A Monday Morning Rant -- Regulation and Enforcement Advocacy
Commentary by David
Friesner
07/21/2008
Having read the morning’s Columbus Dispatch, one of the first headlines was about the financial troubles of the mortgage industry and the two largest lenders about to topple. I read on and there was a quote from Rep Barney Frank, the chairman of the House Banking committee. He states that in 1999 the strict rules were changed to allow sub prime loans and other quasi-legal activities that have contributed to the mess we are in right now. We can compare this to letting a child guard a plate of cookies, knowing full well what will happen. This situation is so bad that Ben Bernanke, conservative head of the Federal Reserve, is calling for “more robust framework” to help regulate this industry.
And on the op-ed page there was an article by Robyn Blummer about the meatpacking industry and their use of illegals. Although she only uses Agriprocessors as an example, this practice is widespread. I read an article a few weeks ago that stated the meatpacking industry would collapse without illegals because no Americans would do the job. I agree that we would not do the job under the conditions that they use on these people.
Agriprocessors was raided in May and over 1/3 of its employees were detained. But the bad part was the conditions these people were forced into. They were paid $5 or less per hour. At least one supervisor sold them used cars that they had to buy in order to keep their jobs. If they wanted safety equipment such as rain suits to protect them from the caustic chemicals they were using, they were charged exorbitant prices for them. The company officials deny any knowledge of the illegals or any of these practices but in 2006 they were notified by Social Security of irregularities. These officials need to be prosecuted and sent to prison where they will be afraid to sleep at night, not some country club. If enough of these employers are prosecuted the illegal problem will disappear.
The OARA works to provide us with retirement security. These domestic security issues keep surfacing over and over. Whether it is banking and finance or the issue of immigration and wage and hour compliance, we need an administration willing to enforce the rules. Unfettered free markets and business continue to undermine our security and peace of mind.
07/21/2008
Having read the morning’s Columbus Dispatch, one of the first headlines was about the financial troubles of the mortgage industry and the two largest lenders about to topple. I read on and there was a quote from Rep Barney Frank, the chairman of the House Banking committee. He states that in 1999 the strict rules were changed to allow sub prime loans and other quasi-legal activities that have contributed to the mess we are in right now. We can compare this to letting a child guard a plate of cookies, knowing full well what will happen. This situation is so bad that Ben Bernanke, conservative head of the Federal Reserve, is calling for “more robust framework” to help regulate this industry.
And on the op-ed page there was an article by Robyn Blummer about the meatpacking industry and their use of illegals. Although she only uses Agriprocessors as an example, this practice is widespread. I read an article a few weeks ago that stated the meatpacking industry would collapse without illegals because no Americans would do the job. I agree that we would not do the job under the conditions that they use on these people.
Agriprocessors was raided in May and over 1/3 of its employees were detained. But the bad part was the conditions these people were forced into. They were paid $5 or less per hour. At least one supervisor sold them used cars that they had to buy in order to keep their jobs. If they wanted safety equipment such as rain suits to protect them from the caustic chemicals they were using, they were charged exorbitant prices for them. The company officials deny any knowledge of the illegals or any of these practices but in 2006 they were notified by Social Security of irregularities. These officials need to be prosecuted and sent to prison where they will be afraid to sleep at night, not some country club. If enough of these employers are prosecuted the illegal problem will disappear.
The OARA works to provide us with retirement security. These domestic security issues keep surfacing over and over. Whether it is banking and finance or the issue of immigration and wage and hour compliance, we need an administration willing to enforce the rules. Unfettered free markets and business continue to undermine our security and peace of mind.