Wednesday, 07 March 2012

Comments (1)

  • TheSutraDude

    i didn't watch the videos and maybe these little details were mentioned:while Romney was Governor, Massachusetts had the worst job creation record in the nation. while he was head of Bain Capital Ventures they took over a steel company in Kansas. the company was gutted and eventually shut down. the loss of jobs extended to companies that relied on the steel company. the clincher was Bain executives pocketed the pension funds of the company and because of the State's pension guarantee the taxpayers of Kansas got stuck with the bill to reimburse those who were due pensions.

    Romney loves to say the purpose of Bain and companies like it is to create jobs but nothing could be further from the truth. what these companies do is referred to as "vulture capitalism" for a reason. they find companies that are struggling, promise them the world but in the end gut them for profit. whether the company survives or not is incidental. it's the world of mergers and acquisitions (M&A) and is somewhat depicted in the movie Wall Street. i say somewhat because in the movie Gordon Gecko was depicted as a lone wolf. 

    based on the ideology of the "free market" Romney was against (he took out a full page editorial in the New York Times at the time) the federal loan to GM. he later claimed Obama's plan was his idea but since has again been saying it was not the right thing to do. holy crap. even GM's competition, the Ford Motor Company was behind Obama's plan to help GM. the reason for that was Ford knew if GM went under many related suppliers and service companies would have gone under with it and Ford relied on these same companies. this would have been a tremendous economic disaster all around in and already disaster-laden economy. the President's decision was common sense over Romney's ideology. it's ironic Romney recently bragged his wife owns two Cadillacs. if Romney's plan was followed she would more likely own two Mercedes right now....not that there's anything wrong with that. Romney claimed GM should have been allowed to fail and go through bankruptcy court to allow another company to rescue it. the gaping hole in that logic was, there was not one company standing in line to rescue GM and here's another clincher. Bain Capital Ventures refused to touch any possibility of a deal there. 

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