Friday, November 11, 2011

Stivers: Protecting the 1%

Why would anyone be against rules that protect consumers?  I guess if you think banks should be allowed to risk consumer money, make deals in backrooms away from regulations, and gamble with junk investments, you must be one of the Republicans in Congress trying to overturn Dodd-Frank.

An article from 2010 by Stuart Gittleman in Complinet, explains what Dodd-Frank will do:

....Dodd, who chairs the Banking Committee and is not running for reelection next month, told attendees at the New York University School of Law fourth annual global economic policy forum that TARP helped save the global financial system from itself. He expects that the laws he helped steer to passage this July, the Dodd-Frank Wall Street Reform and Consumer Protection Act, will help keep the system away from the abyss, he added.

NYU professor William Allen introduced Dodd, saying the three legs of the Dodd-Frank Act are regulating systemic risk; reining in and bringing transparency to the shadow banking system of hedge funds, swaps and derivatives; and protecting consumers. Allen, a former Delaware chancellor, said the third leg may be the most politically challenging.....

In an article in the Washington Times, Republican Rep. Steve Stivers (OH-15), states his opinion on why Dodd-Frank regulations are bad for business. Stivers, who even voted against consumer protection while in the state senate and pushed back on consumer protections as a Bank One lobbyist, appears to have the repeal of the Dodd-Frank Act has his central goal in life. 

Personally, I'm tired of elected officials that continue to go to bat to protect the profits of banks, while they tear down regulations that protect consumers.  This is an outrage!  Stivers and others were sent to Congress to represent people - not corporations, and certainly not the 1%.  Since I did not vote for Stivers, I'm really not sure why people voted for him. He certainly has not delivered on creating jobs.  His weak "job fair" was a staged photo op for him and we've not heard how many of the applicants got jobs.  Most of those companies appearing at the Stivers job fair had been campaign contributors.

Stivers moved his congressional office out of Columbus and into Hilliard. By moving his office away from the most densely populated area of Ohio's 15th congressional district, he has stayed clear of hearing the plight of college students and average Ohioans. He seems able to use the backdrop of college students when it fits his needs, but has done nothing to create jobs for college grads and unemployed Ohioans.  Overturning banking regulations does not create jobs--- it emboldens bankers to take further risks.

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The Dispatch article reporting that some right wing tea party groups want to make a push for Ohio to become a right-to -work state make people believe that some Republicans still have not gotten the message.  Right-to-work states generally have higher job accidents/fatalities, low wages, and fewer worker protections. 


...The coalition formed to make Ohio the 23rd, Ohioans for Workplace Freedom, includes Chris Littleton, president of the Ohio Liberty Council; Maurice Thompson, executive director of the 1851 Center for Constitutional Law; and former state Rep. Bryan Williams of Akron, director of government affairs for the Associated Builders and Contractors of Ohio.

Littleton and Thompson were two of the masterminds behind the health-care amendment that passed with almost 66 percent of the vote. All three men said passage of Issue 3 was triggered by Ohioans’ strong support for individual freedoms — strong enough, they say, to trump the apparent support for current union rules shown by the landslide defeat of Issue 2....

How would being a right-to-work state help Ohioans?  Have you seen homes being built in the area?  Who is doing the brick work, carpentry, drywall, and roofing?  They are not workers from central Ohio.  The workers that some of the builders bring in are paid so low that some of the workers stay in the homes to sleep.  What wages are paid to these workers that even some builders find unsatisfactory?  How much more money do builders and contractors need for profits that they (some) import workers, and pay them low wages?