Monday, July 16, 2012


Bloomberg makes the point that the Mitt Romney money-making method while he was definitely running things at Bain, shows that next to having rich parents (so that too) the easiest way to make money was by being a rapacious corporate raider:
Mitt Romney touts his business acumen and job-creation record as a key qualification for being the next U.S. president. What’s clear from a review of the public record during his management of the private-equity firm Bain Capital from 1985 to 1999 is that Romney was fabulously successful in generating high returns for its investors. He did so, in large part, through heavy use of tax-deductible debt, usually to finance outsized dividends for the firm’s partners and investors. When some of the investments went bad, workers and creditors felt most of the pain. Romney privatized the gains and socialized the losses.
And this f-a-c-t-u-a-l story (real facty not Glenn Kessler facty) is built upon by Krugman:
In this world, however, most voters get their news from short snippets on TV, which almost never contain substantive policy analysis. The print media do offer analysis pieces — but these pieces, out of a desire to seem “balanced,” all too often simply repeat the he-said-she-said of political speeches. Trust me: you will see very few news analyses saying that Mr. Romney proposes huge tax cuts for the rich, with no plausible offset other than big benefit cuts for everyone else — even though this is the simple truth. Instead, you will see pieces reporting that “Democrats say” that this is what Mr. Romney proposes, matched with dueling quotes from Republican sources. So how can the Obama campaign cut through this political and media fog? By talking about Mr. Romney’s personal history, and the way that history resonates with the realities of his pro-rich, anti-middle-class policy proposals. Thus the entirely true charge that Mr. Romney wants to slash historically low tax rates on the rich even further dovetails perfectly with his own record of extraordinary tax avoidance — so extraordinary that he’s evidently afraid to let voters see his tax returns from before 2010. The equally true charge that he’s pushing policies that would benefit the rich at the expense of ordinary working Americans meshes with Bain’s record of earning big profits even when workers suffered — a record so stark that Mr. Romney is attempting to distance himself from part of it by insisting that he had nothing to do with Bain’s operations after 1999, even though the company continued to list him as C.E.O. and sole owner until 2002. And so on.


Montag said...

Hmm, that bit from Krugman sounds, uh, a lot like a dare....

pansypoo said...

his taxes are cornucopia of anti-americanism.