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.
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