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Mitt Romney Explains What He Learned At Bain Capital

Tyler Durden's picture





 

Since the GOP presidential candidate still refuses to give any substantial details on how the republicans plan to grow the country, not to mention fund the budget deficit (even as various pageview hawking blogs concurrently try to give the impression that private equity prospectuses stamped with the "confidential" seal for purely regulatory reasons will somehow provide an insight into the Bain Capital CEO's taxpaying practices, confirming that "finance for the masses" may not be the best idea), those who wish to gain some insight into the actual workings of Romney's brain may have to resort with the following Op-Ed published overnight in the WSJ titled, "What I Learned at Bain Capital: My business experience taught me how to help companies grow—and what to do when trouble arises. When you see a problem, run toward it before the problem gets worse." Read it - it may well be the only public policy "prescription" out of the republican before the election.

By Mitt Romney, published in the WSJ

What I Learned at Bain Capital

The back-to-school season is here, and as parents take their children to shop for school supplies, I suspect that many of them will be visiting a Staples store. I'm very familiar with those stores because Staples is one of many businesses we helped create and expand at Bain Capital, a firm that my colleagues and I built. The firm succeeded by growing and fixing companies.

The lessons I learned over my 15 years at Bain Capital were valuable in helping me turn around the 2002 Winter Olympics in Salt Lake City. They also helped me as governor of Massachusetts to turn a budget deficit into a surplus and reduce our unemployment rate to 4.7%. The lessons from that time would help me as president to fix our economy, create jobs and get things done in Washington.

A broad message emerges from my Bain Capital days: A good idea is not enough for a business to succeed. It requires a talented team, a good business plan and capital to execute it. That was true of companies we helped start, like Staples and the Bright Horizons child-care provider, and several of the struggling companies we helped turn around, like the Brookstone retailer and the contact-lens maker Wesley Jessen.

My presidency would make it easier for entrepreneurs and small businesses to get the investment dollars they need to grow, by reducing and simplifying taxes; replacing Obamacare with real health-care reform that contains costs and improves care; and by stemming the flood of new regulations that are tying small businesses in knots.

My business experience confirmed my belief in empowering people. For example, at Bain Capital we bought Accuride, a company that made truck rims and wheels, because we saw untapped potential there. We instituted performance bonuses for the management team, which had a dramatic impact. The managers made the plants more productive, and the company started growing, adding 300 jobs while Bain was involved. My faith in people, not government, is at the foundation of my plan to strengthen America's middle class.

I also saw firsthand through these investments how energy costs impact the ability of a business to grow. Today, energy costs are weighing on job creators across America because President Obama has limited energy exploration and restricted development in ways that sap economic performance, curtail growth, and kill jobs. I will take a sensible approach to tapping our energy resources, which will both create jobs and make energy more affordable for every sector of our economy.

In the 1990s, when the "old-technology" steel industry in the U.S. was failing, Bain Capital helped build a new steel company, Steel Dynamics, which has grown into one of the largest steel producers in America today, holding its own against Chinese producers. The key to its success? State-of-the-art new technology.

Here are two lessons from the Steel Dynamics story: First, innovation is essential to the competitiveness of U.S. manufacturing. We are the most innovative, entrepreneurial nation in the world. To maintain that lead, we must give people the skills to succeed. My plan for a stronger middle class includes policies to give every family access to great schools and quality teachers, to improve access to higher education, and to attract and retain the best talent from around the world.

The second lesson is that we must have a level playing field in international trade. As president, I will challenge unfair trade practices that are harming American workers.

Running a business also brings lessons in tackling challenges. I was on the board of a medical diagnostic-laboratory company, Damon, when a competitor announced that it had settled with the government over a charge of fraudulent Medicare billing. I and fellow Damon outside board members joined together and immediately hired an independent law firm to examine Damon's own practices.

The investigation revealed a need to make some changes, which we did. The company, along with several other clinical-laboratory companies, ended up being fined for billing practices. And a Damon manager who was responsible for the fraud went to jail. The experience taught me that when you see a problem, run toward it or it will only get worse.

That will be my approach to our federal budget problem. I am committed to capping federal spending below 20% of GDP and reducing nondefense discretionary spending by 5%. This will surely result in much wailing and gnashing of teeth in Washington. But a failure of leadership has created our debt crisis, and ducking responsibility will only cripple the economy and smother opportunity for our children and grandchildren.

I'm not sure Bain Capital could have grown or turned around some of the companies we invested in had we faced today's anti-business environment. Andy Puzder, the chief executive of CKE Restaurants Inc., which employs about 21,000 people at Carl's Jr. and Hardee's restaurants, has said that the "current unfriendly economic environment perhaps best explains why American companies are sitting on over $2 trillion which they could invest."

President Obama has piled on excessive regulations, proposed massive tax increases, added more than $5 trillion in federal debt, and failed to address the coming fiscal cliff—all of which is miring our nation in sluggish growth and high unemployment.

I know what it takes to turn around difficult situations. And I will put that experience to work, to get our economy back on track, create jobs, strengthen the middle class and lay the groundwork for America's increased competitiveness in the world.

 


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Fri, 08/24/2012 - 07:58 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Cut your hair hippie.....or I'll do it for you.

 

Balance the budget Barry......or I'll do it for you.

 

Butt out or you're going to ride on the top of the car.

 

 

Fri, 08/24/2012 - 08:01 | Link to Comment piliage
piliage's picture

He'll fire half the country to improve our working capital leverage ratio then list the US in an IPO.

Fri, 08/24/2012 - 08:12 | Link to Comment Gazooks
Gazooks's picture

 

With Bain Capital as its new owners, Accuride revamped production and restructured executive pay. 

Bain Capital sold the company to a mining conglomerate 18 months later, making approximately $120 million from its $5 million investment.

 

In October 2009, the company sought legal protection from its creditors under Chapter 11 bankruptcy rules, and in November 2009 sought court approval to reorganize itself. 

 

Suck it dry, spit it out, rinse, repeat.

[edit]

 

Fri, 08/24/2012 - 08:39 | Link to Comment piliage
piliage's picture

All hyperbole aside, even the best VCs see about 1/3rd of all deals loose everything, 1/3rd break even, and 1/3rd become home runs.

Bain's record is well above average for the sector as they lost or broke even on less than 50% of their deals. That is very impressive.

 

Fri, 08/24/2012 - 11:39 | Link to Comment James_Cole
James_Cole's picture

USA already run like it was taken over by a PE firm.

Load up on debt, slash the workforce, sell at profit and then sit back and watch it collapse. 

Fri, 08/24/2012 - 09:41 | Link to Comment ToNYC
ToNYC's picture

"Bain Capital sold the company to a mining conglomerate 18 months later, making approximately $120 million from its $5 million investment."

 

That's nothing for tricks. He got 100 million in his IRA by setting up companies with Founder Stock at 0.01 par value and putting it in his Roth IRA, then selling that company for $100 per share..all cap gain appreciation in Roth IRA grows untaxed..10,000 times a mere $10,000 in the IRA gets you 100 million every time.

How did you fill up your Roth?

It's a great country, America!

 

Fri, 08/24/2012 - 08:02 | Link to Comment Bob
Bob's picture

Wonder why Ron Paul got so little attention?  Seems one thing Rmoney learned at Bain was how to buy the conservative media:

http://endoftheamericandream.com/archives/bain-capital-owns-clear-channel-rush-limbaugh-sean-hannity-glenn-beck-michael-savage-etc


Fri, 08/24/2012 - 08:12 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I wouldn't know.....I only watch MSNBC.

 

When I pump enough hydrogen gas up Ed Schultz's ass.....I plan on detonating.

 

Fair warning.....you might want to stand back.

 

Disclaimer : I don't actually plan to harm Ed Schultz. No need to send the Feebees. Although a 30 day paid vacation is tempting I must say.

 

 

Fri, 08/24/2012 - 08:12 | Link to Comment Bob
Bob's picture

Totally controlled opposition.  Reverend Al, seriously?

Fri, 08/24/2012 - 10:00 | Link to Comment Lord Blankcheck
Lord Blankcheck's picture

Where did Dylan Ratigan go?

Fri, 08/24/2012 - 10:36 | Link to Comment Bob
Bob's picture

He painfully discovered his impotence at mobilizing the masses and left the frustration behind, to do things independently:

dylanratigan.com

It appeared to me that he discovered just how fucked up the world is: Most of the dimocrat demographic has little interest in math/financial details (and bucking Obama) and most business people have little interest in radical reform . . . or watching anybody on MSNBC (regardless of what he was saying.) 

He was largely ignored even by ZH.  'Nuf said. 

Proudly partisan ignorance reigns.

Fri, 08/24/2012 - 08:01 | Link to Comment machineh
machineh's picture

"When you see a problem, run toward it before the problem gets worse."

The thing is, Mittens, Israel is not our fucking problem.

So get off your knees and get out of Jerusalem.

Fri, 08/24/2012 - 08:08 | Link to Comment Disenchanted
Disenchanted's picture

 

 

+ 6,000,000

Fri, 08/24/2012 - 08:11 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Have you seen the price of gas these days? No way we can afford to do that again!

 

Fri, 08/24/2012 - 09:57 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

Starvation and disease are still free...as they were in the time period I implied.

 

 

Fri, 08/24/2012 - 08:07 | Link to Comment bullet
bullet's picture

anything would be better than the current "not my fault" ...

Fri, 08/24/2012 - 08:25 | Link to Comment Sauk Leader
Sauk Leader's picture

I just don't get it. I understand the skeptics for all the right reasons but are you fucking serious that this guy is going to be just like Obama? I want cheap gas, I want more high paying oil company jobs HERE, All the public and private 401K and Pensions who own big oil want profits. I want the media to question the decisions of the POTUS. AND I WANT A SWISS BANK ACCOUNT!

Fri, 08/24/2012 - 10:20 | Link to Comment Treeplanter
Treeplanter's picture

Sell the spike but the Swiss don't want your dollars, Dear Leader.

Fri, 08/24/2012 - 08:08 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

"I left any responsibility whatsoever, any effort, any involvement whatsoever in the management of Bain Capital after February of 1999,"

~  Mitt Romney

Fri, 08/24/2012 - 08:44 | Link to Comment Gazooks
Gazooks's picture

Romney owns a stake in Sankaty Credit Opportunities L.P., a Delaware-based partnership. According to its financial statements, it had $201 million in assets in 2009 and a $52 million gain on the year—that's after a stunning $91 million loss in 2008.

But what's interesting about Sankaty Credit Opportunities is that, according to his 2012 financial disclosure, Romney's interest in the entity was part of his retirement package: It was made "pursuant to an agreement with Bain Capital regarding Mr. Romney's retirement" in 1999.

But according to its audited financial statement, Sankaty Credit Opportunities didn't exist yet when Romney retired: "Sankaty Credit Opportunities, L.P., is a Delaware limited partnership which commenced operations on August 12, 2002." In other words, Romney's 1999 retirement agreement included an investment in an entity created in 2002.

When Romney explained at an October 29, 2002, debate in Massachusetts that he wasn't responsible for Bain's actions after his 1999 retirement, it was just 8 weeks after the creation by Bain of a fund that was part of his retirement agreement.

 In November 1999, Bain Capital and Madison Dearborn Partners, a Chicago-based private equity firm, filed with the SEC a Schedule 13D, which lists owners of publicly traded companies, noting that they had jointly purchased $75 million worth of shares in Stericycle, a fast-growing player in the medical-waste industry...The SEC filing lists assorted Bain-related entities that were part of the deal, including Bain Capital (BCI), Bain Capital Partners VI (BCP VI), Sankaty High Yield Asset Investors (a Bermuda-based Bain affiliate), and Brookside Capital Investors (a Bain offshoot). And it notes that Romney was the "sole shareholder, Chairman, Chief Executive Officer and President of BCI, BCP VI Inc., Brookside Inc. and Sankaty Ltd."  - John Cook - Gawker 

 

 

Fri, 08/24/2012 - 08:47 | Link to Comment Gromit
Gromit's picture

Every time i run a scheme like this my accountant says no.

I want to see those tax returns!

Fri, 08/24/2012 - 09:10 | Link to Comment piliage
piliage's picture

In the man's defense, the US corporate taxes are the highest in the world. The US has the most complex tax system and tax law in the world. Romney could have moved to Zug like Marc Rich and paid a one time payment to the government and lived tax free for the rest of his life.

He didn't

I don't blame him one bit for reducing his tax liability to the best of his ability and according to the law. What I do blame is the current administration for demonizing people who make money and reduce their taxes and then not doing anything to fix the core problem, the US tax code. It is particularity awful for those of us who live and work abroad.

http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBR...

 

Fri, 08/24/2012 - 12:03 | Link to Comment Judge Fedd
Judge Fedd's picture

You're neglecting the fact that the US corp tax code is so complex because it's riddled with loopholes for specific businesses and industries. Their lobbying efforts serve 2 purpsoes, to keep their tax rate low and keep the everyone else's tax rate high (someone has to pay it might as well be the small and medium businesses). It's a good way to stop competition if you are the large incumbent. This one reason why we've seen so much consolidation in the marketplace. Add enough holes to the swiss cheese and at somepoint it ceases to be cheese. I have no sympathy for Bain or any major corp crying about US tax code or rates, it's really your local dry cleaner and resturant owner who is getting screwed.

Fri, 08/24/2012 - 13:02 | Link to Comment piliage
piliage's picture

No, I'm not neglecting that fact. If they didn't create those loopholes, there would be no business in the US at all when the corporate tax rate and often the individual rate in many other countries with equally good business climates are half as high as the US. The total tax in Singapore is no higher than 20%, same for Switzerland and Hong Kong.

Switzerland is great. Clean, great schools, excellent standard of living. Kind of like California when I was growing up.

Why are so many businesses leaving California now? Aside from the awful infrastructure, terrible schools, and pathetic state government, by the time you get done with state, city, corporate and federal tax (and healthcare) you're well over 50% in total tax liability. Add to that crime and insane property prices, I don't blame anyone by voting with their feet.

Using all the tax advantages you have at your disposal is logical. I'm sure you take every credit you can when you do your 1040s too.

The only way this situation is going to get better is to seriously cut the size of government, reduce debt, make US taxes competitive (at least on an equal footing with other countries) and let working people keep their money.

But to blame someone to keep as much money as possible that they've made, well, I don't agree. Why as Americans should we give our money away for little returns except larger parasitic government?

Fri, 08/24/2012 - 13:27 | Link to Comment Escrava Isaura
Escrava Isaura's picture

I would feel a lot safer from America and European intrusion—and it would be a lot cheaper—hiding in Paraguay than Switzerland.

Fri, 08/24/2012 - 14:31 | Link to Comment Gazooks
Gazooks's picture

report from the Institute for Policy Studies...

 

Nationwide, budget cuts have axed 627,000 public service jobs just since June 2009. Schools, health clinics, fire stations, parks, and recreation facilities—virtually no public service has gone unsqueezed. Tax dollars haven’t seemed this scarce in generations.

Yet tens of billions of these scarce tax dollars are getting diverted. These tax dollars are flowing from average Americans who depend on public services to the kingpins of America’s private sector. They’re subsidizing, directly and indirectly, the mega-million paychecks that go to the top executives at our nation’s biggest banks and corporations.

 

 

report here: http://www.ips-dc.org/reports/executive_excess_2012/

Fri, 08/24/2012 - 08:09 | Link to Comment LawsofPhysics
LawsofPhysics's picture

If you are not that smart baffle them with bullshit?

He who has the gold makes the rules?

 

Like any other venture capital firm, his "solutions" last long enough to extract his pound of flesh.  Whether the company is a around a year later is of no concern.  Moreover, the wealth he extracted will be safely in a tax haven somewhere while those employees still pay 35-40% of their income in taxes.

This is "winning" in the kleptocracy of american "capitalism".  Same as it ever was...

Fri, 08/24/2012 - 08:13 | Link to Comment buzzsaw99
buzzsaw99's picture

at long last. i have been waiting such a long time to hear a d.c. politician promise answers for all my problems. so excited that it will be different this time if i just vote for the right candidate. [/sarcasm]

Fri, 08/24/2012 - 08:16 | Link to Comment Vooter
Vooter's picture

Anyone who doesn't vote third party is PART OF THE PROBLEM.

Fri, 08/24/2012 - 12:58 | Link to Comment piceridu
piceridu's picture

Correction: Anyone who votes is PART OF THE PROBLEM.

Wouldn't it be grand if they held a vote and nobody came? Politicians, Judges bureaucrats pissing in their collective pants...

Fri, 08/24/2012 - 16:09 | Link to Comment ozzzo
ozzzo's picture

Anyone who votes is part of the problem. Voting sustains the illusion of choice. You can choose door #1 (smooth-talking east coast liberal), door #2 (obnoxxious plutocrat) or door #3 (your vote is wasted on someone who will not be allowed to win) but all three lead to the same room in which at least half of your income is stolen and used to buy things that you don't want. The only rational response is to refuse to participate.

Fri, 08/24/2012 - 08:20 | Link to Comment vertexa
Fri, 08/24/2012 - 08:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

No worries......2 days before the election we're gonna spring hope and change on their asses.

 

They won't know what hit them......wear sunglasses......cause it's gonna be bright.

 

 

Fri, 08/24/2012 - 08:24 | Link to Comment augustusgloop
augustusgloop's picture

what a putz. entrepreurship already works in the US. it's called silicon valley: there's a system for funding it: it's called VC and angel investing. bain capital is exactly the problem, a bunch of dickhead consultants trying to apply their powerpoint skills on companies w/o risking any on their skin. 

Fri, 08/24/2012 - 08:38 | Link to Comment Mercury
Mercury's picture

Nice try but this can't hold a fucking candle to "What I Learned At ACORN". 

I think Mitt also learned that when you are paid with company shares into your IRA and then your partners buy back those shares upon your retirement, at a huge premium, you can get really, really rich with zero immediate tax liability.

Fri, 08/24/2012 - 08:29 | Link to Comment Apocalicious
Apocalicious's picture

Thank goodness he gives us such detailed specifics as "real health-care reform that contains costs and improves care." Phew, for a minute there I thought you were going to pass laws to intentionally make it worse and more expensive.

What other nuggest do you have? Fixing the tax code? Improving the economy? Yes, yes, great.

I'm personally running on the campaign of super-awesomeness and goodness. I will make everything all better...

Fri, 08/24/2012 - 08:45 | Link to Comment CrimsonAvenger
CrimsonAvenger's picture

Romney gonna gimme an offshort account, and he gonna gimme summa dat gray poop-on mustard...

Fri, 08/24/2012 - 08:35 | Link to Comment Disenchanted
Disenchanted's picture

 

 

The Iron Fist in Tampa

Dissent will be crushed, warns J. Raimondo

Fri, 08/24/2012 - 08:40 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Dude owes me money....but then again......he owes a lot of people money.

 

Fri, 08/24/2012 - 08:43 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Please, I dare the GOP to further practice fascism on Ron Paul Supporters.  Fucking idiots, the Ronmey-Paul ticket would have made for an easy win, but then the bankers and other paper-pushing fuckers would have to deal with the constitution.

Can't have that now can we.

Fri, 08/24/2012 - 09:05 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

I hear ya LoP. Isn't this special? From my link:

 

 

Inside, efforts are underway to make it impossible for delegates pledged to antiwar libertarian Ron Paul to place their candidate in nomination — an effort the Huffington Post deems a “defense” against Paulian “shenanigans.” Party rules say officially-recognized candidates must have pluralities of delegates in at least five states: however, at a recent Republican National Committee meeting, Texas committeeman John Ryder moved to increase the number of states to ten — just to make sure Paul doesn’t make the grade. Disdaining convention floor fights as “the residue of the 19th century,” Ryder averred it is time to “streamline” the process by which the GOP nominates its standard-bearer. Ryder claimed that he wanted to eliminate “distractions” at the Republican convention:

 

Unless you’ve got a real contest, where you have two candidates or three candidates who actually have a mathematical chance of winning, then why do we want to go through the exercise?”

Fri, 08/24/2012 - 08:44 | Link to Comment turnus68
turnus68's picture

If this is the best the Republicans have to offer better start praying because after Obamacare all we will get if Romney gets elected will be increased military spending and one or maybe two new wars, marginal cuts in the social spending, more debt, more restricted civil liberties and a lot of BS (see the last bait: audit the FED, another Gold commission). The choice is between a socialist("You did not build that.") and a crony capitalist(" I will not release my tax returns.").

Fri, 08/24/2012 - 08:45 | Link to Comment williambanzai7
williambanzai7's picture

THE BAIN WAY

Fri, 08/24/2012 - 08:50 | Link to Comment firstdivision
firstdivision's picture

I believe the only thing he learned as Gov. of MA was to tax the crap out of people, and turn any road into a toll road.

Fri, 08/24/2012 - 09:46 | Link to Comment SoNH80
SoNH80's picture

I actually lived in Mass. when he was governor.  His administration had that "Jon Corzine-esque" feel to it for sure.  Most of the heavy lifting to semi-fix the Commonwealth was done by his low-key predecessor Paul Cellucci.  Romney spent most of his short time campaigning for President and desperately kissing the asses of the corrupt Democratic/Mafia/Irish Mob/"Union Delegate" legislators on Beacon Hill.  With no real effect.

Politicians suck today.  Period.  Dwight Eisenhower isn't going to spring out of this HBS wanker.

Fri, 08/24/2012 - 08:51 | Link to Comment Monedas
Monedas's picture

I think we need at least a Bain butt kicking mentality to even begin to fix things .... Europe could use a little Bain butt therapy, too !  Just because the Socialist disease is borderline terminal .... is no reason to throw in the towell .... just yet !  Treating the US as a distressed company .... is just what we need !      Do you really want more of "The Obesity of Dope" ?

Fri, 08/24/2012 - 08:51 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

i m sorry for you but looking at the last statistic Switzerland is the most innovative country

Fri, 08/24/2012 - 09:06 | Link to Comment Monedas
Monedas's picture

Switzerland is a country where there are more responsible people like Romney .... and fewer dead beats, off beat races and Muslim terrorists !  If the Swiss had to choose between Romney and Obama .... Romney would win in a landslide or an avalanche !

Fri, 08/24/2012 - 09:16 | Link to Comment eurogold
eurogold's picture

Then ...Thank God the Swiss can't vote in the U.S. Election!

Fri, 08/24/2012 - 08:54 | Link to Comment billwilson
billwilson's picture

Mitt - Worst presidential candidate in 50 years!

Fri, 08/24/2012 - 09:16 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Sucks......cause we've got the worse actual sitting President since 1776.

 

For estra credit......can you tell me what happened in 1776?

 

......take your time.

 

Fri, 08/24/2012 - 08:54 | Link to Comment oldmanagain
oldmanagain's picture

The Pubs are becoming brain dead.

Attack seniors, women, minorities, strays, and non oil enterprises seems like a great campaign.

Fri, 08/24/2012 - 08:59 | Link to Comment SouthHedge
SouthHedge's picture

"I am committed to capping federal spending below 20% of GDP and reducing nondefense discretionary spending by 5%." 

 

ha...What's 5% of nondefense discretionary?

Fri, 08/24/2012 - 09:06 | Link to Comment KidHorn
KidHorn's picture

Basically, they would cut funding to the liberal commie parts of the government. Things like health and education.

Fri, 08/24/2012 - 09:52 | Link to Comment piliage
piliage's picture

Vast majority of education funding comes from the state level, with the exception of student loans (which is another bubble that is heading for us at full steam).

 

Fri, 08/24/2012 - 09:25 | Link to Comment LawsofPhysics
LawsofPhysics's picture

It is NOTHING.  Defense spending and social programs are orders of magnetude larger.  Go ahead, cut all descretionary spending, I dare you.  ALL the services that people actually use will shut down.

FYI- Social security is not an entitlement!!  My employees and I fucking pay for it.

When it stops coming out of our checks, then it would be an entitlement.  Seems to me like the banking/financial sector and industrial military complex feel "entitiled" to the fruits of your labor.  Where the fuck are all the patriots?!?!?

Fri, 08/24/2012 - 17:40 | Link to Comment billsykes
billsykes's picture

Its about DB vs DC.

The problem is that SS is DB and not DC that is the pension problem- all companies have switched to DC, but govt has not.  And any of those pension schemes are capital inefficient- too many intermediaries, too many links in the chain.  There should be no pensions at all, stop letting people look after your best interests.

Fri, 08/24/2012 - 09:02 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

Never fear... Ron Paul will likely be installed as President temporarily after the MASS ARRESTS take place... http://tinyurl.com/cd5cyjo/

Fri, 08/24/2012 - 09:04 | Link to Comment KidHorn
KidHorn's picture

I think running the US governement like a Venture Capital firm is a great idea. Think of the opportunities. We could sell the Army and Navy to the Chinese.

Fri, 08/24/2012 - 09:25 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Already happening.

Fri, 08/24/2012 - 09:23 | Link to Comment Monedas
Monedas's picture

The Mormon enclave in Utah is probably the state which most resembles the conservative decorum of Switzerland !     They are more disposed to accept the Biblical family model .... than the Gay family model or the Marry Your Farm Animal family model !

Fri, 08/24/2012 - 09:22 | Link to Comment NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Just another memeber of the kleptocracy clinging to the flawed strategy of infinite growth in a finite world.

 

"The greatest shortcoming of the human race is our inability to understand the exponential function."

Dr. Albert A. Bartlett
Professor Emeritus - Physics
University of Colorado

Fri, 08/24/2012 - 09:24 | Link to Comment Monedas
Monedas's picture

Finite Flat Earther !

Fri, 08/24/2012 - 09:29 | Link to Comment Monedas
Monedas's picture

Obama is all style and no substance .... Romney is less style and more substance !   A healthy alternative !

Fri, 08/24/2012 - 09:33 | Link to Comment Chump
Chump's picture

But...the added substance is pure shit...

Fri, 08/24/2012 - 09:40 | Link to Comment Monedas
Monedas's picture

Maybe Obama would release his personal history so we could compare the two .... in life experience ?

Fri, 08/24/2012 - 09:38 | Link to Comment Monedas
Monedas's picture

Mormons represent the closest we can come to the Jewish Nirvana .... let's give them a shot at it ?      Hey, if foreign born Bama can be president .... why not Netanyahou (sp?) .... there's a mensch !

Fri, 08/24/2012 - 09:49 | Link to Comment Monedas
Monedas's picture

Until we teach Liberty in our public schools .... the choices will not be perfect !

Fri, 08/24/2012 - 10:03 | Link to Comment Monedas
Monedas's picture

When a Mormon wants a little extra-marital sex .... he is more inclined to fuck a sheep than to suck another man's cock .... that is a more wholesome alternative in my book .... The Book of Monedas !

Fri, 08/24/2012 - 10:17 | Link to Comment Pemaquid
Pemaquid's picture

Baine Capital instituted performance bonuses for management at Accuride.  What about the worker bees?  Typical

Fri, 08/24/2012 - 10:27 | Link to Comment Treeplanter
Treeplanter's picture

Roust the Marxists first.  Then dump Mitt after one term.   Contrary to the corrupt media's narrative, the Tea Party is just getting started. Party on.

Fri, 08/24/2012 - 10:30 | Link to Comment russwinter
russwinter's picture

Romney will be elected with a pre=election crisis, and will implement a form of neoliberal shock doctrine.

http://www.wallstreetexaminer.com/blogs/winter/?p=5265

Fri, 08/24/2012 - 11:09 | Link to Comment ar01
ar01's picture

This is pure manipulation -- if you have to go to such great lengths to explain what you did as beneficial, you're lying. Simple as that. 

Fri, 08/24/2012 - 12:00 | Link to Comment rayduh4life
rayduh4life's picture

Exactly ar01:  The deceitful must always justify.

The Ayn Rand economy:  You're stuck in rush hour traffic watching numerous idiots constantly changing lanes trying to get ahead.  What they really accomplish is to make the mess bigger for evryone.  Now take a look at those metering/traffic measuring lights on the on ramps.  That's government regulation.  Smooths out the flow of traffic.  Is it perfect?  No.  However does the traffic flow a little better?  Yeah.  there you go. 

Fri, 08/24/2012 - 12:00 | Link to Comment dark_matter
dark_matter's picture

This just in. My wife is a delegate to the RNC supporting Ron Paul. She has been told that ostensibly because of hurricane Isaac the floor vote for the nominee will be on Monday (first day of the convention) when there is no media coverage (Get that pesky voting out of the way so we can get on with the show). The acceptance and balloon drop will be on Thursday (if the convention center is still standing) with two intervening days of fascinating speeches. No opportunity to mount a challenge to Mitt (even as a token effort) will be possible. She and other delegates asked if they should mount a challenge to this from the floor. The Ron Paul people said, no, don't do that (hmmm). Many who thought they were participating in democrasy now realize they are just the studio audience and their job is to respond to the applause sign. Don't let a good potential crisis go to waste.

Fri, 08/24/2012 - 12:08 | Link to Comment rayduh4life
rayduh4life's picture

Quick question Dark_Matter.  How much did your wife have to pay to attend the party?   I went to my local caucus this year.  Only 4 peeps showed up for my precinct.  The cost to attend the county function eliminated 2 of those from being selected as our delegate.  Of course as the party gets larger, the "access" gets better. the price goes up.  The state convention so much, the national another step up in price etc. and all paid for in advance.  Pfft.

What most folks don't understand is BOTH parties are big businesses.  The first question you need to ask yourselves is, How do they make Their money?

If you need a clue, read George Washington's fairwell address.

Fri, 08/24/2012 - 12:58 | Link to Comment Pemaquid
Pemaquid's picture

Hopefully you and your wife are not residing in Maine: http://www.kjonline.com/news/RNC-announces-new-slate-of-Maine-delegates....

Fri, 08/24/2012 - 14:57 | Link to Comment dark_matter
dark_matter's picture

We live in Oregon. She got elected because the Ron Paul people were organized and got their slate elected for most of the delegates. It didn't cost us anything. The guy she ousted was a big donor to the party and was probably pissed. She (and I) have never participated before. She doesn't realize what a coup it was to get elected. The old guard were livid and stalled and then adjourned the conventions before alternates could be elected and then appointed alternates. They then changed the rules to allow alternates to vote for delegation leadership so none of the Ron Paul supporters got leadership positions. The Ron Paul supporters appealed to the RNC but (suprise!) were denied redress. It looks now like Ron Paul wants to play nicey-nicey and not cause problems. The word is that he got a bunch of stuff in the platform and in exchange for 'controlling' his people at the convention. In the phone meetings the delegates are all told to 'be professional' which is a euphemism for 'don't rock the boat'. Rand gets to speak and has a bright future so all is well /sarc.

 

Fri, 08/24/2012 - 12:59 | Link to Comment MarcusLCrassus
MarcusLCrassus's picture

The middle class needs to continue to be squashed so that the top 0.1% can continue to increase their net worth. 

Fri, 08/24/2012 - 17:25 | Link to Comment billsykes
billsykes's picture

What politician on Steel Dynamics:

-Last 4 yrs revenue has stayed consistent but net margin chopped in half.  They make steel, there is no IP.
-Technology- where are robots made? China & Germany. Wow how 'merican to think some chink cannot pick up the phone and call germany and order the same smelting tech. or call an 'merican consulting firm - or wait call someone who actually owns more ore and buys more ore- call another chinese company.
- Dirty- STEEL DYNAMICS: OmniSource in Talks w/ EPA to Resolve Violations http://www.environmentallitigationreporter.com/steel-dynamics-omnisource...
- union breaking- http://www.mlive.com/news/jackson/index.ssf/2011/09/union_workers_at_omn...
-2.6x lift on the stock over a decade, is not great and a 44% loss in the last 5 is less than great.

The only reason they got big is that they got backed by cheap money, then just vertically integrated their supply chain later.

Not revolutionary as Nucor had been integrated long before with DJJ. But really they didn't build it anyway.

 

Buy high, break, re-org, refinance, pray for strong economy, hold till D&B downgrades your rating 2x, div recap, IPO, profit, repeat.

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