Video & Multimedia
Related: About this forumRomney’s Advice To Students: Borrow Money From Your Parents
If youre young and you want to start your own business, Mitt Romneys has some advice from you: Borrow money from your parents. At a lecture for students at Otterbein University in Ohio today, Mitt Romney told students that, his friend, Jimmy John, started a business by borrowing $20,000 from his parents at a low interest rate. Romney suggested anyone in the audience could do the same:
This kind of devisiveness, this attack of success, is very different than what weve seen in our countrys history. Weve always encouraged young people: Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business.
The advice fits right into the characterization that Romney is out of touch with regular people. Most students dont have parents with $20,000 in disposable capital sitting around to give to their kids to start a business.
<SNIP>
http://thinkprogress.org/special/2012/04/27/473096/romney-borrow-money-parents/
Note: Bolding is mine for emphasis.
montanacowboy
(6,088 posts)fuckwad - yep, hey mom and dad, hows about a 25 grand loan?
most parents I know don't have $25 to loan
Bicoastal
(12,645 posts)...by being hit by a car a semester before graduation.
Indianademocrat91
(390 posts)I have friends who are sandwich shop owners...so I know a thing or two about this "freak fast delivery" you kids seem to be into these days
gateley
(62,683 posts)hlthe2b
(102,268 posts)enough
(13,259 posts)AsahinaKimi
(20,776 posts)out of touch with people of today's America.
HereSince1628
(36,063 posts)We know thanks to Ann's telling us that while he was at BYU they lived off his 'investments' rather than some sort of student work, or outside job.
That's very interesting because it isn't at all clear how he earned the money he invested...
Born in 1947 he graduated HS in 1965. He went to Stanford, he worked as a night security guard to fund secret trips home to see Ann. In 1966 he took a draft deferrment to enter an unpaid 30 month mission for the mormons in France.
He returned from that mission started university, married his wife in 1969 and graduated college in 1971.
So, if Ann's story is true, it seems that by his 19th birthday he had acquired more than enough money for himself to live for 6 years and to support Ann for 2 years.
There is really no way he paid for the 6 years before grad school from the money saved from less than a year as a security guard!
dixiegrrrrl
(60,010 posts)Somebody paid for that trip, and other expenses.
Oh well, as long as he got that Vie Nam deferment, that is what matters.
HereSince1628
(36,063 posts)dixiegrrrrl
(60,010 posts)if he was unpaid?
The Mormon chruch?
HereSince1628
(36,063 posts)Last edited Sat Apr 28, 2012, 07:18 AM - Edit history (1)
There's nothing in his bio about his working at anything in High School other than his father's campaign for governor so there isn't any evidence that he saved enough from part time work to fund his own mission.
Even if his night job as a security guard was full time, it couldn't have paid enough to live on for 6 years, two of those supporting Ann.
PearliePoo2
(7,768 posts)Those college kids....they love him!! They are going crazy!!.....wait...
Tx4obama
(36,974 posts)WingDinger
(3,690 posts)The banks DID. That punk is ALL USURY, in and out. If you gotz family with wallet, you're golden. If not, too bad so sad. Shoulda been born into a family with ongoing wealth and power.
Dont call me Shirley
(10,998 posts)SheilaT
(23,156 posts)that he really thinks that most parents could easily lend a kid that kind of money. It's like the casual ten thousand dollar bet offer to Rick Perry. He has no idea what ten thousand or twenty thousand dollars is to the vast middle of this country, let alone those at the bottom rungs.
He needs to be required to spend six months at a minimum wage job, and support himself on that. Find an apartment, buy food, get to and from work. No cheating. No dipping into his actual wealth. Okay, I'd let him start with five hundred bucks so tide him over before the first paycheck, even though that's more than many people have. And if he only had to do it for a few weeks or a month, I don't think it would sink in what the real world is like for so many people. No, it needs to be for six months. Which is still a lot less than the lifetime that so many endure who have nothing.
Iliyah
(25,111 posts)and so are his writers. Thats why now they are claiming that Pres O is dividing America, y'know, what they are trying to do.
Clouseau2
(60 posts)Even better: Have your dad be the governor of Michigan and chairman and President of the American Motors Corporation!
Then you can borrow way more than $20K. Why start on the ground floor when you can start in the penthouse?
Tx4obama
(36,974 posts)Left Coast2020
(2,397 posts)They do help their own ya know. Part of that club Carlin told us about.
jb5150
(1,178 posts)He was born with a silver foot in his mouth.
Am I the only one who wishes Ann Richards was still around?