General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRonald Reagan’s budget director: Romney Is NO Job Creator-He Is A GAMBLER In A Rigged Market
Mitt Romney: The Great Deformer
Oct 15, 2012 1:00 AM EDT
Is Romney really a job creator? Ronald Reagans budget director, David Stockman, takes a scalpel to the claims.
Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bains billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
.................
......... Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned wayout of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn roll-ups, and then deliver them back to Wall Street for resalethe faster the better.
.......................
The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the funds profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gainthe Italian Jobamounted to a veritable freak of financial nature.
In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.
..............
REALLY XLNT TAKE DOWN!!!
LOTS MORE INFO:
PLEASE SHARE THIS -probably most thorough description of the VULTURE that Romney Truly is:
http://www.thedailybeast.com/newsweek/2012/10/14/david-stockman-mitt-romney-and-the-bain-drain.html
madrchsod
(58,162 posts)the republican party has moved so far to the right ronny would`t stand a chance.
Art_from_Ark
(27,247 posts)There is a reason why he's still revered as a "saint" within his party, and Eisenhower gets barely a mention.
LTR
(13,227 posts)At least Reagan was willing to work across the aisle with guys like Tip O'Neil.
Like his policies or not, Reagan was likeable, as he really understood the essence of communication and persuasion. He was als an oprimist, and that inspired people. Clinton knew this too. So does obama. Today's Reagan disciples don't get it. They're all mean, negative and narcissistic. As a result, they're creating a hate-filled society. Reagan would never approve.
nenagh
(1,925 posts)..."Romney was not a businessman, he was a master financial speculator"..
That language we can easily understand.. Thanks, kpete
kpete
(72,014 posts)"language we can easily understand.."
7 commercials can be made from this, easily
peace, kpete
tblue
(16,350 posts)The article is a gold mine!
mojowork_n
(2,354 posts)...but didn't find it already posted, although I may have used the wrong terms.
http://www.progressive.org/romney-would-ship-jobs-overseas
There has been precious little discussion in the media on one of the most dangerous and devastating features of the Romney-Ryan tax plan: the complete elimination of taxes on the overseas operations of U.S. corporations.
The Romney home page calls for the nation to switch to a territorial tax system, which translates into an end to taxation of the profits piled up offshore by American-based corporations. This radical step would create huge incentives to ship U.S. jobs overseas, where they would never face U.S. taxes, and to manipulate corporate earnings reports to claim that profits generated in the U.S. were actually produced offshore.
How much worse can things get? The U.S. recently finished a decade (2000-10) where it witnessed major U.S. corporations vaporizing 2.9 million jobs in America while displaying their prowess as conservative-deified job creators outside the U.S., where they chose to set up 2.4 million new jobs, according to the Wall St. Journal (4/19/11)....
...Tax expert David Cay Johnston, Reuters correspondent and author of the just-published Fine Print: How Big Companies Use Plain English to Rob Us Blind, warns, The Romney-Ryan plan would insure that any profits created offshore by U.S. corporations would never be taxed by the U.S. government. This would create a tremendous incentive to move more and more U.S. jobs overseas to escape taxes on the profits that foreign workers produce for them.
Too many low information voters still think R's are in some magical way, more deft, shrewd or practical, when it comes to the economy.
But it's a Big Lie.
Edit Afterthought:
The math is there, the job numbers don't lie and the concept is easy to follow.
This one doesn't even depend on 'easy to follow' language and that's probably
a good thing. Some "low information voters" don't follow politics and don't always
vote because they're turned off by all the back-and-forth snark and contempt.
This part of the R-R tax/budget plan deserves way more attention than it's getting.
allan01
(1,950 posts)ronald regoan perverted my chuch. and was sponsered by big oil . esp : ghetty oil of ca . he was run into the governor ship of ca and look at the mess we are in now . he was also sponsered by said same oil company, and he ruined the country and set the stage for obama to fix it, along w other good democrats. if we have romney, the stage is set for total ruin and we have our selves to blame .i am happy to see 3 true balanced budgets in this country under a sitting president . carter . clinton . and obama .(this is work in progeress). dont know about kenedy as i was very young at that time . i pray and hope we dont vote stupid again.
Can someone post this on FB?
dougshreff
(12 posts)Blue Owl
(50,494 posts)n/t
Lucinda
(31,170 posts)JaneQPublic
(7,113 posts)The Magistrate
(95,255 posts)"Romney loves America like a tick loves a dog.
elleng
(131,105 posts)HOPE my family-in-law, and some misguided high school classmates, will see it.
mnhtnbb
(31,402 posts)WinkyDink
(51,311 posts)mnhtnbb
(31,402 posts)cojoel
(957 posts)Just rode in, looted one place after another, and left.
WinkyDink
(51,311 posts)Haywood Brothers
(19 posts)...to the Reaganites until he saw how the whole trickle-down program was just a cover story enabling Wall Street to do exactly what Mitt and his minions went and did.
tallahasseedem
(6,716 posts)talking about this, especially on CNBC.
bluesbassman
(19,379 posts)Romney started on third base and thought he hit a triple. Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses.
WinkyDink
(51,311 posts)mnhtnbb
(31,402 posts)Never ask a question unless you know how it will be answered.
Martin Eden
(12,875 posts)HooptieWagon
(17,064 posts)Waiting For Everyman
(9,385 posts)aint_no_life_nowhere
(21,925 posts)The sealed complaint was finally made public last week. This could be big and according to some legal experts could forever change the way leveraged buy-outs take place. The alleged bid rigging took place just one year after Romney stepped down as Bain's President but I'll bet they find out the criminal activity took place even during his tenure.
http://www.democraticunderground.com/10021535466
LeftInTX
(25,551 posts)would fall for a JP Morgan, JD Rockefeller, gambler, Bernie Madoff or whatever you want to call this swindler.
In other words:
They want to elect the guy that owns the bank?
colsohlibgal
(5,275 posts)The highest marginal income tax rate every year Eisenhower was president was either 91 or 92%. Ike was. of course a republican. Now the democrats, if they had all the power, would not raise it to even half that.
Stockman is hardly the only old school republican to split with the new, now far right, republican party. Barry Goldwater hated the new breed and others like John Danforth, John Dean, and Craig Paul Roberts, have no use for them either.
In simplest terms the democrats are largely now the new republicans and the republicans are about as right as you can get.
Clever manipulation of low info citizens has worked. If you doubt the low info part watch some old Jay Leno "Jaywalking" bits.
Thinkingabout
(30,058 posts)It is on the Democrats to get out and vote to prevent a disaster. I can see Romney getting his hands on as much as possible and running to the Caymans. He is a thief.
David Zephyr
(22,785 posts)Yeah!
AikidoSoul
(2,150 posts)...thank you.