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  #1  
Old 10-18-2012, 07:10 AM
Franc Tireur Franc Tireur is offline
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Mitt Romney: The Great Deformer

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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.

Nevertheless, Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case – real-world validation that Romney not only was a striking business success but also has been uniquely trained and seasoned for the task of restarting the nation’s sputtering engines of capitalism.

Except 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.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system – a regime of crony capitalism – where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

In truth, LBOs are capitalism’s natural undertakers – vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.

The waxing and waning of the artificially swollen LBO business has been perfectly correlated with the bubbles and busts emanating from the Fed – so timing is the heart of the business. In that respect, Romney’s tenure says it all: it was almost exactly coterminous with the first great Greenspan bubble, which crested at the turn of the century and ended in the thundering stock-market crash of 2000-02. The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.

Needless to say, having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate. Indeed, the next president’s overriding task is restoring national solvency – an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
It worth reading the entire article http://lewrockwell.com/stockman/stockman15.1.html

Interesting to know the real Mitt Romney...
 
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  #2  
Old 10-18-2012, 08:07 AM
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G10 G10 is offline
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Very good article and I never really knew all that about Romneys past.

Though I would say one thing here. Looking at the past of both these guys, which one would you want as President.

Option A: The one that was brought up with anti American beliefs/propaganda and even dislikes his own allies.

Option B: The coldhearted business man that knows when to tear the heart out of a business and still come away with profit.

Granted, one may not exactly warm to either but I am not sure that article actually does Romney much damage as if one is to start comparing pasts, then you need to look at both.

I'm not from the US so it's not my bag but I know which one I would feel safer with.
 
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Old 10-18-2012, 08:17 AM
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I'm not from the US so it's not my bag but I know which one I would feel safer with.
Voting for this guy is NOT an option.
 
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Old 10-18-2012, 08:32 AM
Franc Tireur Franc Tireur is offline
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I wouldn't vote for these guys anyway, both are completly disconnected from the people.
 
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  #5  
Old 10-18-2012, 10:43 AM
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Voting for this guy is NOT an option.
Damn, he's got his own star on the Hollywood walk of fame?

He's seems more qualified than both the candidates!
 
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  #6  
Old 10-18-2012, 09:03 PM
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Frankly, between that, and this (link below), Romney scares the you-know-what right outta me. His ambition is blatant, and that alone is frightening.

http://www.salon.com/2012/01/29/mitt...orse_prophecy/
 
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  #7  
Old 10-18-2012, 09:12 PM
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More frightening than a guy that was mentored by an Anti-American Extremist and kept many "interesting" friends that were quickly dropped when it came to being in power?

I don't care what Romney has in his past, it is going to take some beating to beat Obama's past.

Romney doesn't like the freeloaders and has got into trouble for admiting it in his own way.

I care less for either but I wouldn't want a guy with Anti-British extremist friends/mentors, becoming Prime Minister in my country (UK)
 
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Old 10-18-2012, 10:23 PM
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A guy who just may be seeking to fulfill a prophecy is indeed scarier than just about anything I can think of. And Romney has already stated that he won't repeal the assaults on our civil liberties known as the Patriot Act and NDAA. I don't even want a guy who thinks God put him there wielding that kind of power, thank you very much.

For that matter, I don't want any of them wielding that kind of power. At least the Libertarian has vowed to repeal both. And at long last, a Libertarian has an actual numerical shot at a win, if people voted that way.
 
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Old 10-18-2012, 10:57 PM
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I should add that I'm far more concerned over a mans behavior than I am over his friends. Mr. Romney will, and has, said anything he thinks 'we' want to hear to get elected. It's blatant, and he's assuming 'we' no longer pay attention. Which looks more and more correct with each passing day.


It was meant to be an edit to my previous, but a time limit had expired...
 
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  #10  
Old 10-19-2012, 08:19 AM
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@G10.....
I strongly agree posts get deleted...so.....

It is an uncomfortable feeling when one feels that their own president is siding with those people that want to kill me because I am an American...

I kinda' favored the kick a$$ attitude of Regan...)
 
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Old 10-19-2012, 10:32 AM
Franc Tireur Franc Tireur is offline
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Quote:
Originally Posted by G10 View Post
More frightening than a guy that was mentored by an Anti-American Extremist and kept many "interesting" friends that were quickly dropped when it came to being in power?

I don't care what Romney has in his past, it is going to take some beating to beat Obama's past.

Romney doesn't like the freeloaders and has got into trouble for admiting it in his own way.

I care less for either but I wouldn't want a guy with Anti-British extremist friends/mentors, becoming Prime Minister in my country (UK)
I don't know if you have access to Netflix, but there is a documentary about what you said: Dreams from my real father

Quote:
This film chronicles Barack Obama's life journey in socialism starting with evidence that Obama's real father was Frank Marshall Davis, a Communist Party USA propagandist who indoctrinated Obama into a Marxist ideology during his formative years.
http://movies.netflix.com/WiMovie/Dr...My_Real_Father

Pretty shocking!
 
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Old 10-19-2012, 02:51 PM
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What amazes me is that the Democratic Party has been moving towards socialism for quite some time, while the Republican Party has been very quietly moving towards facism. Yet no one calls the Republicans on it as they're too busy worrying about the socialists. Either way, we're hosed. And either way, they're outside the bounds of our constitution.
 
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Old 10-19-2012, 03:31 PM
Franc Tireur Franc Tireur is offline
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Quote:
Originally Posted by boxfiddler View Post
What amazes me is that the Democratic Party has been moving towards socialism for quite some time, while the Republican Party has been very quietly moving towards facism. Yet no one calls the Republicans on it as they're too busy worrying about the socialists. Either way, we're hosed. And either way, they're outside the bounds of our constitution.
Right on
 
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Old 10-19-2012, 03:48 PM
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I'll take my chances with Option B, all the way. I can track and research his past. The other one has a failed record that just doesn't do anything for me.
 
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Old 10-19-2012, 04:26 PM
Franc Tireur Franc Tireur is offline
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Something to watch

[YT]7MXOr3KELqE[/YT]
 
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  #16  
Old 10-19-2012, 05:43 PM
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I don't have netflix but I did get to see 2016, though as a Brit, I don't care too much to someone that removes the bust of Churchill and also would like England to give the Falklands back to Argentina, especially after we lost troops defending that place.

He really should learn when to open his mouth and when to keep it shut. I'd like to see his reaction if the roles were reversed.
 
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Old 10-19-2012, 06:39 PM
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well it should be an interesting election
 
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  #18  
Old 10-20-2012, 12:29 AM
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Originally Posted by rambus View Post
well it should be an interesting election
Why do you say that?
 
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  #19  
Old 10-20-2012, 11:24 AM
Franc Tireur Franc Tireur is offline
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Originally Posted by sfod_d223 View Post
I'll take my chances with Option B, all the way. I can track and research his past. The other one has a failed record that just doesn't do anything for me.
Don't worry, whatever track record they've got, whatever candidate will take the presidency after the 4th November, the next day will be austerity to America.

There are no plan besides taxing everybody and eliminating wellfare.
 
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  #20  
Old 10-22-2012, 07:03 AM
Franc Tireur Franc Tireur is offline
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When I read this, it tells a lot:

Romney and the White Horse Prophecy

The White Horse Prophecy foresaw Mormons in politics

http://www.salon.com/2012/01/29/mitt...orse_prophecy/
 
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