Rachel Maddow: Corporations Are "Child Labor-Endorsing, Pro-Slavery Freaks" for Trying to Skirt Trade Laws
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The following is excerpted from the Nov 10 Transcript of the Rachel Maddow Show on MSNBC.
Rachel Maddow: The new rules for Wall Street and the banks will also create a consumer financial protection agency. So in the same way that regulation keeps off the market things that, when used as directed, have a good chance of killing you, things like long darts, or cars with the fuel tank right next to the bumper.
A consumer financial protection agency would keep off the markets, say, really bad mortgages that, when used as directed, are likely to blow up in your face as well. Are these bills from Barney Frank and Chris Dodd the end-all, be-all for Wall Street rules? Will these prevent the shunting of all the financial risk on to the public while those doing the shunting never personally risk anything more than drowning in their own bonus money?
I don‘t know. Surely, these bills aren‘t perfect, but they are a start. And so, of course, the opposition is already lined up and ready to do anything they can to protect themselves and their profits and their profligate risk from any new constraints.
You know, since the last period of them not having rules worked so well for them. The New York Times noting that even before the new regulation bill was unveiled today, quote, “It had encountered sharp resistance from Republicans and powerful business interests in Washington. Mr. Dodd has yet to produce the Republican who supports his plan. Moreover, several provisions will probably be opposed by moderate and conservative Democrats with ties to various industry groups that have raised objections to the measure.”
Even though the country just barely survived the disaster that the financial industry got us into, I supposed that it‘s inevitable that that industry would even now fight new regulations designed to stop that from happening again.
But as Republicans and conservative Democrats in Congress start lining up with corporate America and against new regulations now, consider the alliance that they are making.
Populist columnist David Sirota today made this catch from the business newsletter “Inside U.S. Trade.” This is a D.C.-based publication on trade issues. It‘s especially for people in international business.
What else are business groups worried about and lobbying against other than the new Wall Street regulations? I wouldn‘t believe this if I had not seen it for myself.
But check this out, quote, “Business groups are worried by the potential effects of provisions banning the import of all goods made with convict labor, forced labor or forced or indentured child labor that were included in a recent customs bill. American business groups are concerned, upset.” “Worried” was the actual phrase, worried about laws against using slaves and child labor.
Quote, “Business sources say the bill could cause DHS to more actively seek out imported products made with child labor, forced labor or convict labor.”
Oh, no. How will the corporations save themselves from that onerous rule that you can‘t use slaves and prisoners and children to make your products if you want to sell that product in the United States? Darn that liberal red tape.
Quote, “Sources conceded that this was a sensitive issue because industry groups do not want to be seen as opposing strict measures guarding against human rights abuses. However, one source did expect a push from lobbyists closer to the finance committee mark-up of the bill.”
Wow. I‘m guessing that business interests are OK with something like this being discussed in a subscriber-only industry newsletter publication like “Inside U.S. Trade.” I‘m guessing they might not want to let it become widely known that they are lobbying to stop rules against slavery.