“I have done a decent job of staying away from the Facebook politics, up to now. I struggle every time someone posts that Romney is a job creator. Please don’t take this as an endorsement of Obama. I am not particularly fond of the job Obama has done, and his push for the Race to the Top and similar initiatives have little research basis, and the economy is a constant worry.
That said, Romney’s record as a job creator is a joke. Romney made his money off the backs of hardworking Americans. People are overlooking his time at Bain Capital. Don’t take my word on it either – really go investigate it – because it is terrible to read about. Romney and his leadership are responsible for ripping the heart out of many companies.
What Bain Does: Bain uses a tiny bit of money to secure loans to purchase/take over already-viable companies. No big deal, smart business. Keep in mind, these are viable companies – not struggling ones – that are in the black enough to be approved for loans. But it is the next steps that are not only highly questionable, but some consider incredibly immoral. Once the company in question is acquired by Bain Capital, the loans are shifted from Bain to the company. Bain then charges the company millions of dollars in fees for their services. Bain then sells the company and walks away, leaving the company fundamentally bankrupt.
Don’t believe me? Look up the following companies and see what happened to them:
American Pad and Paper (They fired all 250 workers and invited them to reapply for their jobs at lower pay and a 50% cut in healthcare coverage)
The Damon Corporation (while under Bain’s “leadership” was charged with and fined over 100 million in Medicare fraud).
Certainly, Bain found great success with Staples. Interestingly, Romney did not want to invest in Staples. Let’s also forget about the 1.5 Billion (yes billion) he took from the federal government to finance the 2002 Winter Olympics or the 10 million he took in 1993 to prevent Bain from hitting bankruptcy. There are other successes –Wesley Jessen VisionCare and Calument Coach and the Gartner Group and Sports Authority (Bain was a minority investor). However, his ability to acquire a successful company, saddle it with debt and move on overshadows these serious successes. The Wall Street Journal indicates that 1 out of 5 companies Bain acquires end up bankrupt. 1 out of 5. “Bankrupt” is not the same as “out of business”, though we sometimes accidentally use these terms interchangeably. A bankrupt company is one whose debt just disappears, much like a black hole makes light disappear. But unlike black holes, the banks that held the loans – and thereby the government - are left with big deficits they need to fill in some other way, if they can at all. The Associated Press estimates that Bain cost over 4,000 workers their jobs in Romney’s first 10 years of leadership. Can we take that chance with all of America?
Bain Capital literally ripped the profits out of companies in order to secure profits for investors. This was a company, led by Romney, that didn’t care about the American worker or the middle class or helping put food on the table. Bain and Romney cared about only themselves – how to make money – how to profit – at the expense of the middle class.
Add this to Romney’s constant flip-flopping and I am totally turned off:
- Bailouts – He criticizes the bailout of the auto industry and credits/defends the bailout of Goldman Sachs (a Bain partner).
- Abortion – In 1994 and 2002 he supported women’s rights to abortion; in 2007 and 2011 the opposite.
- Don’t Ask Don’t Tell – In 1994 he supported Gays and Lesbians serving openly – 2007 the opposite.
- Vietnam – In 1994 he “had no plans of serving in the military” – 2007 he “longed” to serve
- Climate Change – June 2011 “I believe the world’s getting warmer. I can’t prove that, but I believe based on what I read that the world is getting warmer. I believe humans contribute to that – October 2011 “We don’t know what is causing climate change on this planet.”
- Bush Taxes Cuts
- Health Care Reform
- Gun Control
- Hunting (yes – he even changed his mind about hunting)
I really want to support the Republican Party this election. I really do. I don’t like how the Obama administration has handled the debt or job growth or health care. I tend to be a middle of the road type of guy, but I can’t in good conscience vote for Mitt Romney. He has set an example of corporate and personal greed gone amuck. He would be terrible for America. When you are looking at the better of two bad choices, I will take Obama. His record for supporting America is just better.”