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View Diary: Mitt Romney is a 'businessman' like the Hamburglar is a rancher (92 comments)

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  •  "Private Equity" is an abstraction. (6+ / 0-)

    Private equity is no more a real thing than an index future. It isn't anything real, but rather a legal construction that only exists on paper. It is an abstraction based on a real thing. Company stock is a legal construction, not a real physical thing.

    So Mitt Romney is not in a business where one manipulates the physical world. He doesn't actually make anything, or sell something someone else made. He doesn't even offer a service to those who do make things.

    He trades in abstractions. He's no different than a derivatives dealer. It isn't business at all. It is bookmaking.

    •  Private Equity Isn't Magic (1+ / 0-)
      Recommended by:
      The Angry Architect

      One more time...

      When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

      by msmacgyver on Sun May 06, 2012 at 12:11:55 PM PDT

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    •  Yo indeed! (0+ / 0-)

      Right... American innovation is now largely focused on this sort of abstraction via legal construction.

      This "financialization" adds no value,and allows the bankster vampires to suck the life-blood of productive capital out of our economy. How soon before they kill their host?

      Respect for the King Hat!

      The important and difficult job is never to find the right answers, it is to find the right question. For there are few things as useless–if not dangerous–as the right answer to the wrong question. -- P. Drucker

      by The Angry Architect on Sun May 06, 2012 at 05:42:24 PM PDT

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