Former Republican Budget Director for Ronald Reagan told the truth about what Romney did at Bain Capital on the Fox Business Channel. I'm sure he won't be back and this will never be seen on FoxNews. But we need to push on this idea. Romney stripped companies of cash to make his fortune and the workers be damned was his life-time philosophy. He was not in the business of creating jobs; he was in the business of looting companies to enrich himself.
And watch the Dems who attack that idea like Booker. They are turncoat Dems. Remember who they are. The Dem Party needs to be about the 99%.
David Stockman: On the other hand, I don’t think Mitt Romney can legitimately say that he learned anything about how to create jobs in the LBO business. The LBO business is about how to strip cash out of old, long-in-the-tooth companies and how to make short-term profits.(For those who are unfamilar with the term, LBO means Leveraged Buy Out.)
[Then all the Fox commentators freak out and start talking over him]
[Finally one askes a "question" that is actually a pro-Romney line]: But he had so many new jobs created for all the jobs that were lost, it was a net gain, no?
David Stockman: I don’t think so. All the jobs that he talks about came from Staples. That was a very early venture stage deal that they got out of long before it got to its current size.
This meme needs to spread. People need to think of Romney and the job destruction of the last decades, the impovrishing of the middle class. Romney made 100s of millions while workers lost jobs.
Mitt Romney is the face of late 20th century American capitalism. He exemplifies the destruction of the middle class.