Sure, Obama’s totally in Wall Street’s pocket. But Mitt Romney is Wall Street. Hopefully, Romney’s event here in Boston will go as well as the last two here (Kerry and Dukakis).
Showing posts tagged mitt romney
I bet Mitt Romney goes to bed each night and cries because he is Mitt Romney.
I’m pretty sure Mitt has people that can do that for him.
It’s Even Worse Than It Looks - Thomas E. Mann and Norman J. Ornstein
I did not know this. Incidentally, Edward Conard has a new book out about how great inequality is, and why we need more of it. He sounds kind of like a sociopath to me.
“As you come here and you see the G.D.P. per capita, for instance, in Israel which is about $21,000, and compare that with the G.D.P. per capita just across the areas managed by the Palestinian Authority, which is more like $10,000 per capita, you notice such a dramatically stark difference in economic vitality,” he said.
Mitt Romney as quoted in the NY Times. A senior aide for Mahmoud Abbas of the Palestinian Authority had this to say,
“It is a racist statement and this man doesn’t realize that the Palestinian economy cannot reach its potential because there is an Israeli occupation,” Mr. Erekat said. “It seems to me this man lacks information, knowledge, vision and understanding of this region and its people.”
But he was also wrong about the G.D.P. per capita,
In fact, according to an estimate by the Central Intelligence Agency, in 2009 Israel had a per capita G.D.P. of roughly $29,800, while in 2008 — the last year the C.I.A. has numbers on their Web site for the Palestinians — the per capita G.D.P. of the West Bank and Gaza was $2,900.
Please don’t vote for this man.
At some point I will stop being continually amazed at how low Mitt Romney is willing to sink to buy his way into the White House. In any event, the New York Times rather acidly notes:
On Monday afternoon, Romney campaign officials did not respond to a query about whether Mr. Romney believes that the blockade of Gaza or trade restrictions in the West Bank have had any dampening effect on economic activity in those areas.
Hopefully the fact that Obama pretty much has no choice but to run on trashing Bain Capital starts getting people aware of what exactly it is that people like Mitt Romney do to make themselves rich. They find one scheme or another to keep the rewards for themselves while sticking others with the risks. Private equity is just one of the variations on this basic concept.
I Think People Are Finally Starting to Figure Out What Private Equity Is, And Why It’s Bad for the 99%
It’s nice that Mitt Romney is getting some scrutiny over his business career, because it’s a good opportunity for the people to learn how private equity works, and how it serves the interest of the 1% at the expense of the 99%. I mean, you’ve got Barack Obama’s Tumblr page posting this quote:
When you’re president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot… And so if your main argument for how to grow the economy is ‘I knew how to make a lot of money for investors,’ then you’re missing what this job is about.
Which is a lot less of leftist polemic than I’d put it, but pretty decent for the Democrats of today. And we’ve got Andrew Sullivan printing a couple reader emails that actually manage to correctly lay out what the heart of the matter is, and why private equity is pretty much a scam run by the investor class to increase their share of the returns from business. The first:
You take the Cash Cow, paying, say, 30% in taxes, and use various strategies to drive the tax rate to near-zero without killing the cash flow. Then you pocket the 30%, and the investors pay lower capital gains and “carried interest” tax rates on those extracted “tax savings.”
For roughly half of the companies receiving this “operation” will die because of the high debt and other obligations brought on by the Tax Arbitrage strategy. But you, the equity capital firm, get your investment out early. Half of the companies will prosper under this treatment (though not for existing employees who are outsourced or downsized), and you flip those to new owners for huge profits, taxed at capital gains rates.
And the second:
Dividend recapitalization is the most insidious subset of financial engineering - the owners take out a loan backed by the assets of the company and use the proceeds from the loan to write themselves a dividend check of roughly the same amount. The company is again forced to focus all of its attention on servicing this new debt, frequently groaning under the pressure. When it fails in that mission and tumbles into bankruptcy, the private equity backers toss the keys to the creditors and walk away, having already recouped most, if not all (or, in some cases, many multiples of all) of their investment. Loans are, fundamentally, supposed to be used to boost investment in productive enterprises, but in this case, the financial/private equity industry has bastardized that premise to funnel money away from productive uses and straight into their coffers.
I think that not only is this a perfectly fair thing to take Mitt Romney to task for, but it’s also a great excuse for us to look at how the 1% manipulate the system for their own benefit. Something the Democrats always seem to stop short of doing, lest they look like they’re engaging in class war and offend their big money donors.
If you’re the sort that really wants to dig deeper into the matter, Mike Konczal has a great post looking at the issues with private equity discussed above, and how they interact with each other. I hope more people start to make similar arguments. Not only is it good to help keep a cretin like Mitt Romney out of power, but we should start looking at how certain practices in the finance industry affect the rest of us, and what we can do about it. Because you know for damn sure the people who are gaming the system know what they’re doing, and are counting on the rest of us not figuring it out.
Mitt Romney returned from a three-week spring break in 1965 to resume his studies as a high school senior at the prestigious Cranbrook School. Back on the handsome campus, studded with Tudor brick buildings and manicured fields, he spotted something he thought did not belong at a school where the boys wore ties and carried briefcases. John Lauber, a soft-spoken new student one year behind Romney, was perpetually teased for his nonconformity and presumed homosexuality. Now he was walking around the all-boys school with bleached-blond hair that draped over one eye, and Romney wasn’t having it.
“He can’t look like that. That’s wrong. Just look at him!” an incensed Romney told Matthew Friedemann, his close friend in the Stevens Hall dorm, according to Friedemann’s recollection. Mitt, the teenaged son of Michigan Gov. George Romney, kept complaining about Lauber’s look, Friedemann recalled.
A few days later, Friedemann entered Stevens Hall off the school’s collegiate quad to find Romney marching out of his own room ahead of a prep school posse shouting about their plan to cut Lauber’s hair. Friedemann followed them to a nearby room where they came upon Lauber, tackled him and pinned him to the ground. As Lauber, his eyes filling with tears, screamed for help, Romney repeatedly clipped his hair with a pair of scissors.
The more I know about Mitt Romeny, the less I like him. And it was 2005 or so, back when he was governor of Massachusetts, and he used his line-item veto power to cut funding for LGBT suicide-prevention programs in schools, that I declared that if one were to look up “colossal douchbag” in the dictionary, it would be a picture of Mitt Romney. Seven years later, it’d be hard work for him to get back up to that level.
Mitt Romney (in January) arguing that poor mothers should be forced to work outside the home or lose welfare assistance.
So remember kids, Moms should be able to make the choice to stay at home… as long as they’re rich.
As is always the case with plutocrats like Mitt Romney, his basic philosophy boils down to “one law for them and another one for us.”