Home Budget, Economy Mitt Romney, Bill Clinton, Cory Booker, Robert Reich’s Video and the 99%

Mitt Romney, Bill Clinton, Cory Booker, Robert Reich’s Video and the 99%

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While Republicans, along with some Blue Dog Dems, such as Cory Booker and Bill Clinton, consider Mitt Romney’s means of “making a living”  beyond discussion, Prof. Robert Reich shows just how wrong they are — and how out of touch. Yep, even Bill, feel-your-pain Clinton is out of touch. He doesn’t get why we would criticize Mitt and his buddies who earn their money through private equities. Duh! It’s the mess left for the 99% to clean up, stupid. (Wasn’t it Clinton’s team who said it’s the economy, stupid?) Sometimes it is hard not to like him. Other times you just want to say, why don’t you just stay out of it. He’s not helping.  

So here is my test:  Disregard whether it is legal. Can you watch this video and not get what is wrong with the way Mitt Romney earns his living? If you get it, you have your head screwed on straight and your interests focused on 99%.

No, I do not always expect everyone to agree with me. But this is so fundamental. You either support a reasonably fair and balanced system or you support a predatory one which exploits the 99%. And you can steward the 99% while striving to be fair to corporations. But if all you care about is exploiting tax law to pile up capital while savaging companies, leaving the taxpayer to pick up the mess, and then railing about “Big Government,” then to heck with you. You are harming America. Along with way you are harming our party’s chances in 2008. Sorry to my friends who think that, outside of his marriage, Bill can do no wrong. Sorry also, my GOP friends. But you are not thinking. You are still repeating “Reaganesque” aphorisms in your head, which even he did not believe in.  

The upshot is, what Romney does is legal (though the legality of it is a perversion of tax law), but that doesn’t make it right. It is wrong for America. The job of president is to serve the whole country not just the 1%. We have a difficult enough time getting our side to keep their heads screwed on straight. Mitt’s side is a lost cause. Thank you, Prof. Reich for illustrating so succinctly how to refute the Mitt-Method.

  • kindler

    Once you disperse all the conservative fairy dust around “the magic of the marketplace”, you are left with a simple reality: human beings design socioeconomic systems, and we can pretend that they are perfect or we can be honest about where they fall short and try to improve them.

    Certainly there are many positive stories about angel investors or venture capitalists discovering some promising new company, investing in it and helping create the next Apple. So we should design business regulation to encourage that sort of positive investment outcome, rather than allowing so many venture capitalists to expoloit the system, the workers and the tax code while giving nothing other than more poverty and debt back to society.  

  • Elaine in Roanoke

    Perhaps someday more Americans will comprehend the difference between venture capitalists and “vulture” capitalists like Romney. The “vultures” swoop in on companies that either are having difficulties or show that they can perhaps make more profit. The “vultures” make their money by manipulating the companies they have bought, just as Robert Reich points out. Thus, when Romney says Bain Capital under his “leadership” created jobs, he is lying through his teeth. Some of the companies he milked money from do go on to become successful job makers (Staples). Others go bankrupt (KB Toys),causing unemployment to increase.

    The “vultures” don’t do what they do to create jobs. They do it to make profits for themselves, profits with very low tax rates.

  • Teddy Goodson

    The sophisticated financial market epitomized by Bain is supposedly a sophisticated way for allocating capital in a far more sophisticated and effective way to produce products and improve the standard of living of all the teeming billions of, well, us unsophisticated grunts who are not clever enough to understand how it works. Interfering with this fiancial market is considered heresy, a sin; such interference is denigrated by the apologists for Bain-style equity capitalism as “socialism.”

    While it may sometimes be true that the methodology of equity capital, as described by Reich, does occasionally clean out “inefficiencies” and get rid of badly allocated capital which is being wasted in poorly run enterprises, in the far, far greater percentage of cases, it ends up destroying otherwise good businesses and, thus, the lives of workers and otherwise naive but honest earlier investors. In other words, usig private capital as done by Romney et al is itself a poor allocation of capital. This is one phase of modern financial capitalism which games the system, churning capital only for the purpose of sucking ever more wealth out of vulnerable levels of society and pumping it into the pockets of the already rich-richer-richest levels, a kind of vampire capitalism that adds nothing to the total wealth of society.

  • KathyinBlacksburg

    Take a look here

    No wonder he got nauseous when hearing criticism of Bain.  I followed him on Twitter for a while thinking him to be a rising star of the party.  And on his Twitter feed, he spewed empty platitudes, aphorisms, slogans etc.  I think he doesn’t know just who is nauseating. I stopped following him because he really never said anything worth reading.  

    Just what we need is another leveraged buyout fan/beneficiary in the Democratic party.  As Holland distinguishes, venture capitalists are not the same as leveraged buyout vulture capitalists such as Bain.  How a leveraged buyout exploiter has been deemed “qualified” to be president is entirely a function of a Wall Street driven corporate media and the pols who love them.

    Romney is, however, an exemplar of one thing clearly predominant in American culture today: The bully culture. As a nation, we pretend to frown on bullying.  And then we (I use “we” loosely because I in no way think Mitt fit for national office by virtue of his predation) promote a financial bully/predator to  national stage.