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“Romney Economics – Bankruptcy And Bailouts At GST Steel”

The Obama campaign has released a six minute video that is probably the first of many more to come.

In addition to the points raised in the video, I have another question:  What were the moral obligations of the owners who sold GST to a company like Bain, or allowed Bain to take control?

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Crony Capitalism = Phony Capitalism

 

 

Facebook Page:  https://www.facebook.com/CronyCapitalism?sk=wall

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More on Romney, Crony Capitalism, and Subsidies – from The Nation and the LA Times

From Ari Berman at the Nation:

But a closer look at Bain’s record under Romney reveals that the company relied on the very government subsidies that Romney and Tea Party conservatives routinely denounce as “crony capitalism.” The Los Angeles Times ran a big story yesterday about Bain’s investment in Steel Dynamics, which received $37 million in subsidies and grants to build a new plant in DeKalb County, Indiana. An analyst at the Cato Institute called it “corporate welfare.”

And the LA Times article to which he refers.

 Mitt Romney no stranger to tax breaks, subsidies
Bain Capital profited from a steel company that got them, and he used them to attract business when he governed Massachusetts

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The Daily Show Digs In on Bain Capital

http://www.thedailyshow.com/full-episodes/tue-january-31-2012-jonathan-macey — starts at 9:00 minute mark!

 

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A Revealing Interview With Jonathan Macey

BUT, this interview does gain many revealing admissions from a writer whose Wall Street Journal article tried to argue the opposite.
Be sure to watch the third segment,where the arguments finally come together to some degree.
Jonathan Stewart is completely correct on this point:  “If you lose the will to cleanse the system then you have absolutely given up!”

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Palm Beach Post Article – 1/27/12

Palm Beach Post:

Unable to support the debt it had taken on under Bain, Dade Behring filed for Chapter 11 bankruptcy reorganization in 2002. That led critics to call the deal a win for Romney and Bain Capital’s investors but a loss for everyone else. Read the rest of this entry »

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The Dominos Pizza Model

Read it here:  http://legalinsurrection.com/2012/01/bains-dominos-pizza-model-looks-a-lot-like-the-obama-model/

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