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View Diary: Obama campaign hits Mitt Romney's record at Bain Capital with ad, website (115 comments)

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  •  I heartily begrudge Romney for his record (14+ / 0-)

    at Bain.

    Countries generally create wealth by adding value to products they make or digging it out of the ground and selling more of it to other countries than they buy.

    This behavior rapidly chopped that out of America's economy and gave it to other countries while these businessmen filled their Swiss bank accounts to avoid the taxes for making out like bandits on the backs of the people they employed. To me, it was  more anti-American and immoral than Bernie Madoff because it hurt millions of Americans who unlike most of the Madoff victims, couldn't afford it.

    Now, there's an obvious difference with Madoff. It was legal. But people touting this and defending it as being all about American capitalism, waving the flag as they do crap like this, makes me sick.

    I've been in manufacturing consulting much of my career for decades. I've seen this happen countless times for short term gain by a few and long term pain for the many.

    In my opinion, more than the lack of bank regulations or the flimsy mortgages, this has had a tremendous negative impact on today's American economy. Basically, these businessmen had a fire sale of American businesses and jobs - that had added value and jobs to America for decades. The businessmen doing this made out like bandits and the people who worked in these jobs got ripped off for their pensions, their healthcare  and their way of life.

    Meanwhile, these businessmen tout this as "the great american way" and how patriotic they are. The American way of creating wealth wasn't giving those jobs and businesses away to other countries. Romney et al got stinking rich at the expense of many Americans.

    And some of these businesses were raped of their core - things like R&D, customer service, etc, which bumped their bottom line short term so they could be flipped. The sale price of companies are often a multiple of it's bottom line. So Bain and others chopped the ore and flipped them for a quick buck only to see them go under for the poor suckers who bought them because the core skeleton of the company had been quietly removed. It was a friggin' scam and deceitful - like a used car dealer knowingly selling it with unsafe defects but not telling the buyer.

    I can agree that competitive economic forces for cheaper labor played a significant role and that some of this was inevitable. But some of these guys raped businesses and their employees without any conscience - ruining lives without putting up a fight. I can never applaud them for that. And Bain was right in there do just that.

    •  You said it. (9+ / 0-)

      In the second to last paragraph:

      And some of these businesses were raped of their core - things like R&D, customer service, etc, which bumped their bottom line short term so they could be flipped. The sale price of companies are often a multiple of it's bottom line. So Bain and others chopped the ore and flipped them for a quick buck only to see them go under for the poor suckers who bought them because the core skeleton of the company had been quietly removed. It was a friggin' scam and deceitful - like a used car dealer knowingly selling it with unsafe defects but not telling the buyer.
      The whole thing was a con. It has nothing to do with free markets or enterprise, and everything to do with taking advantage of other people's hard work while you risked literally nothing in the bargain.

      Mitt's team will try and  muddy the factual waters as much as they can and hope its too complicated for voters to get, and then use the strawman that the President has declared war on success to rally voters to his side.

      Their mistake in doing so is that the President and Vice President are much more skilled communicators than Newt and Rick, and that they are now on a way less friendly playing field in the general election.

       

      •  How can Romney refute this when (9+ / 0-)

        a) there are factual cases of where this happened with employees testifying
        b) there are media reports on this
        and maybe most troubling:
        c) look at what others GOP leaders said:

        Very good link on this:
        http://thinkprogress.org/...

        ON HUNTSMAN: “What’s clear is he likes firing people, I like creating jobs.” [1/9/12]

        NEWT GINGRICH: “Those of us who believe in free markets and those of us who believe that, in fact, the whole goals of investment is entrepreneurship and job creation, would find it pretty hard to justify rich people figuring out clever, legal ways to loot out a company.” [1/8/12]

        RICK PERRY: “Now, I have no doubt Mitt Romney was worried about pink slips — whether he was going to have enough of them to hand out because his company, Bain Capital, of all the jobs that they killed. I’m sure he was worried that he would run out of pink slips.” [1/9/12]

        GINGRICH: Bain Capital was a “small group of rich people manipulating the lives of thousands of people, and taking all the money.” [1/9/12]

        PRO-GINGRICH SUPER PAC: “A story of greed, playing the system for a quick buck. A group of corporate raiders led by Mitt Romney, more ruthless than Wall Street. For tens of thousands of Americans, the suffering began when Mitt Romney came to town.” [1/9/12]

        GINGRICH: “I would just say that if Gov. Romney would like to give back all of the money he’s earned from bankrupting companies and laying off employees over his years at Bain, that I would be glad to listen to him.” [12/12/11]

        Can't wait for the Obama ad playing those quotes
    •  Um (0+ / 0-)

      This is simply not true, Pat Buchanan:

      Countries generally create wealth by adding value to products they make or digging it out of the ground and selling more of it to other countries than they buy.
      (1) Farming, mining, and manufacturing are not the only sources of value.  (2) There is no macroeconomic difference between exporting a good that is called money and a good that isn't called money.

      Other than that, the problem wasn't Mitt, it was a system developed by the Republicans and Blue Dogs.

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