Posted on 05/14/2012 6:23:23 AM PDT by fight_truth_decay
The Obama campaign is out with a new two-minute attack ad, hitting Mitt Romney on his past at Bain Capital. The ad, set to run in Pennsylvania, Iowa, Ohio, Virginia and Colorado, plays up the “vulture capitalism” angle. “It was like a vampire,” says a former GS Steel worker named Joe Cobb. “They came in and sucked the life out of us.”
The Romney campaign is expected to push back aggressively on what they view as a major distraction from the president’s disastrous economic record. It shouldn’t be terribly hard. The bankruptcy and layoffs occurred in 2001, two years after Romney quit running the day-to-day activities of Bain (in order to head the Salt Lake City Olympics.)
Much of this line of attack has already been debunked by, of all outlets, the Washington Post.
On May 4, in response to a similar attack, the Post wrote:
Notice a problem with the last two examples? The outsourcing occurred in 2000 and 2001. Romney left Bain in early 1999.
(Excerpt) Read more at dailycaller.com ...
Even on May 4,the Post wrote:
If you repeat a lie often enough, it becomes the truth. — Goebbels
All he has to say is...”Sorry Obama, but you put the whole country out of work.”
He sure learned how the Conspiracy of the Elders of Zion clap trap lie works all over the world still, even though the story has long been thoroughly debunked. Next is holocaust denial attacks on Jews, but he is not quite that much out of the closet yet.
PLEASe understand, folks.
We aren’t dealing with DEMOCRATS anymore, but LIBERAL FASCISTS.
The truth simply does not matter to these people. All that matters is POWER.
They are going to throw lie after lie out there, and hope something sticks in the minds of the Sheeple, like 2008’s “McCain wants to TAX YOUR HEALTHCARE!” lie.
Another one of Obama’s “investments” filed for bankruptcy this morning still owing us $7.2 Billion - Residential Capital, a subsidiary of Ally Financial.
“If you repeat a lie often enough, it becomes the truth. — Goebbels”
This attack line is a PERFECT example of that rule:
No mention that when Bain came in, this company had TWO mills, the other in Ft Wayne, Indiana,(non-Union), that is STILL OPERATING TODAY, thanks to Bain and it’s investments.
NO MENTION that the KC mill was facing closure because the nearly-bankrupt GS couldn’t afford to upgrade either mill to new EPA pollution standards.
NO MENTION that the reason GS was almost bankrupt when Bain came in was because the RADICAL STEELWORKERS UNION wild-catted so often, that customers could not be assured of timely order delivery, and found other sources.
NO MENTION that this plant was only capable of making two types of products, both in usage decline, while the radical union demanded ever more money, ever more paid days off, and ever more expensive benefits.
Vulture Capitalism is an accurate term for what Bain does. However, without vultures we’re all smothered in roadkill.
Did they hire Newt as a consultant? ...'The King of Bain' looks just like these Obama ads.
Remember just a few months ago when this line of argument was called ‘conservative principles’ by a number here? Like this wasnt coming.,
What I don’t like about this system is the piling on debt to that unit which is purchased to pay fees to the buyer, only to default after the assets are sold off.
Or, acquisitions like AB/InBev or Fiat/Chrysler done on the backs of suppliers and bondholders.
Are you a racist?
Newt sank his own campaign with the anti-Bain attacks. I didn't see much or any support for them here but if you say you did then I believe it. Few people seem to truly embrace the "creative destruction" aspect of free-market economics. It is easy to demagogue the subject of layoffs. Many folks instinctively see a layoff as an illegitimate act of harm done to an employee rather than a legitimate act of responsibility done on behalf of shareholders.
It is the responsibility of the lender to lend responsibly. So long as there was no misrepresentation by the borrower this is a private transaction.
Those who love liberty should not slander free-market economics. The OWS-type mob is fueled on emotion. It is a bad idea to feed them.
I was posting on a number of them here and got a number lectures from Newt zealots on how evil Bain was for making money laying off workers, reference 'The King of Bain'. I really dislike Romney but I had to object using OWS arguments just to win a primary.
This came early....the only surprise here.
I don’t give a crap about the lender. This is a system we see commonly in M&A, load the acquisition with debt to make your own balance sheet look better.
Perfectly legal, Fiat and the gov did something much like this with Chrysler and GM.
This is management robbing creditors and suppliers, legally.
Oh, and in many cases, taxpayers. You and I.
When you say “load the acquisition with debt” do you mean “borrow money”?
Why should I care if someone else borrows money?
If I borrow money to buy someone else’s company and put that loan on the books of the acquired company, then sell off assets and declare bankruptcy in that unit, yes. Bankruptcy is subsidized by bad debt write-offs in this country.
That’s not just borrowing money. I have no problem with vulture capitalism if done for cash.
I like vampires.
Bring it on!
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