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.