- David Stockman: Mitt Romney and the Bain Drain – Newsweek and The Daily Beast
Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
Nevertheless, Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case—real-world validation that Romney not only was a striking business success but also has been uniquely trained and seasoned for the task of restarting the nation’s sputtering engines of capitalism.
Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better… (Read the complete article…)
- The progressive case against Obama – Salon.com
Climate & Climate Politics
- The “Frankenstorm” and Global Warming – NYTimes.com
- Bennington Banner: The ‘Frontline’ climate change consensus – Bennington Banner (an idiotic response to FrontLine’s documentary, I mean really this guy, John McClaughry of the “free-market-oriented public policy think tank, Ethan Allen Institute is going to double down and standby something as ridiculous as the Oregon Petition? Geez..)
- What Is Climate Silence Costing Us? – Energy and Environment Experts