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Deregulation to blame for factories moving

Published: September 21, 2012
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In response to Dee Rensch (Your Views, Sept. 7), factories began moving out during Ronald Reagan's presidency, but what had the most negative affect was the deregulation of the Glass-Steagall Act of 1933. It set up government agencies to protect the consumer from having to endure out-of-control businesses. The Interstate Commerce Commission, Federal Trade Commission and Securities and Exchange Commission were affected by the deregulation of railroads in 1976, the airlines in 1978 and telecommunications in 1996. The Gramm-Leach-Bliley Act of 1999 sealed the deal.

Rural communities were affected first as these deregulations stopped railroads, cable TV and telephone companies from providing services. Under the guise of more competition and lower prices, these laws made it possible for big businesses to buy up smaller ones and essentially have a monopoly. Seventy years later we're back where we started — millions unemployed, stocks worthless and six years of tax loss.

Tim Day, Norman