I put Middle Earth Journal in hiatus in May of 2008 and moved to Newshoggers.
I temporarily reopened Middle Earth Journal when Newshoggers shut it's doors but I was invited to Participate at The Moderate Voice so Middle Earth Journal is once again in hiatus.

Monday, October 15, 2012

David Stockman on Mitt the Vulture

David Stockman was the man who sold trickle down economics to the American people.  He left the Reagan administration when he realized in was a sham and a lie.  Today he takes on Romney the "business man".  Mitt Romney is not a business man or job creator but a gambler, a vulture capitalist who if he created any jobs it was an accident.
Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.

Nevertheless, Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case—real-world validation that Romney not only was a striking business success but also has been uniquely trained and seasoned for the task of restarting the nation’s sputtering engines of capitalism.

Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
Mitt Romney is really not much different than the professional gambler in Las Vegas except the table was fixed for him to win most of the time. He's a banker more than a businessman.  If a venture he was invloved in created jobs it was in spite of him rather than because of him.  It's the Mitt Romneys of the world that created the financial crisis.  Mitt Romney will be a repeat of the very policies that created the crash.  Oh, and did I mention he's a sociopath. 

No comments:

Post a Comment

Be Nice