GOP presidential candidate, Mitt Romney proudly proclaimed that he liked to fire people who did not deliver services. That does not explain how so many people, who did deliver products and services for decades, were fired when their companies were placed under the umbrella of Bain Capital. However, it does explain Gov. Romney’s unreasonable lack of transparency in his plans to repair the economic woes of the country. After bludgeoning many successful American companies, including KB Toys, the second largest toy company in the nation, and raising the poverty and misery index of thousands of employees and their families with his slash and burn business model as CEO of Bain Capital, Romney believes that the American people are supposed to trust his judgment and capacity for business success based on the size of his bank account(s). And that is why the GOP contenders for the 2012 presidency should never have shown such cowardice when they vehemently, and correctly, raised the issue of “vulture capitalism.”
Because of the excessive noise of the “right-stream” media and the overbearing influence of the GOP’s “Tea-nut Gallery,” many of the Republican presidential hopefuls folded their tents and failed to pursue what is, perhaps, one of the seminal issues that a Mitt Romney campaign for president should be compelled to answer. Contrary to the private equity, and Bain Capital defenders, the importance of debating Gov. Romney’s tenure at Bain, and his lack of transparency in all things financial can be summed up in two words – Bernie Madoff. The absurdity of the Romney pledge to roll back needed financial regulations can also be summed up in two words – housing crisis. Therein lies the folly in believing a person’s wealth qualifies them for executive political office.
Though Mitt Romney and Bernie Madoff made their fortunes worlds apart from the letter of the law, a close examination of the factual aftermath might easily consider them to be kindred spirits. When all was said and done, their “clientele” was left financially ravaged. In Mr. Madoff’s case, many of his investors were well-heeled persons looking to subsidize a comfortable lifestyle. In Mitt Romney’s case, small, medium and large sized successful businesses incurred unsustainable financial burdens under the auspices of Bain Capital. Romney’s business practices then left thousands unemployed, bankrupted families, devastated entire communities and basically wire-transferred our physical and financial wealth to foreign banks and countries. It was political malfeasance for the GOP candidates to drop this issue, under the guise of free-market capitalism, when it is this kind of market policy that contributes to the slow growth and stagnant unemployment numbers that they were making the centerpiece of their campaigns against President Obama. It was not only short-sighted and ignorant, but it was patently dishonest to malign how other countries are surpassing the American economic and educational engine while many of those “free-market” politicos advance outsourcing, free trade, and foreign investment but eschew investment in our own American education, infrastructure and industrious spirit.
The GOP celebration of wealth without the scrutiny of how it was obtained results in making millionaires at the cost of millions of homes placed underwater and/or in foreclosure. It results in banks taking on insecure properties and riddles the nation with debt.
By allowing the Tea-nut Gallery and their right-stream media advocates to dictate the entire direction of the Republican Party, the GOP has abandoned any and all sense of compromise toward a better America. They continue to advance the great lie, without specificity, that after losing 750,000 jobs per month at the close of George W. Bush’s second term, that President Obama has made things worse. And, for the first time in recent memory, they have refused to support putting people to work to repair our crumbling infrastructure.
There is a rank hypocrisy among conservative noisemakers in refusing to allow into question, the path to Mitt Romney’s fortune, his arrogant ability to toss around $10,000 bets, and his pathological need for financial secrecy when they were boisterously apoplectic about the tax returns of Timothy Giethner, Tom Daschle, and others at the beginning of the Obama administration.
This negligence toward the best interests of the United States is unprecedented. And it is ironic that President Obama often thinks of, and quotes, Abraham Lincoln as he faces the kind of vitriol that the sixteenth president must have faced in his effort to keep the Union together. Hopefully, brother will not begin to fire upon brother in a long and protracted Civil War. However, as soon as Barack Obama was elected to the presidency, they certainly purchased enough weapons to do so.
September 13, 2012