"A wise and frugal government which shall restrain men
from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government."
(Thomas Jefferson)

Thursday, April 19, 2012

Are Mitt Romney and his Billionaire Donors Part of What is Wrong with the American Economy?

Guess you could call this article part of the class warfare that is happening in America today.  Do have a question about what exactly was in the Bush Tax Cuts for the wealthy?  I have never been about class warfare as I have met some really nice wealthy people as well as scumbags by that also goes for all levels of income.  It is the person not the income.  We have some oil and gas people here that when the oil industry has gone bust they have provided their employees with groceries, paid their utilities, and kept a roof over their head.  Then there are the heads of companies set up to take over other companies, put them out of business, lay off the people, and send the business overseas in hostile takeovers.  Yet some of the powers at be villify the oil and gas owners/developers but Wall Street and the corporate raiders and companies that do hostile takeovers are praised.  When did this happen that we honor the people who have created this mess with big bonus' and low tax rates?  Something is wrong with this picture.

The question is if we want a President who founded Bain Capital one of the world's largest private investment firms who is also responsible for hostile takeovers of business.  When you read how they borrowed more money from the banks then was necessary for the takeovers, it makes you wonder how much firms like Bain Capital have led to our economic problems.  Romney was head of Bain Capital from 1984 to 1998 and during that time:
 A Wall Street Journal analysis found that Bain made $2.5 billion in gains for investors from those businesses and did successfully turn around many of them. 
But both The Journal and The Boston Globe also found that at least 20 percent of the businesses either filed for bankruptcy or closed down several years after Bain invested..  
He seems to be good at it because he treated this primary like a hostile takeover.  Over 60% of the Republican voters did not vote for Romney but for months he was the 'inevitable' candidate pushed by the RNC, conservative pundits on Clear Channel (Bain Capital owns Clear Channel), to websites we never thought would have sold out to Romney and his group.  Why did they sell out?  How much money was exchanged because it cannot be ideological because he is not conservative no matter how much he says he is as the facts say otherwise.

We are now seeing the fixation on cutting taxes again.  After what happened with the Bush Tax Cuts -- Mitt Romney and 500 of his fellow 'businessmen' are pay a 15% tax rate and that doesn't even include the money that is sheltered overseas in the Cayman's we are not so sure any tax cut should be rushed through Congress.  How about cutting the debt first?  Close the loopholes and you might be able to lower the rate but if you take away home deductions, taxes on the home, dependents, etc., you are going to be paying more taxes with a lower rate.   Are there no people with 'Common Sense' left in Congress or the State Legislatures or have they become slaves to the almighty dollar of campaign contributions so they sell out the people that cannot write a check for $2,500?  The Super PAC billionaires are buying this campaign like they did 2008.

Is that good for the Country?  I don't think so.  I am not a proponent of Campaign Finance Reform but frankly after watching the Republican Primary we need some.  This idea that only the wealthy can run for office and self-fund part of their campaign puts those who want to serve who are not millionaires at a disadvantage as we have seen in this election where the billionaires have now joined the election cycle and gave so much to the Romney Super PAC to do 'scorched earth' toward Republican candidates.

Are the wealthy buying Congressional campaigns with their large donations to PACs who fund the candidates?  Do the wealthy even follow the rules of the FEC?  We have our doubts from what we have seen.  The coordination between Romney and his Super PAC is there for all to see as people go back and forth between the various elements of the campaign.

Now we learn that the Romney wealth has increased more with the Bush Tax Cuts portion that favors the hedge fund people and Wall Street investment firms lowering their rate to 15%.  Guess this is another one of those bills to come out of Congress where the devil was in the details.  The question is how many of loopholes benefit members of Congress and their families?

Never thought I would be agreeing with a liberal website but I am getting there.  My eyes are starting to open at what has been going with the powers in the Republican Party and it is not a pretty sight.  Looks like the RNC is now owned by the wealthy like the DNC has been for years.
Mitt Romney is Exactly What’s Wrong with the American Economy
By on April 13, 2012

How the financial class broke America. 
I like to say that Mitt Romney made his millions betting against American workers. It isn’t the greatest Romney-attack line ever. (That belongs to Ted Kennedy who said, “He isn’t pro-choice or anti-choice. He’s multiple choice.”) But it makes a point you can’t hear enough. 
Romney had a record of devaluing American workers and work. He offshored and outsourced jobs. Even as he was running for President of the United States, he did not instruct his blind trust to only invest in the United States. He still opposes saving the auto industry because it didn’t punish workers enough. Worst of all, Mitt wants to make all of the Bush tax breaks for the richest permanent. 
All of the Bush tax breaks were reckless given the debt and the trillions we need to spend on infrastructure, but it was the second round, passed in the wake of 9/11 as this nation stormed into war, that most harmed the middle class. 
By taxing investments and the people who sell investments at a far lower rate than people who work for a living, we insanely incentivized gambling with the American economy. This, combined with the repeal of Glass-Steagall and an administration with no desire to regulate Wall Street, led to the greatest financial crisis in a half century. 
Today Robert Reich asked “How Does Mitt Romney Make So Much Money and Pay So Little In Taxes?” He answers in this video: 
The short answer: the Bush tax breaks
When we reward playing with money more than working for it, we guarantee an America that benefits Mitt Romney, the 1% of the 1%, at all of our expense. If you thought an entitled son of the oil industry did some damage to working people, wait until you see what the living embodiment of the financial class does to what’s left of the middle class. 
Source:  Electablog
Articles like this come out and Romney lemmings go flocking to the net to debunk them and spin the story which is frankly getting annoying and makes one dig harder when you are told to sit down and shut up and while you are at it you have to vote for Romney because you are a Republican.  Since when does my vote belong to the RNC?   Their phone calls are frankly annoying but I think they are hearing from a lot of us who are saying "NO" along with the "RNC is biased for Romney," "tell Romney to fund his own campaign and convention," and "you will never get another penny of mine until you clean house at the RNC" for starters.  The callers are not even shocked when you tell them you are not donating after what the Chair and Romney have done to the Republican Primary.  It must be a shock when someone donates now from what I am hearing off the record.

The RNC and Romney can have their billionaire/millionaire donors but when it gets right down to it in a fair election they have one vote just like the rest of us.  Is money going to talk in this election or are the voters going to rise up and say no more negative 'scorched earth' -- we want to know where you stand on the issues.  That puts Romney at a disadvantage because of this statement:
Mitt: I Won't Detail Plans, Because Then I'd Lose 
What kind of a candidate is that who won't reveal his plans or he would lose?  There is a solution -- don't elect him when we don't know his plans.  We saw what happened with ObamaCare where Pelosi told members of Congress they had to vote for the bill to see what was in the bill -- we got scammed that time by the Democrats.  This time it is a Republican wanting our votes so we can see his plans when elected.  Anyone who would trust Romney with all his flip flops on issues is ripe to get conned.

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