The other side of Romney’s success at Bain

Mitt Romney has made his success in the business world a central theme of his presidential campaign, suggesting that it demonstrates a level of economic understanding that President Obama cannot match.

But as the Washington Post documents, Romney and his company, Bain Capital, achieved that success in part by taking jobs once held by American workers and moving them overseas to places such as China and India, where those jobs could be performed more cheaply:

During the nearly 15 years that Romney was actively involved in running Bain, a private equity firm that he founded, it owned companies that were pioneers in the practice of shipping work from the United States to overseas call centers and factories making computer components, according to filings with the Securities and Exchange Commission.

While economists debate whether the massive outsourcing of American jobs over the last generation was inevitable, Romney in recent months has lamented the toll it’s taken on the U.S. economy. He has repeatedly pledged he would protect American employment by getting tough on China.

“They’ve been able to put American businesses out of business and kill American jobs,” he told workers at a Toledo fence factory in February. “If I’m president of the United States, that’s going to end.”….

The Post documents a series of cases in which Bain-related companies relocated customer-support, call-center and manufacturing operations overseas to cut costs and raise profits. In addition, Bain was deeply involved in the creation and expansion of Modus Media, which specialized in helping other companies relocate manufacturing facilities overseas:

“Modus Media grew rapidly. In December 1997, it announced it had contracted with Microsoft to produce software and training products at a center in Australia. Modus Media said it was already serving Microsoft from Asian locations in Singapore, South Korea, Japan and Taiwan and in Europe and the United States.

Two years later, Modus Media told the SEC it was performing outsource packaging and hardware assembly for IBM, Sun Microsystems, Hewlett-Packard Co. and Dell Computer Corp. The filing disclosed that Modus had operations on four continents, including Asian facilities in Singapore, Taiwan, China and South Korea, and European facilities in Ireland and France, and a center in Australia.

“Technology companies, in particular, have increasingly sought to outsource the business processes involved in their supply chains,” the filing said. “. . . We offer a range of services that provide our clients with a one-stop shop for their outsource requirements.”

According to a news release issued by Modus Media in 1997, its expansion of outsourcing services took place in close consultation with Bain. Terry Leahy, Modus’s chairman and chief executive, was quoted in the release as saying he would be “working closely with Bain on strategic expansion.” At the time, three Bain directors sat on the corporate board of Modus.”

For Mitt Romney the business person, such a record would be unremarkable. A lot of people have made a lot of money in the last 25 years by moving jobs offshore, and if Romney and Bain Capital were pioneers in the field, as the Post suggests, there was nothing unusual, illegal or even unethical in what they did. Speaking strictly in business terms, their job was to wring out inefficiencies and maximize shareholder profit in a global economy, not to protect the jobs of American workers, and as the Romney campaign likes to stress, they did their job very well and were well-rewarded for it.

For Romney the presidential candidate, however, the situation becomes more complicated. It’s one thing for Lee Raymond, then head of Exxon Mobil, to say that “I’m not a U.S. company and I don’t make decisions based on what’s good for the U.S.” In a business sense that may be understandable; in another sense it comes across as a grating reminder that the search for profit makes no allowance for national loyalty.

In Romney’s case, will an attitude that’s acceptable and perhaps even necessary in a modern business executive be equally acceptable in a person seeking to lead the country? For some Americans — especially those who have watched as their jobs were moved overseas — the details of how Romney achieved his remarkable financial success may turn out to matter a great deal.

– Jay Bookman

598 comments Add your comment

Aquagirl

June 22nd, 2012
8:04 am

the search for profit makes no allowance for national loyalty.

The search for profit doesn’t appear anywhere in our Constitution. It does however contain con scare words like “welfare” and “justice.”

Why people think running the country is like running a business is beyond me. Maybe I don’t spend enough time thinking MAH WALLET is the center of the universe.

Moderate Line

June 22nd, 2012
8:06 am

Both sides seem to exaggerate their own accomplishments and distort the record of their opponents. Factcheck.org is much more reliable than anything found on this blog. It seems Jay’s salary is one big campaign donation to the Obama. Nothing here is points to any of the distortions that Obama has claim.

The three articles below show how Obama is practicing the art of distortion but yet you never hear a single comment from Jay concerning these.

Jay is trying to get Obama reelected. He is not providing us with the best information we need as voters to determine who to vote for.

http://www.factcheck.org/2012/05/lemon-picking-bain-capital-obama-style/
http://factcheck.org/2012/06/obamas-economic-sleight-of-hand/
http://factcheck.org/2012/06/spinning-romneys-debt/

TaxPayer

June 22nd, 2012
8:06 am

I want to know just whose profit Romney would maximize if he were president. And at whose expense. Unfortunately, I already know the answer given that Romney has stated his support of Ryan’s budget proposal but I don’t believe the answers have sunk in yet with 99 percent of the GOP constituency.

Pizzaman

June 22nd, 2012
8:07 am

No big surprise here. The Tighty Righties scream free enterprise. But all it means is Union busting ways to increase the bottom line. On the positive side, the price of oil has made it less expensive to make ‘em here. And since the drive to move everything overseas began the American worker is now the most productive in the World Union or not.

SBinF

June 22nd, 2012
8:08 am

Hmm, I suppose this is why Romney doesn’t want us to discuss his time at Bain….or his time as governor. We should just trust him. He has plans, but he won’t reveal them until after he’s elected. But we can bet that they’ll be better than what Obama has going.

Whahema

June 22nd, 2012
8:08 am

Let’s talk about Obama’s “success” as a community organizer.

Wow, that was quick.
The truth is that Obama was woefully unprepared to be our president and seems to be too arrogant to have learned much on the job.

Get me Rex Kramer

June 22nd, 2012
8:09 am

Jay, I will take Romney’s biz experience over a community organizer any day of the week. The President never had a job in the real world where you had to produce anything. If all of your economic advisers come from academia, you get no where. He should be listening to people who have been successful in the private sector. Where I work, if you don’t produce your gone. That creates motivation and accountabiity. I agree that capitalism is far from perfect, but it is far better than more government intervention. When you have to make a profit to survive, you make smart business decisions or you fail. You can’t legislate motivation. Some people are going to work harder and be willing to sacrifice more to be succesful.

"Let Detroit Go Bankrupt"

June 22nd, 2012
8:15 am

Not only did Mitt not care about the jobs that were being outsourced, he did not care about the auto workers in Detroit!

http://www.youtube.com/watch?v=m478fQPUVTw

TaxPayer

June 22nd, 2012
8:16 am

Aquagirl

June 22nd, 2012
8:16 am

Where I work, if you don’t produce your gone.

Which is why a community organizer will do a better job as president. The president can’t fire congress when they don’t produce. The president can’t tell people to eff themselves or dismantle departments on a whim. Our last one did outsource a large chunk of the military and apply cost-cutting measures—how do you think that worked out?

SBinF

June 22nd, 2012
8:16 am

Mitt “Let Detroit Go Bankrupt” Romney actually thinks he can win Michigan. Oh, the folly!

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 22nd, 2012
8:17 am

I guess we can all work in restaurants and retail businesses. Those jobs can’t be shipped overseas yet.

Lord Help Us

June 22nd, 2012
8:17 am

I look more at Romney’s record governing Mass. I believe that is a better indicator than his business background.

The difference is an extreme right Congress (at least in the house). Will he bend to their ideology or will be have a spine?

stands for decibels

June 22nd, 2012
8:18 am

In Romney’s case, will an attitude that’s acceptable and perhaps even necessary in a modern business executive be equally acceptable in a person seeking to lead the country?

Or, put another way–which master do you serve now, Mitt? Is it still global business, or is it this country whose Constitution you’re saying you’re ready to protect and defend?

Those of us who get tarred with the “anti-business” label–which is to say, in 2012, those of us who are clear-eyed and rational–are justified at looking at *anyone*, Republican or Democrat who is touting his years of experience in the global business world as a supreme qualifier for holding public office. I’m not saying the twain can never meet, just that there is a twain, and it needs to be recognized.

Good column, Jay.

Thomas

June 22nd, 2012
8:20 am

Amateurish blog. He is applying for a vastly different job. I assume you know that Obama is not paid now to meet college kids in a classroom to teach constitutional law? Probably not.

Travelin music and local news Bookie-

stands for decibels

June 22nd, 2012
8:20 am

The President never had a job in the real world where you had to produce anything.

while that’s not really true, I’d love to know just what it was of tangible value that Mitt, at Bain Capital, actually produced.

Seems to me that he worked with teams of people to shuffle papers and move existing resources around. He didn’t actually produce anything, nor does anyone in the financial industry or any other assorted, very well compensated skimmer-class categories.

And again, we need these services to function. I’m not denying that. But let’s not worship them, or imagine they’re something more than what they are, mmkay?

massachusetts refugee 10.167.4.48

June 22nd, 2012
8:23 am

Sean Smith

June 22nd, 2012
8:23 am

If we want to run the country like a business than the first thing we do is ban our purchasing agents (congressmen) from taking bribes (campaign contributions from companies). No large company I know allows its purchasing agents to be be bought the way our congressmen are. They would be fired.

Unfortunately we have the foxes guarding the hen house.

The Gov has no Money!

June 22nd, 2012
8:23 am

If any of you think Obama “cares” for you then you are insane. He’s a man running for office. He’ll say and do whatever it takes. Name something Romney did that was illegal? Nothing. So, offer something better if you have a problem with him. Otherwise, give him credit and move on to another topic that better suits you.

Oh, and I don’t think Romney “cares” either. I just don’t see him pretending that he does. If you haven’t, go see the old movie Bullworth with Warren Beatty and Hallie Berry. The best political movie ever in my humble opinion. It best nails both parties in my opinion.

kawasaki kid

June 22nd, 2012
8:24 am

While Mitt can certainly brag, “I started out rich and used my business acumen to make myself rich beyond my wildest dreams,” his proposed plan (though nothing too specific) to bring back the economy is simply a continuation of The Bush Years, during which the wealth trickled, nay, shot upward to the top 10%. Republicans have several reliable things going for them – the gun vote (aka the redneck vote), the religious fundamentalist vote, the anti-immigrant vote, and best of all, the wealthy vote. Unfortunately, this will likely be a close election, with Obama’s supporters being less inclined to take the time and trouble to stand in a long line than last election. Hopefully, many of Mitt’s potential voters will also be less inclined to come to the polls because of his religion, his flip flops (can’t be trusted, not a true conservative, etc.), and his elitist aura.

Jay

June 22nd, 2012
8:24 am

Amateurish blog. He is applying for a vastly different job.

So Thomas, I take it that you believe Romney is wrong to campaign on his successes at Bain and wrong to cite his business experience as a credential, given that “he is applying for a vastly different job”?

Or is your statement supposed to apply only to the negative aspects of Romney’s career, and not to the positive aspects of it?

"Let Detroit Go Bankrupt"

June 22nd, 2012
8:25 am

Oh, and I don’t think Romney “cares” either.

__________

He cares but only about the bottom line…making a profit for himself and keeping the top 1% taxes low!

Peadawg

June 22nd, 2012
8:27 am

“The difference is an extreme right Congress (at least in the house). Will he bend to their ideology or will be have a spine?”

If his campaign so far is any indication, I’d say Romney will cave worse than Obama.

Oscar

June 22nd, 2012
8:28 am

Our economy will recover fully until we solve our trade deficit problem. The only other way we have to fix the economy is by stimulus which entaile either cutting taxes or increasing the money supply by government spending. Neither will work well becuase both puts money in the hands of the consumer. As it is now, that money is spent on goods from Asia, creating more jobs in Asia but none in the US.
Further tax cutting or governemtn spending will have limited use, unless it is spending that will encourage manufacturing jobs to stay in the US.

TaxPayer

June 22nd, 2012
8:29 am

Some of the cons posting here must have missed out on their chance to see how much Mitt cared for them over a bowl of cheesy grits.

No Journalism Found Here

June 22nd, 2012
8:29 am

1. Copy and paste talking points from another left leaning publication- WaPo.
2. Blame Bush
3. Blame corporations
4. Raise funds from those corporations you originally blamed
5. Rinse and repeat

stands for decibels

June 22nd, 2012
8:29 am

Romney doesn’t want us to discuss his time at Bain….or his time as governor.

Honest question–what, besides run for President, has Mitt Romney done that’s of service to this country? I really don’t see anything at the wiki page that indicates he’s done anything besides form a PAC.

Not to put too fine a point on it, but couldn’t he have done something useful and productive in service to this nation he claims he wants to lead, besides that? I’m not saying he’d have to run another Olympics, but at least some charitable effort, some uncontroversial foundation work? Has he done none of that? (I realize the wiki page isn’t the be-all and end-all and maybe someone can point to something I’m missing, here.)

If he really has just been doing ###k-all these past five years, with all his supposed management abilities and undeniable financial resources, that ought to be something of an issue, no?

USMC

June 22nd, 2012
8:30 am

“The other side of Romney’s success at Bain”–Jay “Sour Grapes” Bookman

Jay Bookman continues on with the Party line of Obama’s WAR on SUCCESS! :-)

Leftwing simpletons, like Jay and the other Socialists, never understood the time tested reality of RISING TIDES LIFTS ALL BOATS.

Granny Godzilla - Union Thugette

June 22nd, 2012
8:30 am

Obama’s Success as a community Organizer?

On the Streets of Chicago, a Candidate Comes of Age
As a community organizer, Obama was a pragmatic leader

Vote of Confidence

Sometimes that only 2 linkees per post is a drag…..

SpareME

June 22nd, 2012
8:30 am

People KILL me with all their “producer” BullS— Every discipline has a purpose in a so-called “civilized” society, which I am becoming more convinced by the day the U.S. is not. If it were not for those in Academia on various levels, all these “producers” wouldn’t know — to allow them to be able to produce. For the record, Obama worked at a LAW FIRM before becoming a professor and subsequent IL Senator. Also, by the way he has been the PRESIDENT OF THE UNITED STATES for the past four years. You know….when Bin Laden and Khadafi left the earth and so many others, Egypt and Lybia entered a new day,American hostages rescued at sea, the American Automobile industry was saved and we where brought back from the brink of a DEPRESSION???

By the way, I am also a “producer” and in a pretty major way by the way. One thing I am not though is a LIAR, think my — doesn’t stink, or so shallow and filled with hatred that I feel that only my accomplishments and those that do what I do are valid. Some of you people are useless and should just call it a life. Seriously. Finally, Producer = glorified slave

Just so you know. Go ahead and open the tray and retrieve your peanut. “You ain’t nobody!”

Get me Rex Kramer

June 22nd, 2012
8:31 am

Aquagirl, you just don’t get it. Because government and unions can’t fire people, you get poor performance and no accountability. Ever compared a post office to a FedEx store? Not being able to fire lousy teachers is another great example. Being President means having the real world experience to make tough choices. Life isn’t fair, and most government programs only encourage people to do less. Liberals say Conservatives are out of touch and don’t care. Not true. Conservatives do care, but we think instead of feel.

Granny Godzilla - Union Thugette

June 22nd, 2012
8:33 am

socialists?

yep, we’re hiding all those WMDS guarded by the secret army to use when we take away all your guns.

dunderhead

Joseph

June 22nd, 2012
8:34 am

U gotta be kidding jay! Back to Bashing Bain?? LOL… You libs are certainly grasping for straws.. Clintoon, Booker, and Ford put that narrative to rest when they said how wildly successful Romney was at Bain but you loons want to keep harping on it..

EJ Moosa

June 22nd, 2012
8:34 am

I wonder just how many businesses have been lost because the private sector lost $5 trillion in investment capital because it had to be used to purchase US treasuries to fund the spending by Obama?

Georgia had the foruth highest increase in unemployment claims this week, traililing California, Texas, and just one other state.

Those are real losses happening today.

The more you revisit Bain and ignore what is happening economically today, the more the rest of us realize that Obama was just a aone hit wonder.

And that was three and one half years ago.

Oscar

June 22nd, 2012
8:35 am

Romney wants to get tough with China. It’s not just China that is stealing our jobs. There is also South Korea, India, Braizil, and Germany on the other side of the world. And a lot of other smaller countries.
Romeny hurt us badly in outsourcing. If he gets tough with China like he says, he will hurt us worse.

the cat

June 22nd, 2012
8:35 am

I am more concerned with how Mitt would handle foreign policy than jobs at this point. He is surrounding himself with all the Bush advisers and we know that didn’t turn out so well.

stands for decibels

June 22nd, 2012
8:36 am

Is this where I’m supposed to remind the topic-grumblers that the AJC has a political columnist with a coupla active threads that dump all over Obama and democrats, where they could voice their support to such efforts, instead of coming here and griping about Jay’s hacktacularnessosity, or whatever they call it?

TaxPayer

June 22nd, 2012
8:37 am

Rightwing simpletons have yet to note that the gap between the wealthiest 1% and the 99% grew under Bush so that would mean in reality that the rising tide lifts the 1% while the rest serve as cheap anchors.

Oh. And I shouldn’t forget the most important part of the post:

:smile:

Oscar

June 22nd, 2012
8:37 am

I have compared Fed Ex to the Post Office. Fed Ex charges me $15 to mail a letter. The post office charges 44 cents. I use the post office.

Company Saviors or Robber Barons?

June 22nd, 2012
8:37 am

Stands for decibels…..good point and one I would take a step further.

As Jay stated, there is nothing illegal about private equity, but I struggle to find admiration for its participants. The Economist has done many articles on the space over the years and found its returns are no higher than investing in market indexes after covering the industries high fees, (2% management fee, plus 20% fee on all gains). I would proffer that the industry is a microcosm of our economy as a whole. It takes companies and applies financial engineering to them by increasing their leverage, (which has a favorable tax treatment, but increases company risk profiles), and then further increases margins by cutting costs typically earned by the middle class, ie wages, such that ownership can reap those gains.

To boil it down, private equity has been an accelerant on the accumulation of wealth by the top 1%. Perhaps this would have taken place at a slower pace without private equity’s helping hand, but I struggle to understand the admiration some people have for this industry.

Ayn Rant

June 22nd, 2012
8:38 am

… Just goes to show why we don’t want our government run like a business! Notice how Big Business is more concerned with financial manipulation than with producing anything useful.

Romney, by way of inheritance, has been shielded all his life from real work, real business, and real life. He lives in a la-la land of squeaky clean people, goody-goody religion, trust funds, private jets, car elevators, and a “coupla Cadillacs”.

Oscar

June 22nd, 2012
8:38 am

I am more concerned with how Mitt would handle foreign policy than jobs at this point. He is surrounding himself with all the Bush advisers and we know that didn’t turn out so well.

_______

It turned out very well for the people at Halliburton and other large corporations that make up the Military Industiral Comples. And to Bush’s advisors, those were the people that counted. They are now backing Romeny.

USMC

June 22nd, 2012
8:39 am

“The other side of Romney’s success at Bain”–Jay Bookman

Another one of Jay Bookman’s desperate and pituful attempts to take the peanut gallery’s’ focus OFF of Comrade Obama’s Ineptitude. Pretty WEAK, Jay. :-)

DOn't Tread

June 22nd, 2012
8:39 am

“Romney and his company, Bain Capital, achieved that success in part by taking jobs once held by American workers and moving them overseas to places such as China and India, where those jobs could be performed more cheaply”

I guess he needs to give Bill Clinton a call and thank him for making that possible.

Remember that “sucking sound” Ross Perot used to talk about? It’s not limited to North America.

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 22nd, 2012
8:40 am

Friday can’t get here fast enough for SpareME?

stands for decibels

June 22nd, 2012
8:40 am

lost $5 trillion in investment capital because it had to be used to purchase US treasuries to fund the spending by Obama?

if you actually believe that the 5T in debt you speak of is because of “the spending by Obama,” you’re either a liar, or insane.

Joseph

June 22nd, 2012
8:40 am

Just to give you a little advice Jay and a heads up the Axelrod scandal is going to be the next one to come down the pipe… His firm took in millions to promote Obamacare! This is shaping up to be one of the most corrupt administrations in history…

http://investorvillage.com/smbd.asp?mb=2234&mn=447565&pt=msg&mid=11845476

JamVet

June 22nd, 2012
8:41 am

The perverted neoliberals that run the GOP, including Mitt Romney, are the most dangerous people in the most dangerous organization on the planet.

Bar none.

If you want your kids to work for damn near nothing – with the prospects that they will earn the same basic income forty years from now that they would today – vote Republican.

No matter whether they are just starting out and earning a minimum wage that is LESS than it was in 1968 (!!!), (in adjusted inflation dollars) or if they are a mid-level employee working for pennies on the dollar so that the Mitts of the world can take more money out of the company in one day than they will in a year.

All with the very real prospect that their job will be “relocated’ to India or China within the year.

The good news?

A whole sh*tload of fake conservatives are getting absolutely murdered – due to four decades of flatlined wages – by the very policies that they adore and support.

Somebody explain that one to me.

Occupy that, neocons…

stands for decibels

June 22nd, 2012
8:41 am

…and I’ll add if you think that the $5T figure you guys LOVE to toss around would be significantly changed under a McCain/Palin administration, you’re also either lying or insane.

TaxPayer

June 22nd, 2012
8:41 am

Rumor has it that Bill Kristol is Mitt’s top pick for his foreign policy brain trust.

Aquagirl

June 22nd, 2012
8:41 am

Get Rex, I’d take you more seriously if you didn’t sound like a random phrase generator stuck between talk radio and corporate buzzspeak.

A string of unrelated copypasta is poor support for your claim you’re all thinky and cerebral.

Get me Rex Kramer

June 22nd, 2012
8:42 am

TaxPayer, most 1%’s don’t start out as 1%’s. The work hard and sacrifice for years to get where they are. You libs want to create a society where everyone is successful, but you will never get everyone to make the effort that is required. I love it how libs want to tear down the very people that have made themselves rich by incredibly hard work. Guess what, the hardest working people I know are those terrible 1%’s.

Talking Head

June 22nd, 2012
8:43 am

When Mitt Romney was sworn in as Gov of Mass he faced a $3 billion budget deficit for FY03, when he left office the deficit for FY07 $307 million deficit.

Unemployment was 5.6% when he took office, ending at 4.7% when he left office.

Can’t quite say the same for Obama’s executive leadership.

the cat

June 22nd, 2012
8:44 am

TaxPayer

June 22nd, 2012
8:41 am
Rumor has it that Bill Kristol is Mitt’s top pick for his foreign policy brain trust.

And if that doesn’t scare the beejeebus out of parents with draft age kids, nothing will.

TaxPayer

June 22nd, 2012
8:44 am

Get Rex,

Got link. It’s the next best thing to milk.

Mighty Righty

June 22nd, 2012
8:45 am

When Barack Obama took over General Motora and Chrysler by force he closed many american businesses. More than 1000 chrysler dealerships were closed at a loss of thousands of jobs. In addition sub contractors went out of business caused by the loss of jobs resultinh from the Obama Seizure of GM and Chrysler.. Chrysler was sold to a foreign company at a discounted price which was subsidized by we taxpayers. Since the seizure of GM and Chrysler by the Obama Administration the new GM and Chrysler are now manufacturing many of their parts in foreign countries. Welcome to the new world!

Oscar

June 22nd, 2012
8:45 am

The US now has the lowest rate of upward mobility of any industriial counrty. We are even below France, that socialist country in Europe
Lack of upward mobiltity is a serious problem in any counrty. If the brightest and most able can’t work their way to the top, bad things happen.

Get me Rex Kramer

June 22nd, 2012
8:45 am

Hey Aquagirl, typical lib response. I get my opinions from working in the real word, not from any polictical hack pundit. I wasn’t given a damn thing. I had to work my ass off and sacrifice to become successful. What do you do for a living????? I couldn’t care less if you take me seriously. I know how things work, because I have lived it.

USMC

June 22nd, 2012
8:46 am

Taxpayer should go out and earn her own income instead of counting the success of others and envying it.

You have all of the ability to be successful in life, Taxpayer. You just need to change your attitude and go “make it happen”.

Quite sitting on the sidelines and HENPECKING those who are not afraid to go out in the world and ACCOMPLISH great feats and SUCCEED .

You can do it. (not being sarcastic) … oh yeah… the most important part: a smile and a good attitude. :-)

stands for decibels

June 22nd, 2012
8:46 am

a little advice Jay and a heads up

If Jay ever thinks he needs advice from Joseph, I’m pretty sure his living will directives will ensure that they remove all life support expeditiously.

Jay

June 22nd, 2012
8:47 am

Joseph, that’s a big bunch of nothing.

The fact that such a “scandal” is the best you can gin up demonstrates that this has been one of the most ethical, honest administrations in memory.

Granny Godzilla - Union Thugette

June 22nd, 2012
8:48 am

St Simons - he-ne-ha

June 22nd, 2012
8:50 am

these neocons wouldn’t know true free enterprise if it bit em on the ass.
they fix the game, hoard the profits, and socialize the losses.
I do this ebby day.

and the last 3 ‘bidness-mens’ to hold the office -
Warren Harding, Herbert Hoover, and Little Nero w/a Cowboy Hat.
yeah, buddy…..

EJ Moosa

June 22nd, 2012
8:50 am

“if you actually believe that the 5T in debt you speak of is because of “the spending by Obama,” you’re either a liar, or insane.”

You are lying to yourself if you think that dollars that are pulled and go to public spending do not cost the private sector,

You can call me a liar as you hide behind a phoney name. No problem.

The Federal Debt numbers say I am telling the truth, however, and you are not.

Obama has not vetoed any spending bills. He is POTUS.

Joseph

June 22nd, 2012
8:50 am

Why no mention of the beating the SEIU (unions) once again received at the hands of the Supreme Court??

USMC

June 22nd, 2012
8:52 am

“The other side of Romney’s success at Bain”

Funny how Jay has yet to expound on Obama’s pulling “Executive Privilege” AFTER trashing George Bush for using it…

Bain PALES in comparison to the Commander in Chief COVERING UP for FAST and FURIOUS!

Jay knows that Obama is in real trouble… The crack are growing and the money ain’t a flowing… :-)

Jack

June 22nd, 2012
8:52 am

If you start a business without making a profit being your motivation, you won’t be in business very long. If you start a business with the idea you’re going to be a real nice person and let your employees dictate your business model, you won’t in business very long.

Tundra Dude

June 22nd, 2012
8:52 am

Rex Kramer, wrote in part:
The President never had a job in the real world where you had to produce anything.

For the most part, “private equity” produces profits by burying companies in debt, and firing workers.

David Brooks Gets Private Equity Wrong for the Team
http://bit.ly/MG8YYM

Why Does Mitt Romney Like Firing People? Because He Made $20,000 On Every Laid-Off Worker
http://bit.ly/MQf7Th

USMC

June 22nd, 2012
8:53 am

“The other side of Romney’s success at Bain”–Jay Bookman

MORE BLUSTER FROM JAY. :-)

Doggone/GA

June 22nd, 2012
8:53 am

“Our economy will recover fully until we solve our trade deficit problem”

I’m 60 years old and I’ve been listening to bitching about the trade deficit for at least 45 years. Through good economies and bad. Personally, I don’t thing the trade deficit matters a hill of beans.

stands for decibels

June 22nd, 2012
8:53 am

Talking Head @ 8.43, what about Mitt Romney’s crowning gubernatorial achievement–providing $50 abortions on demand to all Massachusetts residents?

Don’t you think you ought to tout that one as well?

Don't Tread

June 22nd, 2012
8:53 am

“this has been one of the most ethical, honest administrations in memory”

You really can’t make this stuff up.

Tell it to Agent Terry’s family.

larry

June 22nd, 2012
8:54 am

I have read where Staples was one of Bain’s and Romney’s success stories. Made the company more efficent it said.

Well, i remember when our small town had a Staples, it did very well, had a lot of business. Until ….

it was shut down. I talked to some of the employees and they said the reason it was being shut down is our town and our area do not have the population to sustain the sales figures that it was getting . I said , What ? They said that their computer program said the numbers werent there. So Staples, dispite doing good business was closed down . 32 jobs lost. Now that might sound like much in Gwinnett or Cobb , but here , in Stephens, thats a lot of jobs. Thanks to Bain Capital and Mr. Romney.

stands for decibels

June 22nd, 2012
8:54 am

AFTER trashing George Bush for using it…

cite, please.

Get me Rex Kramer

June 22nd, 2012
8:54 am

Granny, most 1%’s are not in the richest 400 category. Again, they worked very hard to get there. We pay far more taxes, when nearly have pay none. Please don’t say that those paying no fed income tax pay payroll taxes. Heaven forbid people actually have to contribute to their health and income benefits for retirement.

Joseph

June 22nd, 2012
8:55 am

Jay:

Fast & Furious which resulted in a death, leaked documents, stimulus money doled out to Obama bundlers, Axelrod taking money, Holder not pursuing charges against the black kittens, voter fraud galore not pursued. Yes this is a straight and narrow ship. LOL…

USMC

June 22nd, 2012
8:56 am

Bain Capital… Really??? :-)

GALLUP: OBAMA JOB APPROVAL FALLS TO 43%…
http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx

Joseph

June 22nd, 2012
8:56 am

stands for decibels:

Just giving him a heads up for damage control. I’m sure he got the memo though…

stands for decibels

June 22nd, 2012
8:56 am

You are lying to yourself if you think that dollars that are pulled and go to public spending do not cost the private sector,

Read your words. You attributed 5T in debt to “Obama’s spending.”

That’s a beyond-idiotic characterization of the situation, and you know it.

stands for decibels

June 22nd, 2012
8:57 am

Again, they worked very hard to get there.

Cite, please.

martin the calvinist

June 22nd, 2012
8:57 am

I get it now Granny, since the wealthiest 400, or most of them, inherit wealth from family, the solution is to raise the death (or estate) tax to 100% and let the gov’t decide who gets the money. Since the only fair entity in the world is a gov’t ran by Democrats…..

EJ Moosa

June 22nd, 2012
8:57 am

“If you start a business without making a profit being your motivation, you won’t be in business very long. If you start a business with the idea you’re going to be a real nice person and let your employees dictate your business model, you won’t in business very long.”

This goes along with it:

If you start a government agency and your agency fails in it’s task, your budget will be increased. Your head count will increase. Your powers will increase.

In government, failure is rewarded.

stands for decibels

June 22nd, 2012
8:57 am

Where are the biodiesel posts, Jay?

kayaker 71

June 22nd, 2012
8:58 am

“One of the most ethical, honest administrations in memory”…… BWhahahahahahahahahahahahah

markie mark

June 22nd, 2012
8:58 am

Oscar – “I have compared Fed Ex to the Post Office. Fed Ex charges me $15 to mail a letter. The post office charges 44 cents. I use the post office.”

Oscar, first of all have you noticed that FedEx does not advertise itself as a way to just “mail a letter”? Their business model is for sending critical documents…..and last I heard, the post office you so admire is loosing millions annually, trying to drastically reduce its workforce, its locations, its distribution centers, and reducing its hours of operation by about 16% (Saturday deliverys)

Man, talk about comparing apples and…..and…..elephants, I guess

Joseph

June 22nd, 2012
8:58 am

Jay:

Are you related to Jay Carney? You dodge and duck as much as he does to try and talk about irrelevant news storys that no one cares about…

stands for decibels

June 22nd, 2012
8:58 am

Where’s the six-part series on the glories of single-payer health insurance I asked for?

U R A HACKKK!!!!

TaxPayer

June 22nd, 2012
8:58 am

I think I hit USMC’s tickle spot. By the way, USMC, give us all a description of what you do relative to that 8:46 post. Have you always been a dependent of the taxpayer and whined about it or did the whines only start after Obama was elected. :smile:

Joseph

June 22nd, 2012
9:00 am

Jay you haven’t even mentioned the G20. Is there a reason why? Perhaps it’s because our dear leader looked so juvenile and incoherent compared to other world leaders…

USMC

June 22nd, 2012
9:01 am

BAIN CAPITAL… LOL! It sounds like things are worse than expected behind the secret curtain of the Obama Regime…

FLASHBACK 2007: Obama Attacked Trying “To Hide Behind Executive Privilege”
http://www.youtube.com/watch?v=bpwYh9TD6Nc

Clinton was right… Obama would be better suited serving coffee… Uh… Uh…. Uh… :-)

larry

June 22nd, 2012
9:01 am

You dodge and duck as much as he does to try and talk about irrelevant news storys that no one cares about…

Then why are you posting on his blog ?

Company Saviors or Robber Barons?

June 22nd, 2012
9:01 am

Joseph,

Any evidence on this voter fraud? Given that the Bush administration had 8 years to address this supposed epidemic, can you offer any citations for their prosecution of this plague?

To quote the Daily Show’s John Oliver…..I’m sure their has been tens of cases of voter fraud in this country.

http://www.thedailyshow.com/watch/tue-june-12-2012/purge-overkill—john-oliver—florida-s-voter-registration-law

JohnnyReb

June 22nd, 2012
9:02 am

There is no better person to help fix the problems that run companies overseas than one who knows the details.

Companies don’t take jobs overseas to be unpatriotic. They are about profits.

The fix is not some smoothering regulation designed to produce social justice.

The fix is to level the playing field. That usually means getting government out of the equation.

Cosby

June 22nd, 2012
9:02 am

At least it was legal and ethical..not to say 1/2 billion of taxpayers money to the anoited ones supporters inthe green energy that created 900 jobs…wow, or how about NLRB violating the 10th amendment, losing jobs to South Carolina, or the annoited one’s attack on the coal and oil industry – remember his campaign promise – I will bankrupt the coal Industry – or his promise to pay Brazil at least two billion dollars of tax payer money to drill off shore to ship to China while shutting down the oil industry in the US – watch you electric bill or perhaps the anoited ones’ saving Government Motors with $100 billion of Taxpayers money and GM is now worth about $34 billion…or the annoited one breaking the constitution on illegal immigration or his attack on the states who are attempting to make sure each vote is legal, or his involvement into fast adn furious..gee I could go on with unconstitutional acts by the Chicago thugs of Obama – aka Barry Soetoro..but there is not enough time..Jay keep pounding Mitt but watch your back because your boy will have you picking cotton on the white house lawn..sad very sad one gets away with destroying the constitution because of the color of his skin or preceived color as that to is a lie

massachusetts refugee 10.167.4.48

June 22nd, 2012
9:02 am

spare me – By the way, I am also a “producer” and in a pretty major way by the way.

i think there’s a pill for that now…

Joseph

June 22nd, 2012
9:03 am

Anyone want to bet that the Obama surrogates will go out on the Sunday shows spewing more nonsense about Bain… Maybe it will work out better than it did last time.. LOL… I doubt it..

TaxPayer

June 22nd, 2012
9:03 am

Get Rex,

Please share with us your knowledge of all those people that don’t pay taxes.

Here’s something to help you get started.

USMC

June 22nd, 2012
9:03 am

Aquagirl

June 22nd, 2012
9:04 am

What do you do for a living?????

Fight super-villains, of course. Some of us just aren’t cut out for desk jobs.

Seriously, I work for myself now. Most of my jobs working for others haven’t been traditional big-money producers, they revolved around mission statements instead of profit. There’s a distinct difference in organizations where your aims aren’t primarily financial. You still have to be efficient because resources are never infinite, despite the fevered imaginations of conservatives.

Joseph

June 22nd, 2012
9:04 am

larry:

Because I sell computer keyboards for a living and when I post liberals spew foam all over theirs and have to buy another one… LOL…