By Anna Pulley
By Erin Sherbert
By Chris Roberts
By Erin Sherbert
By Rachel Swan
By Joe Eskenazi
By Erin Sherbert
By Erin Sherbert
Illustration by Dan Andreasen.
James Sanderson had encountered a rare moment of industrial harmony.
It was the early 1990s, and the 750 men and women at Georgetown Steel were pumping out wire rods at peak performance. They had an abiding trust in management's ability to run a smart company. That allegiance was rewarded with fat profit-sharing checks. In the basement-wage economy of Georgetown, S.C., Sanderson and his co-workers were blue-collar aristocracy.
"We were doing very good," says Sanderson, president of Steelworkers Local 7898. "The plant was making money and we had good profit-sharing checks, and everything was going well."
What he didn't know was that it was about to end. Hundreds of miles to the north in Boston, a future presidential candidate was sizing up Georgetown's books.
At the time, Mitt Romney had been running Bain Capital since 1984, minting a reputation as a prince of private investment. A future prospectus by Deutsche Bank would reveal that by the time he left in 1999, Bain had averaged a shimmering 88 percent annual return on investment. Romney would use that success to launch his political career.
His specialty was flipping companies — or what he often calls "creative destruction." It's the age-old theory that the new must constantly attack the old to bring efficiency to the economy, even if some are destroyed along the way. In other words, people like Romney are the wolves, culling the herd of the weak and infirm.
His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends.
The result was that previously profitable companies were now burdened with debt. But much like the Enron boys, Romney's battery of MBAs fancied themselves the smartest guys in the room. It didn't matter if a company manufactured bicycles or contact lenses; they were certain they could run it better than anyone else.
Bain would slash costs, jettison workers, reposition product lines and merge its new companies with other firms. With luck, they'd be able to dump the firm in a few years for millions more than they'd paid for it.
But the beauty of Romney's thesis was that it really didn't matter if the company succeeded. Since he was yanking out cash early and often, he would profit even if his targets collapsed.
Which was precisely the fate awaiting Georgetown Steel.
When Bain purchased the mill, Sanderson says, change was immediate. Equipment upgrades stopped. Maintenance became an afterthought. Managers were replaced by people who knew nothing of steel. The union's profit-sharing plan was sliced twice in the first year — then whacked altogether.
"When Bain Capital took over, it seemed like everything was being neglected in our plant," says Sanderson. "Nothing was being invested in our plant. We didn't have the necessary time to maintain our equipment. They had people here that didn't know what they were doing. It was like they were taking money from us and putting it somewhere else."
History would prove him correct. While Georgetown was beginning its descent to bankruptcy, Romney was helping himself to the company's treasury.
The Working Man's Villain
He should have known better. The year before Romney purchased Georgetown, he mounted his career in politics, setting his sights on the biggest target in Massachusetts: the U.S. Senate seat held by Ted Kennedy.
There were early signs that he might topple the Kennedy dynasty. Much like today, Romney was pitching himself as a commander of the economy, a man with the mastery to create jobs. Yet he suffered an affliction common to those atop the financial food chain: He assumed that what was good for him was good for all. Call it trickle-down blindness.
In the midst of that 1994 campaign, one of Romney's companies, American Pad & Paper, bought a plant in Marion, Ind. At the time, it was prosperous enough to be running three shifts.
Bain's first move was to fire all 258 workers, then invite them to reapply for their jobs at lower wages and a 50 percent cut in health care benefits.
"They came in and said, 'You're all fired,'" employee Randy Johnson told the Los Angeles Times. "'If you want to work for us, here's an application.' We had insurance until the end of the week. That was it. It was brutal."
But instead of reapplying, the workers went on strike. They also decided the good people of Massachusetts should know what kind of man wanted to be their senator. Suddenly, Indiana accents were showing up in Kennedy TV ads, offering tales of Romney's villainy. He was sketched as a corporate Lucifer, one who wouldn't blink at crushing little people if it meant prettying his portfolio.
Needless to say, this wasn't a proper leading man's role for a labor state like Massachusetts. Romney was pounded in the election, taking just 41 percent of the vote. Meanwhile, the Marion plant closed just six months after Bain's purchase. The jobs were shipped to Mexico.
Yet Romney didn't learn his lesson. He seemed incapable of noticing that his brand of "creative destruction" left a lot of human wreckage in its wake. Or that voters might see him as more scumbag than saint.
Just a few months after being hammered by Kennedy, he set fire to another company.
The Price of Incompetence
The move was classic Bain. Before buying Georgetown, Romney had purchased the Armco steel mill in Kansas City, which had been in business more than 100 years.
"We were setting a lot of records for production at that time," says employee Steve Morrow. "We were making a lot of money, because we were getting profit-sharing."
Romney purchased Armco with just $8 million down, borrowing the rest of the $75 million price tag. Then he issued bonds — basically IOUs — to borrow even more to pay himself and his investors $36 million.
Within a year, he'd already made four times his initial investment while barely lifting a finger. But he'd also run up a staggering $378 million in debt on GSI's tab.
Steel is an infamously cyclical business, a worldwide commodity prone to the same wild price fluctuations as oil. The Kansas City plant forged parts for equipment used in mining gold and copper, leaving it susceptible to the instability of those markets as well.
Yet the smartest guys in the room thought they could run the plant better than the people setting production records.
"They were getting rid of old managers and hiring new managers that didn't have any steel experience," says Morrow. "Some of the guys were nice guys and everything, but they didn't have a clue what was going on."
Many of the new supervisors were ex-military, people who believed that grown men and women are best motivated by punishment. Before Bain, says Morrow, "everybody got along."
Afterward? "They wanted to run the plant like a disciplinary environment. They wanted to discipline people for getting hurt on the job. They wanted to put us in an environment like a war, where we were always fighting with them."
Romney was charging GSI $900,000 a year in management fees to run the company. The Kansas City mill received $900,000 worth of ineptitude in return.
Although Bain borrowed $97 million to retool the plant so it could also produce wire rods, it left the rest of the facility to rot.
To save costs, Bain went miserly on everything from maintenance to spare parts and earplugs. Equipment deteriorated. Since the new managers didn't know how to repair it, "they'd want to rent a new piece of equipment out instead of maintaining what we had," says Morrow. The waste and inefficiency was breathtaking.
Bain's plan all along was to streamline the company into greater profitability, then reap the rewards with a public stock offering. But the exact opposite was happening. Even Roger Regelbrugge, whom Bain installed as CEO, knew the debt was crushing GSI from within, according to Reuters. If a public offering didn't materialize, the company would collapse.
Steel was about to enter a periodic downturn. Countries around the world were locked in a war of tariffs and government-subsidized production, creating a glut and driving down prices. Romney's flip strategy was never meant to endure difficult times.
Workers saw the end coming; they were particularly worried that Bain was badly underfunding their pension plan. So they went on strike in 1997, bringing a traditional Rust Belt flair to the festivities by littering the streets with nails and gunning bottle rockets at security guards.
When it was all over, the Steelworkers' union agreed to wage and vacation cuts in exchange for extra health and pension safeguards should the plant close.
Yet GSI was now hemorrhaging money, says David Foster, the union official who negotiated the deal. He claims that Bain cursed the company by placing its own interests above those of customers or long-term stability.
"Like a lot of private equity firms, Bain managed the company for financial results, not production results," says Foster. "It didn't invest in maintenance or immediate customer needs. All that came second to meeting monthly financial goals."
It would take a few more years of bleeding, but GSI eventually fell to bankruptcy.
The Kansas City mill closed for good; 750 people lost their jobs. Worse, Romney had shorted their pension fund by $44 million. The feds were forced to cover the difference, while workers saw their benefits slashed in bankruptcy court.
The battered Georgetown plant and the foundries in Arizona and Minnesota ultimately were bought out of bankruptcy by new companies. Their workforces were halved.
Still, Romney walked away unbruised. All that debt was technically GSI's, not Bain's. Because he'd repaid himself and his investors just months after the purchase, Romney pocketed millions for running the company into the ground.
"They were clever and ruthless enough to pay their own investors back at a really high return rate," says Foster.
This was the beauty of Romney's racket. Even if he killed a company — and he tended to kill them fairly often — he still made out, leaving others to take the hit.
The Parasitic Capitalist
On the campaign trail, Romney describes his work at Bain as resurrecting distressed companies. In this version, he's the white knight lifting troubled firms from the precipice of failure.
Private equity companies like Bain rarely buy anything but profitable firms for one very compelling reason: The patient must be healthy enough to be force-fed all that debt. So it's something of a misnomer for Republican opponents to call him a "vulture capitalist."
"Romney is not a vulture capitalist, as Rick Perry says, since vultures eat dead carcasses," notes Josh Kosman, who's written about the private equity business for 15 years. He's "more of a parasitic capitalist, since he destroys profitable businesses."
Judging by the title of his book — The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy — it's safe to assume that Kosman's no fan of the industry. But he concedes that the business isn't inherently wicked.
The game works like this: Big-money investors write checks to people like Romney, who pool that money to buy or invest in other companies. Internal company documents show that a year before Romney left Bain in 1999, one of his funds had reached a massive $10 billion.
Though Bain requires a $1 million minimum for a seat at the table, its investors don't just come from the wealthiest 1 percent. They also include college endowments and teachers' pension funds.
Jon Burgstone, a professor at UC Berkeley's Center for Entrepreneurship & Technology, sees private equity as essential to the economy. He may be a member of President Obama's National Finance Committee, but he's still an admirer of Bain.
"Generally, private equity companies invest in larger firms that need reorganization, or in smaller companies that need growth capital," he says. And their management can usually benefit from "very bright Bain consultants."
That feeling is shared by Steven Kaplan, among the foremost scholars in the field. The University of Chicago finance professor says that, statistically speaking, firms like Bain improve a company's cash flow while providing investors with a better return than the stock market.
There's no question that Romney had a gift for minting money. In 1986, he bought medical-equipment manufacturer Calumet Coach for just $1 million, later flipping it for $34 million. He made 16 times his initial investment in the Gartner Group, a technology research firm.
In what was perhaps his crowning achievement, he bought a money-losing Wesley Jessen Vision Care for $6 million in 1994. Seven years later, it was sold for a dazzling $300 million.
Kaplan argues that critics rarely mention these success stories, preferring to "cherry-pick" deals that paint Romney as unmerciful and gluttonous. "I think it's quite unfair," he says. "He was extremely successful at Bain generating returns for his investors. Bain Capital had a tremendous track record. When you invest in dozens of companies, some of those deals don't work out."
But if critics are quick to disregard Romney's triumphs, defenders are equally swift to rationalize his catastrophes. They'll note that for all Romney's bankruptcies, most were rescued by new companies and survive today. It's the final dollar tally that matters.
Yet they seem strangely incurious about the ruin he's delivered across the country. Take Kansas City, for example.
The Armco plant closing involved more than the torching of 750 jobs, says Morrow. Contractors and suppliers collapsed. Workers' children and widows lost health care and pension benefits. And while Bain received millions in tax breaks — paid for by the very people left holding the bag — Romney walked away millions richer.
So one might forgive everyday Americans for feeling they're on the wrong end of a rigged game, one in which the wealthy always win — no matter how inept — and the little guy is left to hack through the debris.
Bain is a private company, meaning it has no obligation to reveal its practices. It's never made public a list of companies it's purchased. (Nor would Bain or the Romney campaign comment for this story.)
In January, the Wall Street Journal did its best to piece together Romney's track record, reviewing 77 investments made under his direction. It turned out that nearly one in three of the companies experienced severe financial trouble. One in five wound up in bankruptcy.
The more telling figure: Of Romney's 10 biggest moneymakers, he ultimately destroyed four of them, leaving bankruptcy judges to clean up the mess.
As Foster sees it, Romney was an early pioneer of gaming the system. It would take another decade before large banks used many of the same principles to detonate the mortgage industry.
"The great irony is that his entire management experience at Bain Capital is buying companies and loading them up with debt and then looting the balance sheet," Foster says. "It's the very model that drove the American economy off the cliff, then left other people to manage the wreckage."
The Job Assassin
Renee Fry doesn't recognize the tin man she sees on TV, the candidate so congenitally wooden that he makes Al Gore seem like Flavor Flav. She was Romney's deputy chief of staff when he was governor of Massachusetts. The guy she served was warm and considerate, quick to distill data and seize the big picture.
"I'm lucky because I know him from the day-to-day Mitt," Fry says. "He liked going out and talking to people and learning from people. The Mitt I know had a real appreciation for people."
But if Romney played the friendly politician, kindness wasn't his specialty at Bain. He was generous to ranking executives, rewarding CEOs with huge bonuses. Yet he tended to treat those below his pay grade as little more than machinery.
Romney has repeatedly claimed to have created 100,000 jobs at Bain, and says that providing work for Americans was a primary company goal.
But Bain bought Domino's just months before Romney left to run the Salt Lake City Olympics, meaning someone else created those jobs. And he didn't manage Staples or Sports Authority; Bain was a minority investor in both.
By Romney's logic, any large investor — say, the Texas teachers' pension fund — also creates hundreds of thousands of jobs. The boast is so foolish that his campaign has since backed away from it.
Even Kaplan admits that private equity firms rarely create jobs. Workers are seen as costs, and costs are the enemy. According to Kosman, Romney was in truth among the most heinous job killers of them all.
While writing his book, Kosman conducted an interview with a Bain managing partner. The man told him that when Bain was about to buy a company, its partners would hold a meeting. "He said that about half the time [they] would talk about cutting workers," says Kosman. "They would never talk about adding workers. He said that job growth was never part of the plan."
That claim was buttressed by the Associated Press, which studied 45 companies bought by Bain during Romney's first decade. It found that 4,000 workers lost their jobs. The real figure is likely thousands higher, since the analysis didn't account for bankruptcies or factory or store closings.
An example of Romney's cold-blooded approach is his 1994 purchase of Dade International, an Illinois medical-equipment company. He soon merged it with two similar firms, a move that tripled sales.
Once again, he couldn't help but raid the vault, peeling away $100 million for himself and investors at the same time Dade was laying off 1,700 American workers.
After Bain closed a Dade plant in Puerto Rico, Human Resources Manager Cindy Hewitt was asked to lure a dozen of those employees to work in the company's Miami factory.
But that plant soon closed as well. Though Romney was gobbling up millions, Bain still wanted those laid-off employees to repay their moving costs.
"They were treated horribly," Hewitt told The New York Times. "There was absolutely no concern for the employees. It was truly and completely profit-focused."
Yet Bain's abuse wasn't complete. It was trying to sell Dade, but didn't like the offers it received on the open market. So it created an artificial market of its own.
In 1999 it forced Dade to borrow $242 million, which was used to buy back company stock from Bain, Dade executives and their banker, Goldman Sachs.
Bain was again extracting profits with borrowed money. It had pushed Dade's debt to a bracing $2 billion. To help pay for the deal, the company laid off another 367 workers.
But that debt proved too much for Dade to carry. Three years later, the company was bankrupt.
Kosman calls it standard Romney operating procedure. To pump short-term earnings, he would essentially "starve a company," whacking not just employees, but customer service and research-and-development funding — the very ingredients of long-term prosperity.
"I think they're one of the worst, at least during Romney's time," Kosman says. "They were very aggressive about dividends. They were very aggressive about borrowing the most money they could. He's very driven to be the best he could be, and that was to be as cutthroat as he could be. But in the process, he hurt a lot of companies and cost a lot of jobs, maybe tens of thousands of jobs."
Kosman says it's telling that Romney never cites companies he actually managed as evidence of his job-building skills.
"If Romney had some stories to tell, he'd use those stories," he says. "I think it's very interesting that he's not telling those stories, because I think they don't exist."
The Welfare Queen
Romney's economic views were on stark parade during this year's Michigan primary. He ripped President Obama for bailing out the auto industry, arguing that it should have been dealt with in his favorite resting place: bankruptcy court.
He was particularly incensed that the president rescued workers' pension funds before covering Wall Street's bad loans.
But his faith in the free market wobbles when his friends need rescuing. Romney just as vigorously defends the $10 billion government bailout of Goldman Sachs, his investment partner at Bain.
After all, Romney frequently assumed the role of welfare queen himself.
In 1988, he bought South Carolina photo-album maker Holson Burnes. In exchange for the firm's promise to build a new factory, the people of Gaffney, S.C., gave Bain $5 million in bonds and $200,000 in utility upgrades.
The plant closed just four years later. The 100 jobs there were later shipped to Mexico.
At GSI, he dumped $44 million in pension shortfalls on the federal government. And when he bought mattress-maker Sealy in 1997, he took $600,000 in welfare to move the firm from Ohio to North Carolina.
Even a company Romney cites as one of his greatest achievements — Steel Dynamics, where he was a minority investor — was practically launched by corporate welfare. Indiana taxpayers gave the firm $77 million to open a plant. Residents of DeKalb County actually had their income taxes raised solely to help Romney and his friends.
Tad DeHaven calls it "theft and redistribution."
He's no yammering Trotskyite; DeHaven is a former budget advisor to Republican U.S. Sens. Jeff Sessions of Alabama and Tom Coburn of Oklahoma. Yet he notes that firms like Bain often get governments to subsidize their raiding parties.
The feds take $100 billion a year from everyday taxpayers and send it straight to companies like Romney's, says DeHaven, who now works for the Cato Institute, a conservative think tank.
But like most good Republicans, he's reticent to single out the candidate for criticism. "It depends on what he knew and Bain's involvement in obtaining subsidies," DeHaven says. "I don't know if it makes him a hypocrite or not, but he should answer questions about it."
The President of Russia
Those answers won't be forthcoming. Romney refuses to discuss most of the companies he purchased at Bain, nor will he release his tax records from those years. As a result, voters are left to make their own call on his catalogue of creative destruction — and what he might be like as president.
Romney has professed his admiration for Ronald Reagan. But judging by his business history, the president he most resembles is Vladimir Putin. Romney has devoted his life to ensuring that every last penny rises to a few hands at the top. And like Putin, he's never shown much concern for the countrymen he tramples along the way.
"The word 'oligarchy' comes to mind," says Michael Keating, when asked to envision a Romney presidency.
Keating is a former business consultant and executive at Bertelsmann, a multi-national investment firm that operates in 63 countries. He asserts that men like Romney "hide their antisocial actions behind a rhetoric of free-market capitalist platitudes. But in the end, it's all about the bottom line — and only their own bottom line....
"I don't think Romney is so much dangerous as he is unimaginative," Keating adds. "And in the world we live in, that amounts to the same thing."
romney is like jaime dimon, the jpmorgan guy: they both seem to think they know more than they actually do. this is very alarming given that mitt has a fair chance to be president.
Reading the quotes from university professors, I'm struck that the American academic system, at least the fields of business and economics, are completely embedded with the notion of Darwinistic capitalism and the pursuit of profits for shareholders in the stock market and private equity. There's a pervasive bias against labor (and I'm not talking about union labor) and everyday consumers, who are the people who do the actual work and create the demand for products that make profits possible. Even state university academics are corrupted by such notions, and the patina of their academic positions, with their ready quotes defending the status quo, entrenches the values of crony capitalism and the enrichment of the top tier.
Romney is just another republican scum bag. Why don't parasites understand that when enough people tire of them they are exterminated? I'm figuring it will only take another 10 years or maybe less, for humanity to tire of this and start the extermination. Lobbyists or Republicans, who knows which will be first to go!!!!
Thanks for posting this article. An educated public this year may just be one pissed off public. Ron Paul or bust~2012:)
So America its time to choose...
Goldman Sachs War Party Candidate A: Obama -or-Goldman Sachs War Party Candidate B: Romney -or The Peoples Candidate: Dr. Ron Paul** California Residents MUST be Registered GOP by May 21st to Vote for Dr Paul in June 5th Primary! **
This is really an idiotic article devoid of understanding of how things work in reality.
How does one purchase a successful company for next to nothing? How does one transfer that company's wealth to one's bank account, ultimately putting that company and the investment to ruin? Without losing more money than was gained in the process and suffering the anger and criminal wrath of the investors who purchased the company? It logically can't happen. You cannot take something profitable for next to nothing, strip it of its profit and then skip off to repeat the same. It never happened.
Flipping companies is buying large conglomerates that are in trouble with debt, separating the profitable and spinning or selling them off, then holding a fire sale on the remainder while it is still worth something to someone else who can use it. The fact that union workers had negotiated lucrative contracts to perform work is fine. The fact that they were horribly over the market price for that labor led to their undoing and someone else is now doing the labor. A dinosaur dies. It bellows its death rattle on the pages of SF.
Now if you want to talk about massive regulations, subsidies and tax incentives designed by lobbyists and passed by CONgress and state legiscritters to kill off US companies and help move them overseas that would be an article. Romney is the enemy, but he is no different than Obama, or Bush or Clinton, or Bush .... Still voting, suckers?
So America its time to choose...
Goldman Sachs War Party Candidate A: Obama -or-Goldman Sachs War Party Candidate B: Romney -or The Peoples Candidate: Dr. Ron Paul** California Residents MUST be Registered GOP by May 21st to Vote for Dr Paul in June 5th Primary! **
This is an absolutely devastating piece that should be read by everyone who has yet to vote in the Republican primaries.
Ron Paul is still in the race, and there's still time to get him enough delegates to deny the parasite Romney the nomination without an unpredictable brokered convention.
Italy, Spain, and Greece all have laws that regulate larger firms more stringently. Is there any question why they have a higher percentage of small, vulnerable businesses than more successful European economies? Maybe the nebulous Dodd-Frank and the overreactive Sarbanes-Oxley should simply be repealed instead of mitigated for smaller firms.
People who know my economics know that I'm in favor of free markets and understand the creative destruction therein. This article is rather anti-Romney, but it does include some statements supportive of Mr. Romney and Bain Capital. I regard as at least a tortious lack of fiduciary responsibility and maybe criminal acts such as looting companies and selling credit-default swaps (a type of insurance) without provisions for losses (as AIG did).
To be equally critical of President Obama as this article is of Mr. Romney, I was revolted by the consensus of candidates Obama and McCain at the table with President Bush and others in support of TARP that was used to bail out AIG and its well-to-do claimants against their credit-default swaps.
In fairness to Mr. Romney, he might be right that GM and Chrysler should have been allowed to go through bankruptcy without government bailouts. After all, that's where they ended up even with bailouts. Even Mr. Romney can be right sometimes when his own self interest is not involved.
Great article, goes to the issue of intent. He might expouse religous principles, "you cannot serve two masters," However Bain, meg whitman, and their running dogs are no friend of humanity. Step up to the judgement bar Mitt and explain this one!
When a resolute young fellow steps up to the great bully, the world, and takes him boldly by the beard, he is often surprised to find it comes off in his hand, and that it was only tied on to scare away the timid adventurers.
I will check this out, but after what I've seen of Obama and his $5.0 trillion debt increase, his overreaching power grabs through executive orders and thrashing of the Constitution, it would take a real vile person to outdo Obama in vile unforgiveable actions. I will vote for Romney. ABO, ABO. I also hope to see a conservative majority in both houses to control who ever is in the White House and i hope to God that it is not Obama.
Not to mention the hundreds of millions he made by organizing the SLC Olympics and serving as governor of Massachusetts.
Or maybe the guy isn't a pure parasite...
Romney has too many skeletons in his closet. He won't discuss the firms that Bain bought or invested in on his watch. He won't release his tax returns from those years. There's the impinging Mormon lifestyle; he's almost certainly lying about not acquiescing to the Mormon church on issues. He's flip-flopped so many times that his moral compass has surely been fatally compromised. He's fatuous, but still manages to be an egomaniac. He's an elitist if there ever has been one (OK OK, The Donald wins this round, but Romney is a close second).
I don't trust him. I think he'd sell his kid's kidney if he could make a buck on it and not get caught. He's made so many gaffes about his wealth that I've come to the conclusion that they're not gaffes; he's telegraphing his intent to the 1%: Vote for me and together we'll put the hoi polloi back in its place!
Ah, got to love the liberal media. Thank you for showing Romney's true colors. Also a great example of how the Republican party and the 1% think and their M.O.
And now we have the Republican "Jobs Bill," a windfall for "small" business owners (up to 500 workers). There's a job killer if there ever was one. Say a company has 550 employees. Laying off 50 of them saves 20% on taxes. "Security! Escort these bums out!" Say a company has 475 employees, but could expand. Who is going to hire on more workers and lose out on that 20%? Just another shell game...
Obey your elite-class and corporate masters you commoner scum.
You exist to serve the ruling class.
Love it or leave it.
You DO support the troops, don't you/
It's for the children.
If you were not a left, liberal, lazy bum you would be a multi-millionaure yourself.
Unions are destroying the USA.
You non-wealthy are merely lazy bums wanting hand-outs.
The USA is number ONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OBEY you commoner scum citizen-sheep.
Bleat your satisfaction with the way "things" are for that is how your superiors, your betters, have decided what is best for the USA.
Love it or leave it.
Or are you a socialist/communist/welfare case/whatever?
Interesting, but are people still falling for the msm and their depraved and unconstitutional propaganda to even find the need to dig up more proof against Romney? Romney is continuity of big bailouts and the era of Global military industrial one world nation and forfeiture of human rights and dignities. The end of the Rainforest, our precious Oceans and all aquatic life, in short life exchanged for profit. Have you heard of Dr. Ron Paul?
Wow. Kotz, you have always been an amazing writer, and this proves you are still. I'm sending this around to friends who need to know. Thanks.
Mitt should write a sequel to his first book ("No Apologies") and title it "No Thank Yous" http://www.reddit.com/r/politi...
And is any middle income worker's, let lone the really poor, interests alligne with Romney's. I sincerely doubt this. He'll raid our government and not think twice, just like he's raided the many companies while at Bain. If he's intending to eliminate HUD, which houses millions, our homeless situation will overwhelm any other problem we may have. Crime will definitely increase, more people will lose jobs, because you need an address to hold a job. Education would be slashed. No real educated workforce, more outsourcing of jobs to "educated" countries. More jobless, homeless people in America. Poverty will soar. This country will rot. Sounds like the apocalyspe. God, please save us.
Parasite. Love that Nazi imagery. But then you Stalinists allied with Hitler for a while, Hitler-Stalin Pact and all. Nothing between socialists. Oh, and I like your sudden concern for blue collar whites who cling to their God and guns. Ooopssss, is Obama even less concerned about those rednecks? Its not like Bill Clinton was at the time giving China Most Favored Nation status so they could really undercut wages, which they did, hitting the...steel industry...hard. Kinda interfers with the Marxist rhetoric. But then selling out to the Chicoms is what the Demoncrats do.
And I might note that Apple produces nothing in the United States. What, no article on how Apple dumped American workers for Chinese at a $1 a day?
Vilest of hypocrites.
Are you on drugs? Should you be? Try and deal with the fact that stalin's been dead a long time . .. and it's time to realize that those who made stalin et al into "The Enemy" only did so in order to frighten idiots into stampeding like sheep on crack . ..as you've just done.
Do your homework, Senor Federale. Apple didn't ship jobs to China-- it and all tech companies like Apple which rely on a bevy of high tech components, have simply followed the manufacturing jobs that have left our soil. And that competition isn't your silly $1 a day claim, it's the competition from foreign governments that see value in manufacturing, so which offer huge tax and construction incentives for US companies to relocate there. Our government doesn't do that, and when it does, even successfully as in the bailout of GM, people like Romney start crying about intervening with free enterprise. All the while stealing from you and playing patriot.If you are a wage earner and can see past your nose, you know that--because US manufacturing is still at least 5 or 10 times more efficient than most foreign workers and manufacturers--which negates the wage disparity. As long as you believe people who sell you that line they are "stealing our jobs" you will just be an ignoramus. Get angry about the people behind the job loss--but you won't do that because they also sell you all the cheap lines in your post. And without those lines, who are you?
No one's speaking of Obama. This article is about how Romney operates. If you're ok with it, then great. I think it helps people know who Romney really is. Why result in name calling. I sincerely don't think that capitalism is creating a bankrupt company where none existed. Exploding a balance sheet with debt, just to pay yourselves. That's not capitalism.
I sincerely hope the GOP voters will really think twice before casting their votes! If Romney wins..99% of Americans will lose! Especially women , the elderly and the poorest among us.
What about Bain's control of conservative talk radio? Limbaugh, Hannity, Glenn Beck, Michael Savage are all connected to Romney and Bain since 2007:
Clearly someone has been paying attention, Mr. Romney is definitely worthy of your commendable and Righteous Anger. This article rates 5-STARS