Monday, November 5, 2012


112 yr. old business fails to survive Obama era regulations
GOP USA – Michael Rubinkam – 11/5/2012

Though domestic production has ticked up recently, more than 97 percent of the 19 billion pieces of apparel sold in the United States last year were made somewhere else, primarily in China and other Asian nations, according to Labor Department data compiled by the American Apparel & Footwear Association. Employment has declined 75 percent since the late 1990s, from 621,000 jobs in 1998 to 151,800 today.

"Very quickly it became clear that new regulations that were being placed on banks were crippling banks' ability to do business, and it didn't take along for that to rumble right down and hit us square in the face," he said.
Meck's lament about tightened credit is a common one among small- and medium-sized manufacturers, said Chad Moutray, chief economist for the National Association of Manufacturers.
"Many of them have complained to me that the standards for borrowing have become a lot more strict since the recession," said Moutray, formerly chief economist of the Small Business Administration. "It's much tougher to get a loan today than it was in the past."
Banking industry veteran Bob Seiwert agreed that lending standards have made it more difficult to get a loan, but he said banks are eager to lend to viable firms, and are even sacrificing on terms because demand is weak.
Northwoods Patriots - Standing up for Faith, Family, Country -

No comments:

Post a Comment