I found this on Andrew Sullivan’s blog,… who, oddly enough, calls himself a republican. You wouldn’t think it when you see him posting something like this. I believe he’s a Ron Paul follower.
But, It’s today’s GOP. And they will end up destroying themselves. If we’re lucky.
This tells what a Romney type business/free market venture can do. Tells it from a personal level. Likely, what his type of vulture capitalism is meant to do. Sweep in, buy up a company that’s in hardship, undervalued,– suck whatever cash out of it you can,— then let it go to bankruptcy after you’ve bled it dry. Lot’s of money in your pocket, and the bankruptcy courts can deal with the rest.
Then you tell people that you feel bad. Like Dave Corzine, whose MF Global company recently ‘misplaced’ 1.2 billion dollars of his investor’s money when his investments tanked a couple of months ago. He said he felt bad.—- Mitt Romney feels bad too, when he has to see a company he’s sucked the life from,– go under.
Yeah, sure, why not,… let’s let Romney take over the country’s reins. What could go wrong??
12 Jan 2012 05:57 PM
A reader writes:
My husband, parents, and sister all run or ran small businesses. Their income depends or depended on keeping their businesses healthy. Thus they thought about how to do that, including recruiting and training employees and compensating them well, to retain them and build their business.
But in Bain’s – and Romney’s case – the health of the businesses was less than relevant. In many cases, the point was to run up the stock price, borrow (sometimes from pensions) and cash out. Romney made lots and lots of money from failure. And, of course, that failure hit their employees and the communities in which they worked. Their jobs and pensions and health coverage are gone. The white working class has suffered considerably from this approach to capitalism, the kind that doesn’t care about building businesses but only extracting wealth for very few. Some years Bain made an 88% profit.
And, frankly, how has it helped the American macro-economy? I don’t see that it has. This is not even creative destruction. It’s just destruction.