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Posted on 01/10/2012 3:24:25 PM PST by Laissez-faire capitalist
"...Mitt Romney says he saved Bain & Co. but he didn't tell you the day he took over he had his predecessor fire hundreds of employees or the way the company was rescued was with a federal bailout of $10 million dollars. According to the Globe, Romney's company failed to repay at least $10 million dollars to a failed bank and the rest of us had to absorb the loss. Romney, he and others made $4 million dollars in this deal which cost ordinary people $10 million dollars. Mitt Romney - maybe he's just against government when it helps working men and women..."
(Excerpt) Read more at youtube.com ...
Why indeed?
Bain Capital underfunded the pension plans at these companies and then stuck the taxpayers with the bill.
How about this as an example of Romney’s idea of free-market *cough* capitalism:
RomneyCare
Sad, isn’t it? But indeed quite true.
If you haven’t read “What is American Corporatism?” at FrontPageMag, I recommend that you do so.
You succintly and effectively describe what that article is all about.
Sad to see Dems & Repubs doing the same thing. Almost a one-party system...
I have run a company for 30 years and when you have hard times you make hard decisions. My company tried to hang on for a long time before I finally decided it was time to downsize. I had to lay off folks I cared about. I had to downsize offices or completely close them. Did I like it? NO. But I had to do it to survive and save my company. Am I a greedy SOB like Newt portrays me? I pray not. I supported many families over the years; trained folks with new skills; paid by taxes and raised a family.
As a result of trying to keep from laying off people I wound up with a Loss Carry Forward to a couple of Million Dollars. Is this another way of saying I got a credit from the Government? That other taxpayers paid for my survival mode?
Have you ever owned a small or mid-sized company? If not, then you have no idea of how complicated economics can get. Life is not a bowl of cherries. It’s hard work, hard times and hard decisions you make over a lifetime.
The ad can run but it has a lot of inuendos in it. I suspect that is why Kennedy didn’t run it.
I hope the GOP takes note of your warning because once they have committed, there is no turning back.
Romney’s also on record for supporting the following “free-market capitalist” ideas:
TARP
bailouts
taking over GM as a good idea
Obama’s $trillion stimulus package
mandates
What a small minded, egocentric man. Newt is not Presidential material. I am glad he showed his true colors to us. I am glad Rush also told us how it is with Newt - a big government politician.
Funny how some here are still trying to portray Bain as true, free-market venture capitalists.
And then they turn on Newt and Perry when all the stuff posted here about Bain is shown to them. They try to divert attention...
If they aren’t Romney supporters and can’t stand Newt or Perry, then their only option left is Ron Paul, Santorum or Huntsman.
Any of those 5 is better than RINO vulture capitalist Romney.
As I have said before, Romney is Obama lite.
Time for dinner. It has been a pleasure conversing with you. Good discussion.
Until next time...
They aren’t Romney lovers, they are driven by their hatred of Newt.
Right now the GOP isvcaught between a rock and a hard place.
“Dem-lite Romney cannot defeat Dem not lite. It never works.
The GOP has a choice: either dump all crony capitaliam, corporate welfare and vulture capitalism in which bailouts occur and people get millions nonetheless while employees get tossed - or lose elections.
Your choice. I have tried to warn you that Romney will be savaged over this and lose badly. No more warnings. This is it.”
I agree!
Surely Rove and other establishment republicans pushing Romney know and have known all of this would come out during the election. They have to have known that Romneycare neutered the issue of Obamacare and Bain will play right into the hands of OWS which was created by the dems to hang on Romney.
I'm not sure that they really want to lose but I am sure that they don't want a conservative to win.
We call them the stupid party but calling them stupid is assuming that they really care about conservative issues and just don't take action. It is looking more and more like they don't care if they lose as long as they keep the tea party from winning.
During the 1990’s the Wall Street Journal was full of articles regarding the controversial actions of such raiders. The pensions had grown so much due to the successful stock market and economy, that raiders targeted firms with these pensions.
There were hostile takeovers with leveraged funds. Once the take over was completed, the raiders took the pension funds and paid off the loan. Stripped the companies of all assets for their own pockets, and left everyone else the loser.
That is definitely not what you were doing. Big difference between rightsizing your company due to tough economic times and what corporate raiders do.
“No one on FR should be bothered that Romney was in business...”
Yeah, but Romney WASN’T in the business of capitalist free enterprise, he was a pirate; a corporate raider specializing in the fiscal evisceration of foundering companies; fattening himself on their waning lifeblood while leaving their employees high and dry.
This is a wholly different thing than those who go into such ventures with the intent to turn a company around and restore it to profitable operations, which I fully support.
Bain may have turned some businesses around — I’m not aware of any. I am aware of their repeated involvement in abhorrent corporate necromancy, and THAT ain’t America, and it CERTAINLY ain’t Conservative values, but Romney’s all for it, and “legal” doesn’t make it just, moral, or ethical.
So now conservatives are salivating over Teddy Kennedy’s ads! NO THANKS.
What I described is exactly what most business folks I talked to today said they felt when they saw the Newt Gingrich spot. I suspect we didn’t go for the lengthly analysis on corporate raiders. We just reacted as men and women who have sacrified much and are now being classified as greedy capitalists.
Thank you for taking the time to explain your point of view. I sincerely appreciate it. I’m still cooling off.
http://legalinsurrection.com/2012/01/Selling out Capitalism In The Defense of Romney and Bain
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