supply chains. He feels this is affecting the U.S. military, as America is giving military aid to other countries and cannot produce replacement products for the U.S. armed forces.
Listen to the entire episode to learn more.
America’s Work Force is the only daily labor podcast in the US and has been on the air since 1993, supplying listeners with useful, relevant input into their daily lives through fact-finding features, in-depth interviews, informative news segments and practical consumer reports. America’s Work Force is committed to providing an accessible venue in which America's workers and their families can hear discussion on important, relevant topics such as employment, healthcare, legislative action, labor-management relations, corporate practices, finances, local and national politics, consumer reports and labor issues.
America’s Work Force Union Podcast is brought to you in part by our sponsors: AFL-CIO, American Federation of Government Employees, American Federation of Musicians Local 4, American Alliance for Manufacturing, Anthem Blue Cross Blue Shield, Columbus/Central Ohio Building and Construction Trades Council, Communication Workers of America, International Association of Heat and Frost Insulators and Allied Workers, International Association of Heat and Frost Insulators and Allied Workers Local 50, International Brotherhood of Teamsters, International Federation of Professional and Technical Engineers, International Union of Bricklayers and Allied Crafts, International Union of Painters and Allied Trades District Council 6, Ironworkers Great Lakes District Council, The Labor Citizen newspaper, Laborers International Union of The National Labor Office of Blue Cross and Blue Shield, North America, North Coast Area Labor Federation, Ohio Federation of Teachers, Survey and Ballot Systems, United Labor Agency, United Steelworkers.
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