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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama Campaign Memo shows why Bain is so devastating for Romney!
Obama Campaign Memo shows why Bain is so devastating for Romney!FULL MEMO HERE:
Romney's Economic Record: Profit at Any Cost http://images.politico.com/global/2012/01/freeenterprisememo.html
Memo Excerpts: ...................................
Romney closed over a thousand plants, stores and offices, and cut employee wages, benefits and pensions. He laid off American workers and outsourced their jobs to other countries. And he and his partners made hundreds of millions of dollars while taking companies to bankruptcy.
Although some of the businesses in which he took a stake undoubtedly added jobs, neither Romneys campaign nor any independent fact- checker has supported his claim of producing a net increase of 100,000 American jobs or even anything close to it.
Mitt Romney boasts about understanding the real economy, but President Obama has worked alongside hardworking Americans in that real economy. President Obama who, like Mitt Romney, earned a degree from Harvard and all the opportunities that affords began his career helping jobless workers in the shadow of a closed-down steel mill. Mitt Romney, on the other hand, made millions closing down steel mills.
................
Between now and November the American people will decide whether to respond to this crisis by electing a corporate raider who profited from and promises to restore the conditions that caused it, or reelecting a President fighting to level the playing field for American businesses, restore fairness for consumers and help the middle class reclaim a sense of economic security that will benefit the entire economy. Thats whats on trial, not free enterprise.
http://www.politico.com/blogs/burns-haberman/2012/01/cutter-memo-twists-the-knife-on-bain-110722.html
via:
http://www.dailykos.com/story/2012/01/13/1054353/-Obama-Campaign-Memo-shows-why-Bain-is-so-devastating-for-Romney!?via=siderec
Bolo Boffin
(23,796 posts)Oh, Mitt Romney is talking a good game about President Obama right now, but when he gets on stage with the man, all of Romney's lies will crumble away.
And every other contender in the Republican field would be worse for the GOP cause. Four more years!
Cognitive_Resonance
(1,546 posts)Wall Street "chop shop" that acted outside the mainstream of what a reasonable American would consider "free enterprise." The Republican Party is doubling-down to put Romney's face on their brand. I think Romney's nomination will be the next major step toward the disintegration of the Republican Party on the national level, following the devastation of Bush/Cheney, nomination of Sarah Palin, and the second the ascendency of the Tea Party as the driving force within the GOP. 2010 was their last hurrah.
Botany
(70,490 posts)A guess who the person is game for DU.
Who closed over a thousand plants, stores, and offices?
Answer Willard "Mitt" Romney.
Who laid of thousands of American workers and outsourced their jobs to other countries?
Answer Willard "Mitt" Romney.
Who made millions of dollars outsourcing work, closing businesses, and turning pensions over to the federal government?
Answer Willard "Mitt" Romney.
And who wants to now be President because he knows how to create jobs?
Answer Willard "Mitt" Romney.
Douglas Carpenter
(20,226 posts)uponit7771
(90,335 posts)snappyturtle
(14,656 posts)Can't wait for the repub convention. May be very interesting. imho
Johnny2X2X
(19,038 posts)Last edited Fri Jan 13, 2012, 03:31 PM - Edit history (1)
I am flabbergasted that the GOP would pick this candidate at this point in history this is beyond the pale. He is the very poster boy for Wall Street greed and excess. You could not have a better face for the OWS crowd to target.
The Mitt has no chance to win.
NAO
(3,425 posts)derived from the material in this memo.
However negative you feel about Obama, he is no Romney.
postulater
(5,075 posts)Can someone tell me how a person buys a company, shuts it down and then ends up with more money than they started with?
I do not understand how this works.
I understand the motivation, but just don't know where the money comes from and goes to.
Botany
(70,490 posts)Last edited Fri Jan 13, 2012, 07:25 PM - Edit history (1)
fire the employees so the company no longer had to meet a
payroll, turn the costs of the pension funds over to the federal
government (federal pension guarantee insurance), sell off any
and all assets that the company owned .... real estate, tools, vehicles,
and ? ...... and then if the company still had a product that was
viable in the market they would ship the work out of the country
where labor costs were cheaper.
Everything was done in order to make maximum return on the
leveraged money that was used to buy the company in the first
place. It was not about keeping the company going but using
every trick in the book to "mine the company" for every nickel
that could be pulled out of it. A good phrase that describes what
Bain Capital was all about was that it was a "Wall Street Chop Shop"
that made it's money by breaking up companies not by building
and or running them.
Now in some cases where the company they bought had low labor
costs ..... such as Staples ..... they would keep the business going.
renate
(13,776 posts)What you said about turning over the costs of the pension funds to the federal government really attracted my attention. Would you say that federal pension guarantee insurance was an important factor in Romney's making millions?
Botany
(70,490 posts).... in more than one case the taken over companies' pension
burden was shifted to the federal government.
I do know that Bain's track record is really damning to Romney's
chances of being President and that bringing "it" up must be hurting
him because Fox just had something on about how these charges
are having little if any effect. (I could only watch for 30 seconds of
the strange and untrue story Fox was spinning.)
BlueMTexpat
(15,366 posts)postulater
(5,075 posts)Imagine what he could do with an entire country.
Thanks for the explanation.
Scurrilous
(38,687 posts)fascisthunter
(29,381 posts)these idiots in the GOP almost seem to be running just for show. Hopefully, the voting machines and the Supreme Court don't commit another coup.
fascisthunter
(29,381 posts)because they had everything to do with our last coup.
CatholicEdHead
(9,740 posts)as a rebuttal. There needs to be a response to that too.
tclambert
(11,085 posts)Hmmm.
trof
(54,256 posts)I see this in a campaign commercial.
Oh, yeah.
arely staircase
(12,482 posts)they know it is going to be the president's main line of attack - and they know it has teeth.
they should be afraid, very afraid.
gateley
(62,683 posts)the point home as well as "1,450 people lost their jobs", "A worker earning $12 an hour was suddenly earning $7 an hour." "A worker who had $10,000 in his pension plan suddenly only had $8000" -- whatever. Give the actual numbers. That's just my opinion and I stand by it.
I thought the chart he used in this morning's statement was excellent. Instead of the info going in one ear and out the other, we could SEE what a boondoggle it is and do .
And again, a la Rachel -- she does an exceptional job of laying the groundwork, showing the progression, showing the results. Plouffe should hire her.
gateley
(62,683 posts)How do we get this into the brains of the people who are TRULY undecided and actually MAY vote for Obama?
Cali_Democrat
(30,439 posts)He doesn't have a snowball's chance in hell of winning the POTUS because of his time at Bain.
In this economic climate, that will hurt him severely.
DinahMoeHum
(21,783 posts)Obama should hit him with that meme, over and over.
Firebrand Gary
(5,044 posts)SantorumAnalFrothyMX
(6 posts).
90-percent
(6,829 posts)JOB CREMATOR
-90 Jimmy
JCMach1
(27,556 posts)Then, what are the Pugs gonna do?