Who Said It: "Donald Trump Has Shown An Extraordinary Ability To Understand Our Economy, To Create Jobs"

Tyler Durden's picture

Moments ago Mitt Romney concluded a fiery speech in which he blasted Donald Trump, accusing him of being a "con man" and asking republicans to choose "anyone else" but Trump. Among the points he brought up was that Trump's domestic polices would sink America into a recession, that his foreign policies would make the world less safe, and criticized Trump's personal qualities, calling him "a bully" and "a misogynist."

However, what we found particularly ironic is that Mitt Romney, who previously had led Private Equity firm Bain Capital, mocked Trump's business acumen by pointing out his track record of having various bankruptcies under his belt which "have crushed small businesses and the men and women who worked for them."

This is precisely what he said: "But wait, you say, isn’t he a huge business success that knows what he’s talking about? No he isn’t. His bankruptcies have crushed small businesses and the men and women who worked for them."

We found this amusing coming from the man who made profits for himself and his investor for 15 years by saddling companies with massive debt loads to generate outsized returns on equity with a 3-5 year investment horizon.

Here is how Romney himself fared as a businessman, based on a WSJ report from 2012:

Mitt Romney's political foes are stepping up attacks based on his time running investment firm Bain Capital, tagging him with making a fortune from the rougher side of American capitalism—even as Mr. Romney says his Bain tenure shows he knows how to build businesses.

 

Amid anecdotal evidence on both sides, the full record has largely escaped a close look, because so many transactions are involved. The Wall Street Journal, aiming for a comprehensive assessment, examined 77 businesses Bain invested in while Mr. Romney led the firm from its 1984 start until early 1999, to see how they fared during Bain's involvement and shortly afterward.

 

Among the findings: 22% either filed for bankruptcy reorganization or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses. An additional 8% ran into so much trouble that all of the money Bain invested was lost.

 

Another finding was that Bain produced stellar returns for its investors—yet the bulk of these came from just a small number of its investments. Ten deals produced more than 70% of the dollar gains.

 

Some of those companies, too, later ran into trouble. Of the 10 businesses on which Bain investors scored their biggest gains, four later landed in bankruptcy court

 

So let's get this straight: the man who led to 17 of the 77 business Bain invested in closing down in bankruptcy, and another 4 going Chapter 11 after Bain extracted all the possible value, is criticizing Trump for engaging in Chapter 11 bankruptcy protection?

We wonder how many large businesses - because Bain does not bother with small business LBOs - "and the men and women who worked for them were crushed" as a result of Romney's own attempt to extract as much value as possible by layering dozens of companies with massive debt loads?

To be sure, we don't criticize Romney's business model: it is what he does, just like what Trump does is to run companies, and the ultimate result is always failure. But we do find it grotesquely ironic that Romney has the gall to mock Trump's business record when he himself is a far greater abuser of US bankruptcy laws.

This is, after all, capitalism. But for Romney to turn around and so blatantly ignore his track record when blasting Trump's is, in a word, preposterous.

* * *

And speaking of ironic, we can't help but be amused by what Romney said in February 2012 when Trump endorsed Romney's presidential campaign:

"I am so honored and pleased to have Donald Trump's endorsement. Donald Trump has shown an extraordinary ability to understand how our economy works. To create jobs for the American people. He's done it here in Nevada. He's done it across the country. He understands that our economy is facing threats from abroad. He's one of the few people who stood up and said China has been cheating. They've taken jobs from Americans. They haven't played fair. We have to have a President who will stand up to cheaters."

 

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SloMoe's picture

Is it really a fair fight to call a politician a hypocrite? Seems, easy pickings...

hedgeless_horseman's picture

 

 

Who said it?

“Do not judge, so that you may not be judged. For with the judgment you make you will be judged, and the measure you give will be the measure you get. Why do you see the speck in your neighbor’s eye, but do not notice the log in your own eye? Or how can you say to your neighbor, ‘Let me take the speck out of your eye,’ while the log is in your own eye? You hypocrite, first take the log out of your own eye, and then you will see clearly to take the speck out of your neighbor’s eye.

 

http://www.zerohedge.com/news/2014-10-06/law-suit-porn-addict-divorcing-...

MarketAnarchist's picture

The establishment is flailing.  Romney is their last shot, it is their strongest play, and it will fail.

Save_America1st's picture

Romney and McCain have about as much influence on those who will vote for Trump as Jeb had.

Zero effect.  Everything they continue to do against him from this point going forward is only going to blow up in their faces. 

Can't wait to see this go down.  hahaha

Ghost of PartysOver's picture

Damn this fun to watch.   The Club is getting Schlonged.  And Good.

Bay of Pigs's picture

And the lying hypocrite Flip Flop Romney just poured gas on the Trump wildfire.

The9thDoctor's picture

Romney's entire career was based on offshoring jobs with his Bain Capital.

It's the equivalent of a drug trafficker whining about drug abuse on our streets, when Romney starts talking about American jawbs. Romney IS the problem!!!

Romney's 180 degree turn on Trump is the very definition of being two-faced, and being a flip-flopper.

Donald Trump's views on abortion or on firearms have evolved over a long period of time as he learns more; but Romney going out and doing this blatant 180 is a real flip-flop.

This is a good illustration at the difference between a flip-flopper and someone whose views evolve over time as they learn more about issues.

Bilderberg Member's picture

Mitt is the "WASHINGTON GENERALS" of politics....RIP Meadowlark Lemon.

pods's picture

Catching a politician in a lie is like hitting a fat kid with a dodgeball.

Just as fun too.

847328_3527's picture

Mitt will send moar jobs overseas more so then Obama did. These are serioulsy crony people who pretend to be friends with 'Everyday Americans" or are total fakes when they say they want to "help the oppressed."

Hillery in particular has been in office for years and tell me how she has, "helped the oppressed" or helped the "Everday American"?

Surviver22's picture

Obama and Church Leaders PRAYED you’d never see this…

https://www.youtube.com/watch?v=y0kpoRcLx3g

I need more asshats's picture

All the little Zero's are getting nervous about Trumpo who has ZERO chance against Hillary.

Demdere's picture

hasbara, one of the multi-line versions.  Smooth.

BorisTheBlade's picture

Trump hasn't thrown his trump card, yet. He has been around long enough to amass some facts about business and politics and their mutual collusion and he developed certain ideas to put it mildly. Romney critisizing Trump is like Bernie Madoff going on about ponzi schemes, Mitt discredited himself the moment he opened his mouth.

TruthHunter's picture

Romney will only hurt Cruz and Rubio, if he is stupd enough to enter now.

I would be surprised if he did as well as Ben Carson. Does the RNC think people

will like him now any better than Jeb?

 

 This isn't even a Hail Mary pass. RNC is too desperate to think.

 

 

jerry_theking_lawler's picture

Noone can stop Trump now except Trump.

 

Scratch that, one other person could stop Trump......Chuck Norris. Chuck Norris can stop anybody. So Trump should woo him now and he'll be unstoppable.

City_Of_Champyinz's picture

Romney is a complete douchebag, the fact that he is pretty much the last shot the establishment has proves that Trump has basically wiped the floor with the GOP idiots so disconnected from reality...

Chupacabra-322's picture

The same Scum Fuck who on the pulpit was caught on tape admitting Corporations are people.

Bush Baby's picture

Trump is the Phoenix rising from the ashes of the failed GOP

 

If you think this show is interesting , wait untl Trump becomes president.

We'll finally find out who killed Kennedy

I need more asshats's picture

Trumpo is a Trojan horse.

He's full of jews and trying to ram the gates.

You know what to do boys. Spare no one.

ParkAveFlasher's picture

I haven't had this much fun since Wrestlemania V!

alexcojones's picture

Without reading the answer-

Tom Jefferson or Vladimir Putin?

Speaking of these two outspoken newsmakers, here is someting to think about.

The Bigger Wild Card - Trump Or Putin?
EscapeKey's picture

getting people to agree with a cute soundbyte is trivial, provided they don't get the full picture.

i'm sure i could get half of Sanders' voters to sign up to a cherry picked NSDAP program if i cared. that doesn't mean they're nazis, however.

Joebloinvestor's picture

Hey Mitt, didn't you even think that this would be used to show what a fucking turncoat you are?

 

E.F. Mutton's picture

He was only following orders.

 

ThroxxOfVron's picture

"He ( Mitt Romney ) was only following orders. "

 

Which begs the questions:

WHO would Mitt Romney be taking orders from -and WHY?   

 

It is very questionale activity to alter one's public opinions so drastically and not provide sound reasoning for such in accompanyment...

Welfare Tycoon's picture

Yeah, as much as Tits is a fucking douche, it is hard to imagine him doing this out of his own initiative. Too out-of-left-field and I cannot imagine why any sane individual would think it would be a good idea to insult Trump by this point, considering precedence. Some oligarch probably decided to shove their dick in his Mormon ass and coerced him to do it.

Then again, maybe Tits is just a fucking moron. Seems like whenever you get the chance to see these politicians behind the curtain nowadays they always turn out to be incompetent fucktards. This is something that the TPTB probably looks for in its candidates when you think about it. 

dark pools of soros's picture

TPTB need to satistfy their hardwired need of control mongering...  so when there is someone they can't control, they go full manipulative on the ones they can control..  you see it with married couples all the time, in family business.. etc..  the TPTB needed their fix so they feasted on Mitt

 

 

Kayman's picture

Mitt's slick schtick. Bain Capital bought up American Industrial companies, closed them down, laid off Americans, and the jobs went to China.

Damn sad times for our financial criminals- can't hostile take-over the American voter. 

Chupacabra-322's picture

Simple question:

Hey Mittens, so where you lying when you accepted Trump's endorsement or today?

Event Horizon's picture

Romney and Trump,, two libs in a pissing match,,

 

Trump robocalled for Romney praised him and called him the outsider..

Audio,,
https://archive.org/details/DonaldTrumpCall

also, Larry King,, 

TRUMP: Well, I think Hillary is terrific and I think Rudy is terrific. And I’ll have to make a choice, assuming they both win. But she’s been a friend of mine and he’s been a friend of mine. And they’re both terrific. I think they’re both going to win. I think Rudy has a little bit of a fight with Romney, who is a terrific guy, also. I know him a little bit, not nearly as well.

But I think Rudy is going to end up emerging. I think she’s going to emerge. And you have two very, very smart people who are going to be running for president.

KING: Is the religion rap on Romney a bad one?

TRUMP: I don’t think it’s a bad one. I think that it’s — look, he’s — he’s a great person. And you have…

 

Davidduke2000's picture

why a man like Trump spends $500 million of his own money on his campaign?? bend over for the rest of your life to the elites and  the globalists, 

alexcojones's picture

Bain Capital? Is that the same firm mentioned in Confessions of An Economic Hitman?

"The death squads committed atrocities on such a mass scale for so small a country that their killing spree sparked international condemnation. From 1979 to 1992, some 75,000 people were killed in the Salvadoran civil war, according to the United Nations. In 1982, two years before Romney began raising money from the oligarchs, El Salvador's independent Human Rights Commission reportedthat, of the 35,000 civilians killed, "most" died at the hands of death squads.United Nations truth commission concluded in 1993 that 85 percent of the acts of violence were perpetrated by the right, while the left-wing Farabundo Martí National Liberation Front, which was supported by the Cuban government, was responsible for 5 percent."

Romney, Bain, Oligarchs And Death Squads
alexcojones's picture

In other words, Don -

Drive a Muthafuckin stake through the Black Hearts of BOTH parties

lester1's picture

Romney is a globalist puppet, same as Hillary, Rubio, and Cruz.

 

 They are scared to death of Trump that he's going to kick out their precious illegal immigrants and fix these horrible free trade deals which benefit only the rich.

FreedomGuy's picture

I am not a Trump fan. However, the more they hypocritically come after him without taking up the hard core hot issues Trump takes on...the more I like Trump, warts and all.

Does anyone remember them going after the Democrats this hard?

StychoKiller's picture

Hmm, perhaps the Presstitutes should ask the Obamatron what he thinks... :>D

Yen Cross's picture

  Romney is skating on thin ice. He needs to shove some of those magic underware in his mouth.

medium giraffe's picture

Imagine my surprise when I watched the clip and realised that Romney has opposable thumbs.

Miffed Microbiologist's picture

What amazes me is he makes such statements in a time when it is so simple for anyone to find his past statements and broadcast them to the world revealing his hypocrisy. Ok, when you take up the profession as Chronic Liar, it requires a certain about of intelligence to lie well to maintain credibility. If the intelligence isn't there, then you must be rich enough to hire others to help you.

I'm wondering if the opposable thumbs are just an optical illusion.

Miffed

Amish Hacker's picture

When you put too many rats in the maze, they start biting each other.

Squid Viscous's picture

captain magic underpants said what?

Infield_Fly's picture

Trump will clean house when he becomes President.  Never seen such an ugly display of character assassination by the so-called unbiased media.

 

Even Fox News are a bunch of socialist pricks this time around.  Remarkable.

Yen Cross's picture

  The veiled cynicism from the MSM being passed off as unbiased, is so fucking thick, you need an axe to cut through it.

Zero-Hegemon's picture

The establishment is circling their wagons, and wondering WHEN they'll have to call in Order 66. IF is always a foregone conclusion for them, there is no "IF".