As Republican candidates slam Mitt Romney for his crony capitalism and being an unscrupulous corporate vulture, the Obama campaign must be taking this opportunity to jot down some notes. Newt Gingrich and Rick Perry are prematurely poking holes in Romney’s already flimsy platform.
Basically the ex-Massachusetts Governor claims he can save the economy because of his success doing what the 99 percent have been protesting since September. Romney’s Bain Capital is the epitome of Wall Street. It buys out corporations and reorganizes them to benefit a handful of investors—not the company and absolutely not the American workers. The Wall Street Journal reported that 22 percent of the 77 companies Romney’s Bain invested in filed for bankruptcy or closed their doors.
This comes as the economy fights to climb out of the Great Recession brought on by an irresponsible and unregulated financial industry. It’s important to note that 40 years ago, the financial sector earned just 16 percent of domestic corporate profits. It currently earns 41 percent. This financialization of the U.S. economy has driven 14 million workers out of a job, while corporate raiders such as Romney have gotten disgustingly rich.
Yet Romney says his experience making a handful of people rich will help him create jobs. In fact, he claims that he created 100,000 jobs through investing in companies like Staples, Domino’s and Sports Authority—although he can’t provide any real numbers because those are large companies that literally hire, fire and layoff employees at an astronomical rate. What Bain Capital does—makes a few investors rich while people doing real work lose money and jobs—is a model of what has happened to the U.S. during the past four decades. I’m just waiting for Romney to tell us all that “greed, for lack of a better word, is good,” and that greed will save that “malfunctioning corporation called the USA.” (Gordon Gekko—Wall Street)
Mitt Romney saying that his work at Bain proves that he can create jobs is like saying the guy who discovered asbestos has the cure for cancer. Companies like Bain are the reason America’s unemployed can’t find jobs and U.S. small businesses—the nation’s chief job creators—don’t have any customers.
Bottom line is that I don’t trust Romney, and I don’t think anyone really does. His proof as an effective leader on economic policy (Bain experience) is weak and suspicious. He seems heartless, cold and phony. The image in my head is of the consultants from Office Space that fire everyone or the well-fed gentlemen from Oliver Twist.