Saturday, July 21, 2012

Mitt Romney has referred to President Obama as the "outsourcer in chief." However in the nineties Romney invested heavily in companies that SPECIALIZED in outsourcing. Hypocrisy at its finest.

Courtesy of Mother Jones:  

In recent weeks, Barack Obama and Mitt Romney have accused each other of being an "outsourcer in chief," as their campaigns have tussled over Romney's past at Bain Capital and the (non)release of his tax returns. But all this scuffling hasn't taken into account an until-now unreported fact about Romney's days at Bain: When he was running the private equity firm, he invested tens of millions of dollars in a pair of companies that specialized in outsourcing high-tech manufacturing and that developed offshore production facilities in Mexico, China, and elsewhere to build electronics for US firms. 

In March 1999, shortly after Romney left Bain to take over the troubled Winter Olympics in Salt Lake City, Brookside Capital Investors Inc., a Bain-related entity wholly owned by Romney, filed a report with the Securities and Exchange Commission that listed dozens of companies in which Brookside held a stake the previous quarter. The roster included investments in Singapore-based Flextronics International ($13 million) and Florida-headquartered Jabil Circuit Inc. ($41 million), two companies that were leaders in the fast-growing field of outsourcing electronics manufacturing and offshoring production to low-wage countries. Together, these two investments represented almost 10 percent of Brookside's $559 million portfolio. 

For much of the 1990s, most overseas outsourcing involved unsophisticated products like apparel. But in the second half of that decade, US high-tech companies producing computers, telecommunications equipment, and other electronics began contracting out their manufacturing to firms that had established production facilities both in the United States and in overseas locales where labor was cheap. 

Such was the case with Flextronics and Jabil Circuit. They were two of a handful of companies that, according to the Los Angeles Times, "exploited the boon in high-tech outsourcing, or 'stealth' manufacturing," producing components or products for American businesses including Hewlett-Packard, Cisco Systems, Sun Microsystems, and Microsoft. When Romney was acquiring stakes in these two companies, they were hot tickets for investors. During the second half of 1998, the leading electronics manufacturing contractors—including Flextronics and Jabil Circuit—averaged an 85 percent boost in stock prices. That year, Flextronics doubled its revenues.

You know this is the thing that REALLY nags at me when I hear Romney surrogates talking about how this country needs HIS expertise on creating jobs to turn our economy around.

Somebody really needs to sit me down and explain to me how somebody who made his money in this manner:

As the founder of Bain Capital, Romney became a brilliant LBO buccaneer who specialized in buying up firms by taking on a lot of debt, using the target firm as collateral, and then trying to make the firm profitable -- often by breaking it up or slashing jobs -- to the point where Bain and its investors could load up the firm with even more debt, which Bain would then use to pay itself off. That would ensure a profit for Bain investors whether or not the companies themselves succeeded in the long run. Often, burdened by all that debt, these bought-out companies did not succeed, costing thousands of jobs as they were downsized, sold off and shuttered. Other times they did phenomenally well, as in the case of Sports Authority and Domino's Pizza.

Has ANY insight into how to create jobs for hardworking Americans in THIS country.

After all you cannot load up a country with piles of debt just to ensure that IT'S top one percent make a profit, with no consideration for the middle class workers that are the foundation for its ability to prosper?

Or can you? And did I just describe all eight years of the Bush administration?

So it appears that Joe Biden was right, Mitt Romney is essentially "George Bush on steroids."

Personally I think that if THAT comparison is made over and over again, that President Obama should have this election in the bag.

53 comments:

  1. LOL....oopsie poopsie......hope the rest of your day goes better....

    ReplyDelete
  2. Anonymous5:58 AM

    Hmmmm, exactly what happened? Hit the wrong key and posted too soon? Interesting and reassuring that I am not the only one who commits these kinds of strange little glitches.

    ReplyDelete
  3. Anonymous6:21 AM

    Lotsa scum in that one photo...

    ReplyDelete
    Replies
    1. Anonymous10:31 AM

      This photo corresponds perfectly to the George Harrison song, "Piggies". Mitt Romney, the ultimate PIG!

      Delete
  4. Anonymous6:26 AM

    Even his Bain colleagues even admit they never thought of themselves as job creators.

    Bush cut taxes for them three times, ostensibly to reward them and incentivize them to 'create' jobs, and they just sit there, hoarding their cash to make the current Administration look weak on the economy.

    http://blogs.reuters.com/david-cay-johnston/2012/07/16/idle-corporate-cash-piles-up/

    Oh and Mitt and the Republicans, how's that $4 a gallon President meme working out for ya?

    ReplyDelete
  5. Beldar Torus Klaatu Conehead6:29 AM

    Can someone explain to me how Mittens' experience orchestrating leveraged buyouts - which often rely heavily on draconian layoffs and massive increases in debt - translates into an economic strategy that could possibly be beneficial to the middle class citizens of The United States?

    So far, all he talks about is cutting taxes on the wealthy, eliminating regulations on the private sector and repealing Obamacare. Even if you dislike Obama, how does the Rmoney agenda yield any improvements over the current situation?

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    Replies
    1. Anonymous7:09 AM

      Glad someone finally said it! I heard Limbaugh bloviating about how Romney was 'building America' in the past and I racked my brain trying to understand how outsourcing jobs to other countries helps to build THIS country up.

      More of that CON-artist logic that I'm not on the level to understand I guess.

      Delete
    2. Anonymous9:06 AM

      It's quite clear that Romney is the candidate best able to build up this country...



      ...IF you're a corporation or a member of the 1%.

      And when they talk about 'building up', what they're really referring to is the building up of their bank accounts in Switzerland and the Cayman Islands and Bermuda...

      It's American money, isn't it? Shouldn't that count for something???

      Delete
    3. Well Beldar, it will work because our savior The Mitt is a rich, white, rill-American guy unlike that Kenyan, Muslim, Traitor, Socialist, Fascist, Communist, Gay, BLACK guy currently usurping the Throne of The WHITE House.

      Thus ends my attempt at channeling TeaBagger logic.

      Delete
    4. Beldar Torus Klaatu Conehead7:08 PM

      Alaskan Dave

      Not bad, not bad at all. You included many of the despicable dog whistle shrieks with the "Kenyan Muslim Fascist Communist" bits and capitalizing the BLACK in black guy and WHITE in White House is always a nice bagger touch. And "usurper" is good. I like to work in 'stupid moran", "he's destroying American" and "I want my country back!", also, too. But you're off to a fine start.

      Delete
  6. Anonymous6:35 AM

    Oh noes! Your blog post has been outsourced, G..... damn you, Mitt Romney for taking jobs away from hard working Amercians

    ReplyDelete
  7. Anonymous6:36 AM

    Romney reminds me a lot of this guy.
    http://tinyurl.com/btg8x7q
    He is nice looking and some but not enough of the charming.

    ReplyDelete
  8. Anonymous6:48 AM

    Speaking of Historonic personality disorder and excessive attention seeking, just saw Palin in slow motion licking her lips and heaving as she was being interviewed by Hannity, her eyes got really narrow and then really wide as if she was coming on to him during the interview. I have seen her do this with other men who let her run all over them. It’s like she does it on purpose, not only for control over the interviewer, but for control over the male viewers. Wonder if anyone else has noticed? Oh, and by the way, when Palin kept insisting that she is supporting Romney, because it’s: ABO – Anybody but Obama, and she kept repeating this over and over like she was trying to slap down Romney and degrade him with that, I noticed Hannity didn’t protest or confront her on this. Wonder if the lip licking has anything to do with Hannity’s compliance when it comes to Palin?”

    http://palin4president2016.blogspot.co.nz/

    http://www.facebook.com/login.php?next=https%3A%2F%2Fwww.facebook.com%2Fgroups%2F193913703996096%2F

    ReplyDelete
  9. Anonymous6:56 AM

    In her own words Nicolle Wallace ~ about Sarah Palin

    http://www.youtube.com/watch?v=EebeuqbppD0&feature=related

    http://www.youtube.com/watch?v=uTjF5iTFNnY&feature=related

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  10. Anonymous7:09 AM

    Notice how the total foreign tax credit was rising thru 2008 to a maximum of $787,455.00 in the year that Romney was a vice presidential candidate and then went into a rapid decrease to $690. in 2010.

    http://www.dailykos.com/story/2012/07/21/1112319/-Romneys-Foreign-Tax-Credits-shows

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  11. Anonymous7:11 AM

    Mother Jones finds two more major Romney outsourcing investments

    Romney Invested Millions in Firms That Pioneered High-Tech Outsourcing

    http://www.motherjones.com/politics/2012/07/mitt-romney-bain-outsourcing-flextronics-jabil-circuit

    ReplyDelete
  12. Anonymous7:21 AM

    President Obama honors the victims of the tragedy in Colorado, the people who knew them and loved them, and those who are still struggling to recover.

    http://www.youtube.com/watch?v=4lBWtx4TuaY&feature=player_embedded

    'The people we lost in Aurora loved, and were loved. They were mothers and fathers; husbands and wives; sisters and brothers; sons and daughters; friends and neighbors. They had hopes for the future and dreams that were not yet fulfilled. And if there’s anything to take away from this tragedy, it’s a reminder that life is fragile. Our time here is limited and it is precious. And what matters in the end are not the small and trivial things which often consume our lives. It’s how we choose to treat one another, and love one another. It’s what we do on a daily basis to give our lives meaning and to give our lives purpose. That’s what matters. That’s why we’re here.'

    http://www.whitehouse.gov/the-press-office/2012/07/21/weekly-address-remembering-victims-aurora-colorado-shooting

    ReplyDelete
  13. Anonymous7:23 AM

    Tax cuts don't create jobs...it incentivizes ginormous salaries for people like Mittens. In the 1950s and 60s, we were at our best economically, and do you know what the tax rate was for the richest? 90% percent on everything you earned over $300,000.

    90%!

    Now it's less than 25%...and what has happened? CEOs of companies make 500 times what the average employee makes. Athletes make $$$. Movie stars make $$$. Financial "wizards" make $$$$.

    They're supposed to be creating jobs with these tax cuts, but instead, the low tax rate for these giant salaries encourages them to make even MORE giant salaries and cut jobs, salaries and benefits to make up the difference! In the 50s and 60s, there was a sense that...we were all in this together... People got a job and they stayed there. you got training. You got a pension. You got healthcare. Maybe your life wasn't exciting, but he had enough to buy a house and a car and all the bells and whistles. Now -- no one's job is safe. Everyone hops around from job to job all the time. No one has a pension, unless you work for the government, everyone's retirement is based on the whims of Wall Street, and health coverage is spotty. And this is supposed to be progress?

    No -- we need to change the tax structure. 99 percent tax rate on everything over $20 million. 50 percent tax rate on everything over $10 million. 40 percent tax rate on everything over $1 million. Everyone else -- 13 percent. And for those people making more than $10 million, no write-offs, no deductions, NO EXCEPTIONS!

    If you make $20 million, in my scheme, you'd be paying $9 million in taxes, leaving you with $11 million -- MORE THAN ENOUGH FOR ANY HUMAN BEING TO LIVE ON FOR ONE YEAR!!!

    ReplyDelete
    Replies
    1. Beldar Torus Klaatu Conehead8:31 AM

      very well said.

      The claim that "reducing taxes on rich people increases employment" makes as much as sense as "eating low-fat yogurt helps albino goldfish swim better in chocolate pudding"

      Re-elect George W. Bush!
      Vote Rmoney2012!!!

      Delete
    2. I like your tax code. It sure would solve a lot of problems. But just HOW can a job-creator subsist on a measly $11M a year? *the last sentence was snark*

      Beldar: Albino goldfish in chocolate pudding taste great.

      Delete
  14. Anonymous7:31 AM

    Interesting watching the interview about the Olympics in Salt Lake City that Romney touts that he 'saved'!! Our government paid big, big bucks to save it and Romney went after our/taxpayers funds for it. McCain came out against him for having done so back then, which was shown on video.

    Romney is an ass and liar!!! It took many to make that particular Olympics succeed. Like teamwork, Mittens! You jerk!!!

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    Replies
    1. Anonymous9:52 AM

      That bothers me too. Sometimes he says he left Bain to "run" the Olympics, sometimes he says "take over" and sometimes he says "save" the Olympics. I think he likes to put that in people's minds - that he "saved" the Olympics leading them to believe he can "save" our economy, too. What he doesn't talk about is HOW he "saved" the Olympics - through lobbyists, government spending and taking money from programs he wants to cut - all the things he claims to despise and insists are ruining our economy.

      Delete
  15. Anonymous7:34 AM

    Henry Ford

    Ford announced his $5-per-day program on January 5, 1914, raising the minimum daily pay from $2.34 to $5 for qualifying workers.

    Ford's policy proved, however, that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy.

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    Replies
    1. Anonymous8:10 AM

      I know! I don't understand why more CEOs aren't arguing the same thing. If I were the CEO of a consumer-based company, I'd say -- Let's LOWER TAXES for the middle class and let's pay for it with tax hikes for the rich that we can get MORE CONSUMERS with DISPOSABLE income!!! If more people have more money, they can buy more things, which creates more demand which creates more jobs which means more people can move into the middle class which means more people can buy things...etc, etc.

      Instead, they want to lower salaries for teachers and do away with their pensions -- to lower taxes for the rich which incentivizes higher salaries for CEOs of consumer good companies, which they pay for by outsourcing jobs which means there are less jobs for Americans which means there's less demand for goods which causes companies to lay people off which causes less demand which causes MORE people to lose their jobs -- and then the economy goes in the toilet is the decision is made to "stimulate it"...with LOWER TAXES FOR THE RICHEST PEOPLE...

      oh, and along the way, while laying people off, these companies "celebrate" by giving the executives HIGHER salaries...because they're "geniuses" who came up with the "awesome idea" of laying people off.

      This is how the world works now!!!

      Delete
    2. Anonymous9:53 AM

      Because, 8:10, the corporations DO NOT NEED US buyers anymore. They have off-shored and out-sourced the jobs to where the people who buy their products live. It's the huge unspoken secret that US workers are not valued as much as the potential billions outside the US. Why not level US wages to theirs and make them consumer slaves like the US workers? That's the mindset of these huge multinational corporations and the banks and investors who fund them.

      Delete
  16. Anonymous7:46 AM

    ot explains traditional marriage
    https://www.youtube.com/watch?v=OFkeKKszXTw&feature=player_embedded

    ReplyDelete
  17. WakeUpAmerica7:53 AM

    That picture is just crass and obscene. It really says it all.

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  18. Anonymous8:01 AM

    Look at the names and handles of Mitt Romney's fake tweeps and it is obvious they are computer generated. Mitt Romney buying fake twitter followers.

    http://www.reddit.com/r/politics/comments/wx2pk/look_at_the_names_and_handles_of_mitt_romneys/

    ReplyDelete
  19. Anonymous8:06 AM

    Mitt Romney buying fake twitter followers, gaining thousands by the minutes, most don't even speak English #MoreFakeMitt

    ReplyDelete
  20. Super Fan In Atlanta8:11 AM

    Hey Uncle Gryphen,

    Great post! I'm beginning to think that the Republicans are about to kick Romney out so they can bring in an October surprise. They never liked Romney in the first place and knew they needed someone they could put in (without having the public vet them of course) at the last minute so Team Obama wouldn't have time to build a case against them. My bet, it's going to be a male and female team that's lilly white, ultra conservative, and uber Christian.

    ReplyDelete
    Replies
    1. Anonymous8:31 AM

      Well that leaves Palin out THANK GOD!

      CIP

      Delete
    2. Sally in MI8:47 AM

      But who fits that bill, Super Fan? And an uber Christian or two will alienate the independents, who have had just about enough ':Christian Founders' lies. And lily white alienates the minorities even more than they have been by the GOP. And another woman? I doubt it...Palin set back GOP women for fifty years, and proved that we Hillary supporters want someone intelligent, not cheerleadery and stupid.

      Delete
    3. Anonymous9:59 AM

      Yes, it's hard to imagine WHO, but I agree: an October surprise to confuse everything and perhaps win. Not by being the perfect candidates, but with the help of Southern Strategy, dirty tricks, and voter fraud.

      Yup.

      Delete
    4. Anonymous10:24 AM

      Romney may be sleepin' with the fishes before the convention. No telling what they'll do to rid themselves of that sack of shit in Topsiders.

      Delete
    5. Anonymous10:26 AM

      I wonder if it even matters at this point who it is. Republicans have shown that they will throw their support behind anyone for 6 weeks. They supported every one of those clowns during the primaries - even Donald Trump who wasn't even running. Bachman, Gingrich, Perry, Herman Cain?? They were all at the top of the heap at one point. Romney only became the nominee because he had enough money to outlast the rest. If they dump Romney at the convention and bring in some other Republican - doesn't really matter who - they will have enough time to paint him as their savior and get him into the White House before the time frame expires and people figure out what happened.

      It doesn't have to be anyone well known or even competent, just someone "with enough digits on his hand to hold a pen and sign his name". Oh, and white. He has to be white. His name will be Anybody But Obama. Because this really is just all about getting the black guy out of office.

      Delete
    6. I still think Ron Paul has some sort of plan up his sleeve for the convention.

      Delete
    7. Anonymous1:54 PM

      Exactly. Anyone but BLACK. GOP works their ABBs while hatred and greed destroys their souls.

      Notice how long it took Esther to put up a post yesterday in fake sympathy for Colorado? AIP baby. Reload.

      Delete
  21. Anonymous8:47 AM

    That Gordon Gecko picture is really sobering.

    When those asshats are sitting by themselves in their old age wondering what the fuck happened, I'll be enjoying life with my kids and grandkids.

    Money can buy many things, none of which in any way replace......family, friends, happiness, love, or self-respect.

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  22. WakeUpAmerica9:25 AM

    Look at the wolves in that picture living it up on other people's money and lives. How many bodies did they walk over to be able to stick that money in their mouths, pockets, and collars? How many lives were destroyed? All their money came at the expense of middle and lower class paychecks, pensions, and medical care. Could it be any more disgusting?

    ReplyDelete
  23. Anonymous9:55 AM

    Re your quote from The Atlantic: ". . . buying up firms by taking on a lot of debt, using the target firm as collateral, and then trying to make the firm profitable -- often by breaking it up or slashing jobs -- to the point where Bain and its investors could load up the firm with even more debt, . . ."

    I have only recently realized something that makes this all sound even more scummy, if that is even possible. "Making the firm more profitable" often consisted of only cosmetic fixes, like

    --coercing employees into buying a less expensive (for the company) insurance package and discontinuing the company's package
    --deferring maintenance costs
    --shortsighted layoffs that make the profit numbers look better but could not be sustained
    --and all those other financial rejiggering moves that make the company's multipliers look better to a lender AND THEN THEY TAKE OUT THE ADDITIONAL MASSIVE DEBT that the new/"better" numbers allowed but that would be suicide for a viable future.

    So Bain knew what it was doing: running companies into the ground so Bain could refi them, collect their giant fees, and then leave. No concern about the probably-viable entity they hadruined, or all those people out of work and communities ruined.

    Please forgive me if you all realized that all along. I did not. I thought a man of God, a religious pillar, would never do such a thing.
    OR cut a gay boy's hair as a bully.
    OR push a blind professor into a door for a laugh.
    OR . . . -- well, you know the list better than I do.

    ReplyDelete
  24. Anonymous9:55 AM

    O/T Wonkette posted the Vulgar Facebook Conversations of Bristol Palin and Willow Palin with Levi Johnston and Bodie. Willow is nothing more than an Uneducated GANGBANGER who is out of control. There is no doubt where Tripp learned his Nasty ways. How's that Pregnancy treatin' YA, WILLOW?

    ReplyDelete
    Replies
    1. Anonymous11:02 AM

      9:55,
      I just read the Facebook conversation at:
      http://wonkette.com/478870/worlds-best-mom-bristol-palin-in-giggle-fit-while-angel-baby-tripp-calls-her-homosexual-slur#more-478870
      and while Willow's words might be the most vile I have ever seen in print, did you notice that in Levi's response to Bristol asking for an apology, he refers to her keeping him from seeing his boys, as in plural for boy.

      It could be a typo and mean nothing or it could be a huge piece of the puzzle in determining the parentage of these children.

      Gryphen,
      I trust that you will get to the bottom of it for us.

      Delete
    2. Anonymous11:12 AM

      My previous post should have said, "sons" not boys ,which actually creates less wiggle room for an explanation that might be something other than the truth.

      Time to do what you do Gryphen.

      Delete
    3. Well what I do is tell you that what Wonkette has posted is from a fake account and NONE of it came from Bristol, Willow, or Levi.

      Delete
  25. Anonymous10:03 AM

    He's buying Twitter followers now. Almost all of them are fake. Amazing.
    http://140elect.com/2012-twitter-politics/is-mitt-romney-buying-twitter-followers/
    http://tribuneofthepeople.com/2012/07/21/romneys-fake-twitter-followers/
    http://www.reddit.com/r/politics/comments/wx2pk/look_at_the_names_and_handles_of_mitt_romneys/
    http://inagist.com/all/226733118684540928/

    ReplyDelete
  26. Anonymous10:20 AM

    http://www.youtube.com/watch?feature=player_embedded&v=qY29UIpGhAs

    DNC ad showing how Mitt "saved" the Olympics with 1.3 Billion dollars of Federal handouts. McCain called it a National Disgrace.

    ReplyDelete
    Replies
    1. Anita Winecooler10:16 PM

      OUCH!

      I love when his own words come back to bite him in the butt!

      Mitt's going to have a "Magic Underwear Wedgie" after seeing that one!

      Delete
  27. Anonymous10:21 AM

    Wish the President would point out that when Bush took office unemployment was about 3%, when he left office it was what? Almost 20%? Obama, with no help from the GOP, got it down to 6%. He needs to point out stuff that other people have forgotten. Like the right mouthing off about how much gas cost in Nov. 2008, and Jan of 2009, neglecting to mention how much it was in July of 2008. You can look at the gas prices from back then on Google Street View. The President needs to take control of his image. I wish he would.

    ReplyDelete
  28. Anonymous10:28 AM

    Where is GinaM? Damn, girl, we appreciate when you cross over to the dark side, the pee pond, to report on the insanity of the inmates, but come back to us!!

    ReplyDelete
  29. Anonymous10:34 AM

    Typical bait and switch describe by the Prez. Romney sets up the profit grab, "good business" eh.
    Then blames the high corporate taxes for business leaving US soil. What a crock, the bastards were ripping the US off and screaming it's too costly to do business here. When Obama doesn't trashes this "crook" I'll be waving the pitchfork.

    ReplyDelete
  30. http://firedoglake.com/2012/07/21/romneys-latest-pay-day-as-bain-ceo-was-yesterday/

    ReplyDelete
  31. BabyRatpor1:41 PM

    Goddess, Gryph, YOU people don't need to know about all that! You just need to know what Dear Mitt says you should.

    /snark

    ReplyDelete
  32. Anita Winecooler10:24 PM

    That photo is so bad on so many levels. Can't stand that smirk. He's the antithesis of Robin Hood.

    The "Mitt gets Worse" project has videos of real people and how adversely his "leadership" at Bain impacted their lives.

    http://mittgetsworse.org/

    ReplyDelete

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