Archive for federal programs

Romney's Bain investment record: Three times the bankruptcies of fed investments

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Cartoon via Lalo Alcaraz

Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

Jon Stewart lacerated the myth of Romney's alleged expertise as a venture capitalist the other night. (See video here.) Quite simply, under Mitt's leadership, Bain Capital had a worse investment record than the federal government's backing of alternative energy companies (e.g., Solyndra).  

In fact, Romney's record at Bain showed him picking firms that went into bankruptcy at three times the rate of the fed record.

Stewart started by quoting part of Romney's "closing argument" to the American voters:

The government of the United States is not a very good venture capitalist …. [Obama] doesn't just like picking winners and losers, he likes picking losers.  Half of the ones [alternative energy companies that the government has invested in under Obama] have gone bankrupt.

[...]

Whoa! So Romney's accusation of a 50 percent bankruptcy rate as a result of Department of Energy financial support (in loans and subsidies) to alternative energy firms is at best actually 8 percent. [...]

So that's 8% failure for government investments in alternative energy firms vs. a 22% bankruptcy record under Mitt Romney's leadership at Bain. [...]

When Romney's bankruptcy record, as he ironically promotes himself as a "job creator," is just about three times the rate of Obama's as president, it's clear the "job creator" is really (particularly when combined with his slash and burn labor strategies) a job destroyer.  He's also a liar, and his dissembling is meant to hide one of the greatest myths of the campaign: that private investment is more effective at stimulating the economy, when Romney's own record as the CEO of Bain Capital shows that it isn't.

Please read the entire post here.

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VIDEO-- Romnopoly: To Mitt Romney, "your job and our economy are just a game."

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"Your job and our economy are just a game."

This is a memorable, creative recap of Willard M. Romney's economic priorities, from gutting education to "let Detroit go bankrupt" to his bankrupting-companies days at Bain to cutting retirement programs to pay for tax breaks for the very rich.

Check out the dog-on-the-car-roof game piece. Gold.

(Democratic super PAC ):

From opposing the auto recovery plan and laying off workers during his time at Bain to gutting education to pay for tax cuts to the rich, the ad runs through the many reasons that if Mitt Romney wins, the middle class will lose.

Learn more, please visit Romnopoly.org

Supporting Facts for "Romnopoly":

Romney Wanted To "Let Detroit Go Bankrupt" And Said The Demise Of The Auto Industry Would Be "Virtually Guaranteed" By A Government Bailout. According to Romney, "If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won't go overnight, but its demise will be virtually guaranteed. Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check." [Romney Op-Ed, New York Times, 11/19/08]

Bain Owned GS Industries Filed For Bankruptcy And 750 People Lost Their Jobs. "Bain acquired GS Industries in 1993. The steelmaker borrowed heavily to modernize plants in Kansas City and North Carolina, as well as pay dividends to Bain investors. But as foreign competition increased and steel prices fell in the late 1990s, the company struggled to support the debt, according to Mark Essig, the former CEO. GS filed for bankruptcy in 2001, and shut down its money-losing Kansas City plant, throwing some 750 employees out of work." [Boston Globe, 1/27/08]

Workers at the paper plant in Marion were fired hours after Bain Capital purchased the plant. According to the Boston Herald, "Hours after Bain-owned Ampad Corp. bought the plant July 5 from Smith Corona Corp., the plant's 250 union workers were fired and told they could re-apply for their old jobs. Ampad scuttled Smith Corona's contract with the United Paperworkers International, seeking to make wage and labor conditions similar to its three other non-union plants. Drug tests were also required." [Boston Herlad, 9/23/94]

Tax Policy Center: Romney Tax Plan Would Raise Taxes On Families With Children With Income Below $200,000 By $2,041. According to a Tax Policy Center analysis of Romney's tax plan and promises, families with children that earn below $200,000 a year would see tax increases of $2,041. [Tax Policy Center, 8/1/12]

Tax Policy Center: Top 0.1% Would See $246,652 Tax Cut Per Year Under Romney Plan. According to a Tax Policy Center analysis of Romney's tax plan and promises, the top 0.1% would receive a tax cut of $246,652 per year. [Tax Policy Center, 8/1/12]

Romney Held Investments In Off-Shore Tax Havens And An Unusually Large IRA In Places Like Switzerland, Bermuda and The Cayman Islands. According to Bloomberg, "Romney's extensive investments in tax havens are drawing intensifying media scrutiny at the same time that revenue- starved governments around the world are cracking down on such practices. In recent weeks, Romney has faced increasing pressure to release additional years of tax returns because of questions over his 13.9 percent personal tax rate, his Swiss bank account, an IRA valued at as much as $102 million and his investments in Bermuda and the Cayman Islands." [Bloomberg, 08/06/12]

Romney Said He Would Not "Promise" Government Money To Help Students Pay For College But Suggested They Shop Around For Schools. According to New York Times, "The high school senior who stood up at Mitt Romney's town hall meeting here today was worried about how he and his family would pay for college, and wanted to hear what the candidate would do about rising college costs if elected...The answer: nothing. But his warning was clear: shop around and get a good price, because you're on your own. 'It would be popular for me to stand up and say I'm going to give you government money to pay for your college, but I'm not going to promise that,' he said, to sustained applause from the crowd at a high-tech metals assembly factory here. 'Don't just go to one that has the highest price. Go to one that has a little lower price where you can get a good education. And hopefully you'll find that. And don't expect the government to forgive the debt that you take on.' There wasn't a word about the variety of government loan programs, which have made it possible for millions of students to get college degrees. There wasn't a word urging colleges to hold down tuition increases, as President Obama has been doing, or a suggestion that the student consider a work-study program." [New York Times, 3/5/12]

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Best retort to a "tea party" conservative ever. "You actually seem to be jealous of poor people."

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Look what the Smirking Chimp found on Facebook.

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Joe the Hypocrite

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Do these idiots seriously think nobody will find out about their blatant hypocrisy?

U.S. Senate candidate Joe Miller said today that in the past his family received assistance from federal Medicaid and Denali KidCare, the state low income health care program. His write-in opponent, Lisa Murkowski, called him a hypocrite for taking the assistance while now saying federal entitlement programs are unconstitutional.

Joe is finally admitting to that minor little detail, calling it nothing but a pesky distraction. Yeah, I see what he means. Being called out as a blatant hypocrite is a little distracting.

His family received Denali Kid Care. That's a state program that includes federal Medicaid money. He was all over Lisa Murkowski for supporting it because some of the money funds abortions.

So Joe the Hypocrite accepted the very same federal money that also went toward something he stands adamantly against.

He thinks such funding is unconstitutional... unless it benefits his own family.

Did I mention that this fiscal conservative also owes between $35,003 and $80,000 in credit card debt? I didn't? Bygones.

Yes, he finally filed his financial disclosure forms.

Miller was supposed to turn his form in sometime in April, when he had more than $5,000 in campaign donations in his campaign account. He never turned one in, though...

Here are the details.

As cbn2 tweeted:

H/t: cbn2, mudflats

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Where Is The Morality? Special Comment by my 72-year-old friend

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My impassioned 72-year-old Twitter pal, who goes by the name 42bkdodgr, would like to share his feelings about the GOP's aversion to federal programs . I am more than happy to oblige.

But first, a personal note from 42bkdodgr:

Many of you may wonder why I chose to use the “ 72 year old friend” as the introduction to my Special Comments. I selected the moniker so readers could see that from my age and life experiences I give a different perspective to the issues of today.

Now for his Special Comment:

Where Is The Morality?

For several years we have listened to the Republican party, especially the Right Wing and the religious right of the party, say they are the real Americans, the real patriots and the party of moral values.

When you hear what some of Republican candidates running for Congress and their party leaders are saying, you begin to wonder, where is the morality of the Republican party?

Republican candidates Sharron Angle (Sen. Nevada),  Chris O'Donnell (Sen. Delaware), Joe Miller (Sen. Alaska), Linda McMahon (Sen. Connecticut), Ken Buck (Sen. Colorado), Jim DeMint (Sen. South Carolina), Rand Paul (Sen. Kentucky) have all said they favor one or more of the following:

* Privatize Social Security
* Privatize the Veterans Administration
* Cuts in Medicare and Medicaid programs
* Lowering the federal minimum wage ( I believe they really mean doing away with minimum wage)
* Unemployment insurance is unconstitutional or not extend UI
* Repeal the Health Care bill.
* Repeal the Financial Reform bill.
* Repeal of Roe v Wade; and no abortion allowed due to rape or incest.

All of these programs help and protect Americans, yet these same candidates support the extension of the tax cuts for the rich. If nothing else, this  shows who these candidates and the Republican Party truly represent and it's not the common man. Where is these candidates' morality?

You have Newt Gingrich promoting that the GOP highlight the increase in number of Americans receiving food stamps during the Obama administration.  This argument is nothing more than a "class warfare" issue remark. I guess he doesn't feel that Americans  who have lost their jobs, seen their savings depleted during this country's worse recession, would need some assistance for their families' basic needs. Where is his morality?

The topper of all remarks is Jim DeMint saying gays and unwed single moms involved in a sexual relationship should not be allowed to teach in the public schools.

He makes no mention about what should be done with a male teacher who is an unwed single father, or what the consequences should be if a male teacher is the reason for a teacher being an unwed single mom. He treats gays and women as second class citizens; such thinking is no different than the viewpoints of the Taliban.

Imagine if all the things mentioned above came to fruition, and the following scenario happened:

A teacher who is raped would be required to have the baby, but would lose her job, because she is unwed mother. Now out of work, she wouldn't be able to collect unemployment insurance, have access to Medicaid, or able to afford health care and probably would have to take a low paying job with no minimum wage coverage.

Sounds ridiculous, but this is the world that could possibly come about if the Republican Party and right wing were in control of our federal and state governments for several years.

I keep hearing conservatives and teabaggers saying they want their country back. Well, the country they will get back without the above programs, will be the soup kitchens of the 1930s. Maybe when that happens, they will wake up to what they have lost.

So I ask, where is the morality of the Republican party?

Many thanks again for another thorough, relevant piece, 42bkdodgr. You often say what many of us are thinking and feeling, and we thank you for your unique perspective.

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