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kpete

(71,996 posts)
Mon Oct 15, 2012, 09:48 AM Oct 2012

Ronald Reagan’s budget director: Romney Is NO Job Creator-He Is A GAMBLER In A Rigged Market

Mitt Romney: The Great Deformer
Oct 15, 2012 1:00 AM EDT
Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.

Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.

.................

......... Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

.......................


The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.

In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.

..............

REALLY XLNT TAKE DOWN!!!
LOTS MORE INFO:
PLEASE SHARE THIS -probably most thorough description of the VULTURE that Romney Truly is:
http://www.thedailybeast.com/newsweek/2012/10/14/david-stockman-mitt-romney-and-the-bain-drain.html

37 replies = new reply since forum marked as read
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Ronald Reagan’s budget director: Romney Is NO Job Creator-He Is A GAMBLER In A Rigged Market (Original Post) kpete Oct 2012 OP
today reagan could`t be elected to a dog catcher if he had to run on this record madrchsod Oct 2012 #1
Ronnie's the one who got this crap going into high gear Art_from_Ark Oct 2012 #13
Reagan would think these people invoking his name are completely nuts LTR Oct 2012 #15
(he)..."bought, sold, flipped and stripped businesses." nenagh Oct 2012 #2
thats why it is such a great article kpete Oct 2012 #3
7 commercials and Obama debate retorts tblue Oct 2012 #4
Here's another one, even though it's 3 weeks old. I did a search... mojowork_n Oct 2012 #28
re:Ronald Reagan’s budget director: Romney's NO Job Creator-He Is A GAMBLER In A Market Rigged To Ri allan01 Oct 2012 #5
K & R AzDar Oct 2012 #6
K & R spartan61 Oct 2012 #7
Spam deleted by CaliforniaPeggy (MIR Team) dougshreff Oct 2012 #8
K&R HopeHoops Oct 2012 #9
K&R for Mitt the Gambling Mormon Blue Owl Oct 2012 #10
Thanks! Taking this to Face Book for my Rep friends Lucinda Oct 2012 #11
Romney is the problem, not the solution. (nt) JaneQPublic Oct 2012 #12
Looking For The Pigs In Flight, Ma'am: Mr. Stockman Is Right.... The Magistrate Oct 2012 #14
K & R! dchill Oct 2012 #16
Face-booked. elleng Oct 2012 #17
Posted to fb. No wonder many Republicans are refusing to vote for Romney. mnhtnbb Oct 2012 #18
Where is that claim from? WinkyDink Oct 2012 #24
Google is your friend. See what you find. mnhtnbb Oct 2012 #32
I think he was a pirate cojoel Oct 2012 #19
The analogy, or, rather, the fact, is that MR is the Mob. WinkyDink Oct 2012 #25
Funny how Stockman was a hero... Haywood Brothers Oct 2012 #20
This guy needs to be out there... tallahasseedem Oct 2012 #21
Great find kpete! bluesbassman Oct 2012 #22
THIS is Obama's home-run query: "What, where, and how many jobs did Bain Capital create under YOU?" WinkyDink Oct 2012 #23
No. That just gives him an opening to make outrageous claims and lies. mnhtnbb Oct 2012 #33
Thanks for posting this! n/t Martin Eden Oct 2012 #26
He runs a Wall St chop-shop. nt HooptieWagon Oct 2012 #27
K&R Waiting For Everyman Oct 2012 #29
Bain Capital being sued for anti-trust violations and rigged bidding aint_no_life_nowhere Oct 2012 #30
I can't believe that Americans LeftInTX Oct 2012 #31
So Under Reported: The Political Baseline's Sharp Move To The Right colsohlibgal Oct 2012 #34
The best predictor of future behavior is past behavior. Thinkingabout Oct 2012 #35
What a great line! David Zephyr Oct 2012 #36
Great article from a known Republican economic expert --- skewering RobMe AikidoSoul Oct 2012 #37

madrchsod

(58,162 posts)
1. today reagan could`t be elected to a dog catcher if he had to run on this record
Mon Oct 15, 2012, 10:02 AM
Oct 2012

the republican party has moved so far to the right ronny would`t stand a chance.

Art_from_Ark

(27,247 posts)
13. Ronnie's the one who got this crap going into high gear
Mon Oct 15, 2012, 11:06 AM
Oct 2012

There is a reason why he's still revered as a "saint" within his party, and Eisenhower gets barely a mention.

LTR

(13,227 posts)
15. Reagan would think these people invoking his name are completely nuts
Mon Oct 15, 2012, 11:08 AM
Oct 2012

At least Reagan was willing to work across the aisle with guys like Tip O'Neil.

Like his policies or not, Reagan was likeable, as he really understood the essence of communication and persuasion. He was als an oprimist, and that inspired people. Clinton knew this too. So does obama. Today's Reagan disciples don't get it. They're all mean, negative and narcissistic. As a result, they're creating a hate-filled society. Reagan would never approve.

nenagh

(1,925 posts)
2. (he)..."bought, sold, flipped and stripped businesses."
Mon Oct 15, 2012, 10:07 AM
Oct 2012

..."Romney was not a businessman, he was a master financial speculator"..

That language we can easily understand.. Thanks, kpete

kpete

(71,996 posts)
3. thats why it is such a great article
Mon Oct 15, 2012, 10:16 AM
Oct 2012

"language we can easily understand.."

7 commercials can be made from this, easily

peace, kpete

mojowork_n

(2,354 posts)
28. Here's another one, even though it's 3 weeks old. I did a search...
Mon Oct 15, 2012, 02:40 PM
Oct 2012

...but didn't find it already posted, although I may have used the wrong terms.

http://www.progressive.org/romney-would-ship-jobs-overseas

There has been precious little discussion in the media on one of the most dangerous and devastating features of the Romney-Ryan tax plan: the complete elimination of taxes on the overseas operations of U.S. corporations.

The Romney home page calls for the nation to “switch to a territorial tax system,” which translates into an end to taxation of the profits piled up offshore by American-based corporations. This radical step would create huge incentives to ship U.S. jobs overseas, where they would never face U.S. taxes, and to manipulate corporate earnings reports to claim that profits generated in the U.S. were actually produced offshore.

How much worse can things get? The U.S. recently finished a decade (2000-10) where it witnessed major U.S. corporations vaporizing 2.9 million jobs in America while displaying their prowess as conservative-deified “job creators” outside the U.S., where they chose to set up 2.4 million new jobs, according to the Wall St. Journal (4/19/11)....

...Tax expert David Cay Johnston, Reuters correspondent and author of the just-published Fine Print: How Big Companies Use ‘Plain English’ to Rob Us Blind, warns, “The Romney-Ryan plan would insure that any profits created offshore by U.S. corporations would never be taxed by the U.S. government. This would create a tremendous incentive to move more and more U.S. jobs overseas to escape taxes on the profits that foreign workers produce for them.”


Too many low information voters still think R's are in some magical way, more deft, shrewd or practical, when it comes to the economy.

But it's a Big Lie.

Edit Afterthought:

The math is there, the job numbers don't lie and the concept is easy to follow.

This one doesn't even depend on 'easy to follow' language and that's probably
a good thing. Some "low information voters" don't follow politics and don't always
vote because they're turned off by all the back-and-forth snark and contempt.

This part of the R-R tax/budget plan deserves way more attention than it's getting.

allan01

(1,950 posts)
5. re:Ronald Reagan’s budget director: Romney's NO Job Creator-He Is A GAMBLER In A Market Rigged To Ri
Mon Oct 15, 2012, 10:22 AM
Oct 2012

ronald regoan perverted my chuch. and was sponsered by big oil . esp : ghetty oil of ca . he was run into the governor ship of ca and look at the mess we are in now . he was also sponsered by said same oil company, and he ruined the country and set the stage for obama to fix it, along w other good democrats. if we have romney, the stage is set for total ruin and we have our selves to blame .i am happy to see 3 true balanced budgets in this country under a sitting president . carter . clinton . and obama .(this is work in progeress). dont know about kenedy as i was very young at that time . i pray and hope we dont vote stupid again.

The Magistrate

(95,247 posts)
14. Looking For The Pigs In Flight, Ma'am: Mr. Stockman Is Right....
Mon Oct 15, 2012, 11:08 AM
Oct 2012

"Romney loves America like a tick loves a dog.

Haywood Brothers

(19 posts)
20. Funny how Stockman was a hero...
Mon Oct 15, 2012, 12:00 PM
Oct 2012

...to the Reaganites until he saw how the whole trickle-down program was just a cover story enabling Wall Street to do exactly what Mitt and his minions went and did.

bluesbassman

(19,374 posts)
22. Great find kpete!
Mon Oct 15, 2012, 12:26 PM
Oct 2012

Romney started on third base and thought he hit a triple. Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses.

 

WinkyDink

(51,311 posts)
23. THIS is Obama's home-run query: "What, where, and how many jobs did Bain Capital create under YOU?"
Mon Oct 15, 2012, 12:35 PM
Oct 2012

mnhtnbb

(31,392 posts)
33. No. That just gives him an opening to make outrageous claims and lies.
Mon Oct 15, 2012, 03:53 PM
Oct 2012

Never ask a question unless you know how it will be answered.

aint_no_life_nowhere

(21,925 posts)
30. Bain Capital being sued for anti-trust violations and rigged bidding
Mon Oct 15, 2012, 03:32 PM
Oct 2012

The sealed complaint was finally made public last week. This could be big and according to some legal experts could forever change the way leveraged buy-outs take place. The alleged bid rigging took place just one year after Romney stepped down as Bain's President but I'll bet they find out the criminal activity took place even during his tenure.

http://www.democraticunderground.com/10021535466

LeftInTX

(25,364 posts)
31. I can't believe that Americans
Mon Oct 15, 2012, 03:50 PM
Oct 2012

would fall for a JP Morgan, JD Rockefeller, gambler, Bernie Madoff or whatever you want to call this swindler.

In other words:

They want to elect the guy that owns the bank?

colsohlibgal

(5,275 posts)
34. So Under Reported: The Political Baseline's Sharp Move To The Right
Mon Oct 15, 2012, 03:57 PM
Oct 2012

The highest marginal income tax rate every year Eisenhower was president was either 91 or 92%. Ike was. of course a republican. Now the democrats, if they had all the power, would not raise it to even half that.

Stockman is hardly the only old school republican to split with the new, now far right, republican party. Barry Goldwater hated the new breed and others like John Danforth, John Dean, and Craig Paul Roberts, have no use for them either.

In simplest terms the democrats are largely now the new republicans and the republicans are about as right as you can get.

Clever manipulation of low info citizens has worked. If you doubt the low info part watch some old Jay Leno "Jaywalking" bits.

Thinkingabout

(30,058 posts)
35. The best predictor of future behavior is past behavior.
Mon Oct 15, 2012, 10:20 PM
Oct 2012

It is on the Democrats to get out and vote to prevent a disaster. I can see Romney getting his hands on as much as possible and running to the Caymans. He is a thief.

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