Obama explaining in July what Mitt Romney did at Bain Capital....
“If you’re head of a large equity firm or hedge fund, your job is to make money. It’s not to create jobs. It’s not even to create successful businesses. It’s to make sure you’re maximizing returns for your investor,” President Obama said during an interview with CBS in July...
What is Bain Capital and what is it that they did at Bain Capital when Mitt was in charge?...
“Bain Capital is an investment partnership which was formed to invest in startup companies and ongoing companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit,” Romney tells employees of Bain & Company, the consulting firm that spawned the new venture.
That quote is from a 1985 video. It's significance, at least it seems to me, is that President Obama's take on what Mitt did at Bain was very much in line with what Mitt, himself, said in 1985 about Bain's purpose and goals.
No doubt, Mother Jones released the 1985 video because of the "harvest" reference. The word "harvest" is usually associated with farming.....farmers harvest wheat, corn, apples, celery, etc....you know, food crops. Farmers plant and/or tend to their fields, orchards, fish farms...whatever....and when the crop is mature....they harvest. Of course, the Grim Reaper is a harvester of sorts too, so there's that.
Harvesting involves gathering up the crop and cashing-in at market.
That is how Mitt Romney approached his corporate-raider role at Bain. Keep in mind.....the end goal of everything Mitt Romney did at Bain while buying, running, consulting, selling or bankrupting a company was ....harvesting for the sake of investors....and not just harvesting but "harvesting at a significant profit."
With this harvesting mindset, human beings are secondary. Oh, sure, employees and the local community may play a role in growing the "crop" to maturity.....but human beings take a back row seat to "harvesting at a significant profit."
Many times Mitt's "crop" had to be plowed under, so to speak. Sometimes, after placing the "crop" in fiscal danger through borrowing, or, as Very Serious Movers and Shakers put it, "leveraging",....and after Farmer Bain was paid millions in "consulting" fees.....the "crop" never survived. But Mitt and his Bain investors still profited, just not as "significantly."
So what's the point here? Mitt would take his farming "expertise" and apply it to our national economy. What would something like that look like?
A few suggestions.
Borrowing would be involved.....lots of borrowing.....to pay for a huge tax cut for Romney's "investors." Last time I looked, Romney had received over 80% of his campaign funding from very rich donors who are looking for a "significant profit" on their investment. Massive deregulation, particularly involving Dodd-Frank and the EPA, has been promised by Farmer Mitt. Huge tax cuts have been promised by Farmer Mitt. But those "crops" can only be harvested by investors if Mitt becomes president and CEO of USA Bain.
Make no mistake.....if Mitt becomes president, the harvesting will commence. And after the harvesting is done, all that will be left is barren fields of stubble for the 99% to pick over. The safety net of unemployment insurance, Medicaid, Medicare, SS, TANF....let alone job opportunities....will be shredded in the "harvesting" of the country.
If elected, Mitt Romney plans to bring his business expertise and experience to the Oval Office. He plans on "taking an active hand in managing" the leveraging of America, the deregulating of America and the shredding of the safety net and "hopefully" in "five to eight years" he and his donors plan to "harvest" the country "at a significant profit" to his 1% investors.
Whattya say we don't sell Mitt the farm?
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