You must Publish this diary to make this visible to the public,
or click 'Edit Diary' to make further changes first.
Posting a Diary Entry
Daily Kos welcomes blog articles from readers, known as diaries. The Intro section to a diary should be about three paragraphs long, and is required. The body section is optional, as
is the poll, which can have 1 to 15 choices. Descriptive tags are also required to help others find your diary by subject; please don't use "cute" tags.
When you're ready, scroll down below the tags and click Save & Preview. You can edit your diary after it's published by clicking Edit Diary. Polls cannot be edited once they are published.
If this is your first time creating a Diary since the Ajax upgrade, before you enter any text below, please press Ctrl-F5 and then hold down the Shift Key and press your browser's Reload button to refresh its cache with the new script files.
ATTENTION: READ THE RULES.
One diary daily maximum.
Substantive diaries only. If you don't have at least three solid, original paragraphs, you should probably post a comment in an Open Thread.
No repetitive diaries. Take a moment to ensure your topic hasn't been blogged (you can search for Stories and Diaries
that already cover this topic), though fresh original analysis is always welcome.
Use the "Body" textbox if your diary entry is longer than three paragraphs.
Any images in your posts must be hosted by an approved image hosting service (one of: imageshack.us, photobucket.com, flickr.com, smugmug.com, allyoucanupload.com, picturetrail.com, mac.com, webshots.com, editgrid.com).
Copying and pasting entire copyrighted works is prohibited. If you do quote something, keep it brief, always provide a link to the original source, and use the <blockquote> tags to clearly identify the quoted material. Violating this rule is grounds for immediate banning.
Be civil. Do not "call out" other users by name in diary titles. Do not use profanity in diary titles. Don't write diaries whose main purpose is to deliberately inflame.
Mitt Romney cut jobs in two key early primary states
Back in the late 1980s and early 1990s, when Mitt Romney was running Bain Capital, and the key primary states of New Hampshire and South Carolina were not yet on his radar in an "I'm running for office, for pete's sake" kind of way, Bain combined the Holson Co. and Burnes of Boston, creating Holson Burnes, a maker of photo albums and picture frames. As the Associated Press reports, Holson Burnes then proceeded to open and shut a plant in South Carolina and to do the same in New Hampshire. Each time, it created, then cut, jobs. In South Carolina, at least, it cut those jobs after having extracted big incentives from the government to open the plant.
But despite the job loss and the plants closed, this wasn't a failure—for Bain, at least:
For Bain, the plan was a financial success: Holson Burnes raised $24 million from its initial public offering on the over-the-counter trading market, with Bain executives retaining the majority of the company's shares. Bain, in the end, reaped more than double the return on its initial investment. But workers were left jobless just as the local economy began to slump.
To create ever-more profit for Bain, Holson Burnes shipped jobs overseas:
By 1992, the company manufactured nearly 75 percent of its photo frames overseas, according to documents filed with the Securities and Exchange Commission. One of the company's clock-making divisions also shipped work overseas from a Rhode Island plant.
Because that's how it worked. Romney may claim that "buying things, taking them apart, closing them down" wasn't how he worked at Bain, but are American workers better off if his version of keeping a business open resulted in the jobs being just as gone as if he had closed it down?