Thursday, May 31, 2012

The Bain of Mitt's existence

The Mitt-wit's iPhone app
The Mitt-wit is jetting around the country telling Americans that his experience running Bain Capital makes him a perfect fit to run America.


Well, if it's like what Bain did to some American companies, he'll run this country into the ground, sell off the assets and pocket the profit.


Here's an excellent story on how Bain/Romney raided a company called Ampad and walked away with $100 million, much of which was then hidden in offshore accounts.


Yes, Bain was successful most of the time, but its success was measured by big returns to investors rather than jobs created. In fact, instead of adding value, like a legitimate product, to our world, Bain merely rewarded the 1 percent at the expense of the 99 percent. 


Bain/Romney accelerated the income gap over the last 30 years, which now hampers our economic recovery.


In Vanity Fair, economist Joseph Stiglitz brilliantly dissects "The 1 Percent's Problem."


In language devoid of wonkish econo-speak, Stiglitz nails what he calls "the price of inequality."


Here's a sample graph:


"When corporate C.E.O.’s argue that wages have to be reduced or that there must be layoffs in order for companies to compete—and simultaneously increase their own compensation—workers rightly consider what is happening to be unfair. This in turn affects their efforts on the job, their loyalty to the firm, and their willingness to invest in its future."


Stiglitz points out that the 1 percent would benefit even more in the long run if they would ensure that the base of the economy remained sound. But, in general, the 1 percent doesn't care about our economic foundation.  


One percenters, like Romney, are too busy stashing their cash around the world to care what is happening to the 99 percent.

1 comment:

  1. Mmmm... the Kool-Aid is good...

    ReplyDelete