This is why I can't stomach people saying "he's a jobs creator, he's a GREAT businessman"....
Here is a link that might be useful: Link
For those that won't open links, this is David Stockman , Republican and Director of Management and Budget under Reagan saying this.
From the Article.
"Except 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 wayÃ¯Â¿Â½out 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 resaleÃ¯Â¿Â½the faster the better.
That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldnÃ¯Â¿Â½t be much scope for it because it creates little of economic value. But we have a rigged systemÃ¯Â¿Â½a regime of crony capitalismÃ¯Â¿Â½where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance."
I don't feel that vulture (or venture) capitalism is great business, and I know it doesn't create jobs, as we think of them.
This was a great article about what it is Romney actually does in business. I think David or someone else actually posted an excerpt from it just recently. The thread didn't seem to garner much attention.
Thanks for bringing it up again, Silver. Maybe the second time will be the charm?
I've read this about Mitt before, and understood about his DIRTY dealings. Yet, many are living in fantasyland thinking that Romney's business acumen (ahemmm)will rub off on them and they will be in the 1%.
There are very few people who work their way up to the 1%. Much of it is pure luck, opportunity, and having NO CONSCIENCE.
I forgot how untrustworthy I've shown myself to be :) Thank you Chloe!!
Here's another excerpt from David Stockman , Republican and Director of Management and Budget under Reagan:
"In truth, LBOs are capitalisms natural undertakers vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.
The waxing and waning of the artificially swollen LBO business has been perfectly correlated with the bubbles and busts emanating from the Fed so timing is the heart of the business. In that respect, Romneys tenure says it all: it was almost exactly coterminous with the first great Greenspan bubble, which crested at the turn of the century and ended in the thundering stock-market crash of 2000-02. The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.
Needless to say, having a traders facility for knowing when to hold em and when to fold em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate. Indeed, the next presidents overriding task is restoring national solvency an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require "fairness" as a defining principle. And thats why heralding Romneys record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
I posted this the other day, and it bears repeating*. Leveraged buyout specialists are the blood-sucking scum of the capitalist world, pretending that "creative destruction" is some great thing when in fact its nothing more than looting.
And why anyone thinks they know how to 'create jobs' unless its to build their own car elevators or detail the fleet of Caddies when the Mrs comes to town, I just don't get it.
Why doesn't someone ask ol' Mitt how many jobs he's busy creating now with his 20 million a year in income, paying 14% tax? Say, in the last ten years?
Gingrich said about as much!
More than once, Joe, as I recall. He had several points to make about Mitt that should not be forgotten.
Not that Gingrich was a bastion of wisdom but Gingrich's warning re: Romney didn't require "insight", it only required a watchful eye.
Makes no difference, that Romney is such a "knowledgeable and wonderful and experienced businessman!" has nothing to do with it.
He is the GOP contender and that makes him qualified enough to get the vote from almost every conservative minded voter in this forum. Had the 999 pizza guy won I feel completely assured that the conservatives in this forum would have supported him over the President, too.
I find that to be very sad and it's is not coming from a snarky place.
What a people we have evolved into, 'eh.
Love the bears repeating!