"Romney likens work at Bain Capital to Obama’s auto industry bailout"
This is just wrong on so many levels.
“In the general election I’ll be pointing out that the president took the reins at General Motors and Chrysler – closed factories, closed dealerships laid off thousands and thousands of workers – he did it to try to save the business,” Romney said Wednesday on CBS.
Oh, that ought to distinguish Romney from Obama - NOT!
That sentence ought to finish Romney off if there was any justice.
Romney: weak horse
Paul: crazy horse
Gingrich: work horse
Santorum: good horse
Perry: dark horse
Huntsman: a horse of a different color
So Mitt can't criticize TARP, bailouts, or Obamacare because he is for all of that too. So what is the difference again?
Mark Levin explains “Capital Cronyism” very well in 1/10’s podcast. Here is the link.
http://www.marklevinshow.com/sectional.asp?id=32930#
It is the podcast dated “1/10 The Mark Levin Show”.
As usual, Mark is many steps ahead of the 99%. ; )
So does this mean Romney thinks BO’s bailouts of the auto industry etc. were a good thing? If so, maybe he better run on the Rat ticket for President.
So does this mean Romney thinks BO’s bailouts of the auto industry etc. were a good thing? If so, maybe he better run on the Rat ticket for President.
+1
Yes....
I went on a screed on the tail end of the bailouts about what was so wrong with them, and that was the destruction of contract law going all the way back to maybe even the Magna Carta.
A non bankruptcy / bankruptcy, with no disillusion of long term liabilities, the transfer of capital from bond holders to the UAW etc without a fight etc was a very dangerous precedent IMHO, and at the heart and soul of Obama's lawlessness since then.
Obviously Mitt believes in this Corporate Fascism too?
If so, He really just screwed the pooch here IMHO...
LMAO...... Obama and his tribe have got to be absolutely orgasmic over this!!
This is great news to read over my first cup this morning.
Romney just accepted the premiss of what Newt and Perry have been saying about him. LOL
GO NEWT GO.......
Rush is going off on this now.
Lol, just wow.
So, where are all our usual defenders of Mitt’s so-called ‘capitalist’ credentials? Anyone still want to defend this guy as a paragon of free-enterprise?
First it was the $10.000 bet...then I like to fire people...now this...what is he Biden???? Willard doesn’t think before he talks..he is so into himself that he just blabs away... what a dork...
Willard supported TARP while Gingrich and Santorum did not.
Well... yes and no.
On the top, highest level “optics,” it is a bad comparison. But hey, Romney is the guy who made the comparison, so he’s welcome to the results of his own doing.
Both situations often involve stiffing people in BK court. GM’s bond holders were stiffed, Bain stiffed people holding debt on the companies they strip-mined for capital.
The way some LBO firms work is to load up their acquisitions with debt, the interest on which is deductible, and pull out equity and cash via fat dividend payments. When they’re done pulling out the equity through financial engineering, they can toss the husk onto the junk heap in BK court.
GM involved a bunch of financial and legal maneuvering to stiff owners of the common and preferred stock, as well as debt holders. Those who gained were the new owners, the UAW and their pension funds.
The ideas were similar - what is tantamount to theft, but through financial engineering and tax arbitrage. The beneficiaries were different.
And hey, Harvard MBA’s were involved in both situations, so there’s that similarity too. GM’s CEO Wagoner was a Harvard MBA... and like so many Harvard MBA’s, he got his, and screwed the owners of the company.
If I had my way, Harvard Business School would be used as a USAF ordnance range. Why bomb perfectly nice pieces of the high western deserts of the US when there are so many more deserving pieces of real estate?