Archive for Thursday, August 30, 2012

Romney makes case for jobs, lots of jobs

Republican presidential nominee Mitt Romney acknowledges delegates before speaking at the Republican National Convention in Tampa, Fla., on Thursday, Aug. 30, 2012.  (AP Photo/Charles Dharapak)

Republican presidential nominee Mitt Romney acknowledges delegates before speaking at the Republican National Convention in Tampa, Fla., on Thursday, Aug. 30, 2012. (AP Photo/Charles Dharapak)

August 30, 2012, 8:37 p.m. Updated August 30, 2012, 10:29 p.m.


TAMPA, Fla. (AP) — Mitt Romney launched his fall campaign for the White House Thursday night with a rousing, remarkably personal speech to the Republican National convention and a prime-time TV audience, proclaiming that America needs "jobs, lots of jobs" and promising to create 12 million of them in perilous economic times.

"Now is the time to restore the promise of America," Romney declared to a nation struggling with 8.3 percent unemployment and the slowest economic recovery in decades.

Often viewed as a distant politician, he made a press-the-flesh entrance into the hall, walking slowly down one of the convention aisles and shaking hands with dozens of delegates. The hall erupted in cheers when he reached the stage and waved to his shouting, chanting supporters before beginning to speak.

"I accept your nomination for president," he said, to a roar of approval. Then he pivoted into personal details of family life, recounting his youth as a Mormon, the son of parents devoted to one another, then a married man with five rambunctious sons.

He choked up at least twice, including when he recalled how he and wife Ann would awake to find "a pile of kids asleep in our room."

He was unstinting in his criticism of President Barack Obama, his Democratic quarry in a close and uncertain race for the White House, and drew cheers when he vowed to repeal Obama's signature health care law.

"This president can tell us it was someone else's fault. This president can tell us that the next four years he'll get it right. But this president cannot tell us that you are better off today than when he took office," Romney declared.

Clint Eastwood, legendary Hollywood tough guy, put the case for ousting Obama plainly moments before Romney made his entrance. "When somebody does not do the job, you've got to let 'em go," he said to the cheers of thousands in the packed convention hall.

The speech over, Romney was joined by running mate Paul Ryan, then their wives, and finally a stage full of their children and grandchildren. Confetti and thousands of red, white and blue balloons floated down from the rafters. They joined popular gospel singer BeBe Winans on "America the Beautiful."

Beyond the heartfelt personal testimonials and political hoopla, the evening marked one of a very few opportunities any presidential challenger is granted to appeal to millions of voters in a single night.

The two-month campaign to come includes other big moments — principally a series of one-on-one debates with Democrat Obama — in a race for the White House that has been close for months. In excess of $500 million has been spent on campaign television commercials so far, almost all of it in the battleground states of Florida, North Carolina, Virginia, New Hampshire, Ohio, Iowa, Colorado and Nevada.

Romney holds a fundraising advantage over Obama, and his high command hopes to expand the electoral map soon if post-convention polls in Pennsylvania, Michigan, Wisconsin and perhaps elsewhere indicate it's worth the investment.

Romney was often almost gentle in his criticism of Obama.

"I wish President Obama had succeeded because I want America to succeed," he said. "But his promises gave way to disappointment and division."

"This isn't something we have to accept ," he said, appealing to millions of voters who say they are disappointed in the president yet haven't yet decided to cast their votes for his Republican challenger.

"Now is the moment when we can stand up and say, 'I'm an American. I make my destiny. And we deserve better! My children deserve better! My family deserves better! My country deserves better!"

Romney's remarks came on a night when other speakers filled out a week-long portrait of the GOP nominee as a man of family and faith, savior of the 2002 Winter Olympics, savvy and successful in business, yet careful with a buck. A portion of the convention stage was rebuilt overnight so he would appear surrounded by delegates rather than speaking from a distance, an attempt to soften his image as a sometimes-stiff and distant candidate.

"He shoveled snow and raked leaves for the elderly. He took down tables and swept floors at church dinners," said Grant Bennett, describing Romney's volunteer work as an unpaid lay clergy leader in the Mormon church.

Following him to the podium, Ted and Pat Oparowski tenderly recalled how Romney befriended their 14-year-old son David as he was dying of cancer. "We will be ever grateful to Mitt for his love and concern," she said simply.

Shouts of "USA, USA" echoed in the convention hall as several Olympic medal winners came on stage, a reminder of Romney stepping in to help rescue the faltering 2002 Olympic Games in Salt Lake City.

In an evening that blended the political and the personal, delegates saw a video in which his sons poked fun at him. "I can't explain love," Romney said.

As for Obama, Romney said, "Many Americans have given up on this president, but they haven't ever thought about giving up. Not on themselves, Not on each other. And not on America."

The economy is issue No. 1 in the race for the White House, and Romney presented his credentials as the man better equipped than the president to help create jobs. Speaker after speaker testified to the help their received from Bain Capital, the private equity firm that he created — and that Democrats argue often took over companies, loaded them down with debt and then walked away with huge fees as bankruptcy approached.

"When I told him about Staples, he really got excited at the idea of saving a few cents on paper clips," businessman Tom Stemberg said of the office supply store chain he founded with backing from Bain.

There was no shortage of Obama-bashing, though.

Former House Speaker Newt Gingrich, sharing the stage with his wife, Callista, said Obama was a president in the Jimmy Carter mold. Both "took our nation down a path that in four years weakened America's confidence in itself and our hope for a better future," he said.

Romney' offered no new information on what has so far been a short-on-details pledge to reduce federal deficits and create 12 million jobs in a country where unemployment stands at 8.3 percent.

Romney would have to nearly double the current, anemic pace of job growth to achieve 12 million jobs over four years. That's conceivable in a healthy economy. Moody's Analytics, a financial research operation, expects nearly that many jobs to return in four years no matter who occupies the White House, absent further economic setbacks.

Romney's steps for achieving the employment growth include deficit cuts that he has not spelled out and a march toward energy independence that past presidents have promised but never delivered.

He has called for extension of tax cuts due to expire at all income levels at the end of the year, and an additional 20 percent across the board cut in rates. But he has yet to sketch which tax breaks he will eliminate or cut to prevent deficits from rising.

Nor has he been forthcoming about where to make the trillions in spending cuts needed to redeem his pledge of major deficit reduction, or about his promise to rein in Medicare or other government benefit programs before they go broke.

Ryan, the chairman of the House Budget Committee, has called for remaking Medicare into a program in which the government would send seniors checks to be used to purchase health care insurance.

Under the current approach, beneficiaries pay premiums to the government, which then pays a part of all of their medical bills, and Democrats say the GOP alternative would expose seniors to ever-rising out-of-pocket costs.

Obama's surrogates missed no opportunity to criticize Romney, the convention proceedings or Ryan's own acceptance speech.

"He lied about Medicare. He lied about the Recovery Act," Obama's campaign manager, Jim Messina, emailed Democratic donors in a plea for cash.

"He lied about the deficit and debt. He even dishonestly attacked Barack Obama for the closing of a GM plant in his hometown of Janesville, Wisconsin — a plant that closed in December 2008 under George W. Bush."

The evening sealed a triumph more than five years in the making for Romney. He ran unsuccessfully for the nomination in 2008 after a single term as a moderate Republican governor of a liberal Democratic state.

This year, as then, he was assailed as a convert to conservatism, and a questionable one at that, as Gingrich, former Pennsylvania Sen. Rick Santorum and other rivals battled him for the nomination. With a superior organization and an outside group that spent millions criticizing his foes, Romney eventually emerged as the nominee in early spring.


In_God_we_trust 1 year, 7 months ago

Perhaps since none of the Presidential candidates can provide what we all need, we should turn to God, who provides for us by faith in Him, and His Word, of great and precious promises, according to his riches in glory, by Christ Jesus. Then government can go back to it's original purpose of government.


Carol Bowen 1 year, 7 months ago

Bobby Jindal invited the president to visit on Monday. He invited Romney to visit before then. Stragic, but tacky. Best to focus on the disaster relief. That will take an act of congress. They have not set a budget for disaster relief, yet.


meggers 1 year, 7 months ago

Ha! Romney will create the same number of jobs we will see if the economy continues on the current trajectory. Way to aim high, Mitt!


Richard Heckler 1 year, 7 months ago

Republican administrations have an established pattern of killing millions of jobs, make owning a home risky business,destroying retirement plans and medical insurance coverage.

Why would any republican or democrat or green party thinker want to risk that for the third time in a 33 year period? Republicans are the only ones who do this successfully.

ENTITLEMENT - Bailing out The Reagan/Bush Savings and Loan Heist aka home loan scandal sent the economy out the window costing taxpayers many many $$ trillions (Cost taxpayers $1.4 trillion), Plus millions of jobs, loss of retirement plans and loss of medical insurance.

ENTITLEMENT - Bailing out the Bush/Cheney Home Loan Wall Street Bank Fraud cost consumers $ trillions, millions of jobs, loss of retirement plans and loss of medical insurance. Exactly like the Reagan/Bush home loan scam. Déjà vu can we say. Yep seems to be a pattern.


Richard Heckler 1 year, 7 months ago

Romney/Ryan say they will bring on 12 million jobs = no clue as to how many jobs are not there!

Can we say ignorance is bliss....


willyj 1 year, 7 months ago

Willy Clinton would've pitched, "We need blow jobs, lots of blow jobs". I miss him (now).


camper 1 year, 7 months ago

This is my take from the event, 99% sloganeering and exaggerating if not outright lying.....and oh, the other 1% "say, lets extend the Bush tax cuts again. This is what the Repubs bring to the table.


FalseHopeNoChange 1 year, 7 months ago

When is Flexible 'visiting' the floods? Chalk up 'job' creation by Ramo. Ramo 'inspired' Flexible to visit the flood disaster next week sometime.

Good job Ramo.


Brian Conrad 1 year, 7 months ago

90% people in this country did not get a 13k raise .. happy for you. you are the 1% that the left hates. 13k minus 35 to 50 % that Obama will take from you ... net gain 7 to 8 thousand ... still way better than most . hope you put it in savings.. you will need it to pay for all the national debt you will have to pay in the future.


Brian Conrad 1 year, 7 months ago

are you better off than you were 4 years ago??? how about your parents , since most live in their basements.


Brian Conrad 1 year, 7 months ago

our economy can not survive 4 more years of this... time for a change ... funny all you Obama lovers.. you live in a state that will vote Romney.... does it bother you?? he he .. you could use all your frustration donating to help the 15% plus living in extreme poverty here in Lawrence.. face it "the government can not spend its way to recovery"


Liberal 1 year, 7 months ago

I have to admit I love to hear the dems, squirm, whine and lie about what has happened over the last few years. I just heard on Hard Ball that the republicans blocked everything the dems did so they woudl not have a record.

We have a record to look at the FIRST TWO years where they screwed things up so bad that they got trounced in 2010! Keep in mind most of the initiatives that were voted on were not bipartisan but voted and passed by democrats alone.

Yes, nothing has changed since the first two years thank god the country voted em out in 2010 or we would really be screwed.


FalseHopeNoChange 1 year, 7 months ago

Speaking of Republicans "jobs", "jobs", "jobs" and Hispanics, Chuck Todd: Why Does The GOP Have More Women And Latino Governors Than Democrats?

Do tell...


WristTwister 1 year, 7 months ago

The Republicans hit the ball out of the park with this convention. A strong case was made for cutting costs, lowering taxes and down sizing government by more than a handful of successful Governors who had done exactly that in their respective states. Their states are growing jobs and shrinking unemployment to levels way lower than the national rate of 8.3%. How can the voting public not recognize their success and believe that Mitt Romney will not do the same with the national economy if elected. The Republicans' message was uplifting, forward thinking and they displayed a can-do style of leadership that has been obviously lacking in the previous 4 years under this Democratic administration. Contrast this convention with the DNC next week which will surely focus on negatives and fear mongering which will pit rich against poor, old against young, men against women, minorities against the white majority, and malicious lies denigrating Mr. Romney and Mr. Ryan. Concerning the economy, Mr. Obama cannot run on his record, so look for him to run on Bill Clinton's record. They will say that Obama just needs more time. I say that we are out of time. Obama is offering nothing new and his failed policies have clearly hurt this country and stagnated any recovery. We remain mired in 8.3% unemployment and our debt continues to grow unabated. It's time to replace this administration with competent, resourceful leadership such as that demonstrated by the Republican Governors who addressed this convention. The Romney/Ryan ticket offers that same leadership that has worked so well for the Republican Governors. If Romney is elected President in November look for an unprecedented economic boom.


camper 1 year, 7 months ago

The Headline: "Romney makes case for jobs, lots of jobs"

The plan: Extend the bush tax cuts. Across the board tax cuts.

Hmmmm. President Obama extended the Bush tax cuts in 2010 and gave payroll tax cuts to employers in 2010 as well. I don't see much difference here folks. They call the President a failure, then turn around and offer the same thing.


Steve Jacob 1 year, 7 months ago

From the KC Star..."Federal revenues are roughly 16 percent of GDP, the lowest level in decades. High unemployment, lower tax rates and payroll tax reductions have contributed to the problems with revenue collection"

We just are not collecting enough money. If that means raising taxes on the top, or closing loopholes or deductions, I don't know. Cutting spending would help, but not the whole solution.


jayhawklawrence 1 year, 7 months ago

Unfortunately, I think we need a change in attitude and that may require a change in leadership for better or worse because the business owners seem to want Romney.

They are afraid of Obama.

If Obama and the Democrats cannot create some renewed momentum in the coming few weeks, I think we are going to have to get used to a Romney administration and hope he can match with deeds what he says with words.

The business community has to have a leader they believe in to get anything moving in this country.

It is what it is.


yourworstnightmare 1 year, 7 months ago

What we need from Romney are tax returns, lots of tax returns.

What is he hiding from the American people?


ferrislives 1 year, 7 months ago

SageonPage asks "Why don't you look in the mirror and ask yourself what has Obumble really done for America?"

Since you've already told everyone what you think Obama has done for America, how about "what has Mitt Romney done for America"?

-Mitt Romney signed an assault weapons ban into law "I believe the people should have the right to bear arms, but I don’t believe that we have to have assault weapons as part of our personal arsenal,” he said on Fox News in 2004."

-Mitt Romney declared himself pro-choice, and signed laws supporting that position "One of the great things about our nation ... is that we're each entitled to have strong personal beliefs, and we encourage other people to do the same. But as a nation, we recognize the right of all people to believe as they want and not to impose our beliefs on other people. I believe that abortion should be safe and legal in this country. I have since the time that my mom took that position when she ran in 1970 as a U.S. Senate candidate. I believe that since Roe v. Wade has been the law for 20 years, that we should sustain and support it, and I sustain and support that law, and the right of a woman to make that choice, and my personal beliefs, like the personal beliefs of other people, should not be brought into a political campaign."

-Mitt Romney supported civil unions, domestic partner benefits, and non-discrimination laws "We must make equality for gays and lesbians a mainstream concern." "All citizens deserve equal rights, regardless of their sexual orientation."

-Mitt Romney supported the economic stimulus package "I think there is need for economic stimulus. Americans have lost about $11 trillion in net worth. That translates into about $400 billion a year less spending that they'll be doing, and that's net of additional government programs like Medicaid and unemployment insurance. And government can help make that up in a very difficult time. And that's one of the reasons why I think a stimulus program is needed."

-Mitt Romney signed RomneyCare into law

-Mitt Romney.........I think you get the point. Here is a nice video to end this on: Mitt Romney Flip Flops -

I have more respect for the President being pretty clear on his views on all of these different subjects over the years, while Romney flip-flops on his views depending on who he's trying to get on his side.

In his own words, and actions my friend. You (and he) cannot hide from the truth!


BigDog 1 year, 7 months ago

So what is President Obama going to do the next 4 years to improve the economy, reduce deficit etc? How is he going to get things done instead of just talking about it?

Don't tell me to wait for his speech next week .. he is President now, he doesn't have to wait to get into office.


beatrice 1 year, 7 months ago

An empty chair followed by an empty suit. Fitting symbolism for the Republican party.


beatrice 1 year, 7 months ago

He spoke from a teleprompter. Did everyone see that? He used a teleprompter. Republicans clearly hate teleprompters, yet there was Romney, reading off of teleprompters. Did you notice? Does that upset Republicans to see their chosen one reading from a teleprompter.

Also, Republicans suck up to the Hollywood elite and allow them major speaking spots at their convention. They didn't invite Palin, who is now apparently unequipped to speak on Replicans' behalf with Clint Eastwood, who is apparently very equipped to speak for people not actually there. They replaced one form of incompetance for another.

Teleprompters and the Hollywood elite. Oh, how the Republicans must spin in order to justify their party.

Palin / Eastwood 2016!


Fred Whitehead Jr. 1 year, 7 months ago

Blah, blah, blah "Dump Obama, I can do better!!"..............How??

Blah, blah, blah "Dump "Obamacare" (racistspeak for the Affordable care Act) And replace it with what?/ We have not heard this yet from the candidate. You folks who are already benefiting from the Affordable care Act are going to be screwed, but what else to do you expect from the Republicans??

Blah, Blah, Blah, "I am a "conservative!!!!!!!!!!" So damn what??????? I am a citiaen and am tired of your "Blah, blah, blah". Some substance please? Check with Rush Limbaugh, he has some suggestions as to what you ought to be to get the votes of his crowd of morons.l

Ban abortion! Save your coathangers!!



jafs 1 year, 7 months ago

It's either the President's job to create jobs, or it isn't.

Apparently, for many on the right, if it's a D president, it's part of the job description, and if he doesn't create them, he's roundly criticized, but if it's a R one, it's not part of the job.

Can't really have it both ways, I'd say.


pizzapete 1 year, 7 months ago

It was great to finally learn more about Mitt Romney. I didn't know his father was born in Mexico or that his family came to America to escape the Mexican Revolution. I can overlook the fact that he belongs to the Mormon faith because he really is a man of the people. He's the kind of guy you'd want as a neighbor and not just because he lives in a really nice area that less than1% of Americans can afford. Romney is the embodiment of the American dream, where anyone with enough money can be president. America needs a businessman and corporate insider who will look out for big business interests. After all, corporations are people, too.


yourworstnightmare 1 year, 7 months ago

Why won't mitt Romney release his tax returns? We already know he is a rich guy who has payed a lower tax rate than most Americans.

What else is he hiding? What else in in those tax returns that Romney wants to keep secret from the American people?


geekin_topekan 1 year, 7 months ago

Shame on Obama for envisioning a healthy, educated population. The Repubs fought tooth and nail against healthy educated Americans.


BigDog 1 year, 7 months ago

For those who are questioning Romney on the job creation .... tell me what President Obama has done in his 4 years to create jobs - outside government. The only plan I have seen was to "rebuild infrastructure" of course it was funded by government ... with money we don't have.


Paul R Getto 1 year, 7 months ago

"Nor has he been forthcoming about where to make the trillions in spending cuts needed to redeem his pledge of major deficit reduction, or about his promise to rein in Medicare or other government benefit programs before they go broke.===

This is the biggest problem for both sides. Their numbers do not add up.


Alexander Smith 1 year, 7 months ago

12 milion jobs my butt, Were is all the production jobs? What, is Romney going to magically waive his corporate raider wand and POOF jobs appear. It takes time to create jobs if done by the private sector. If you want LOTS-O-Jobs NOW.. the Government has to get involved because there is plenty of things that need to get done.

But, truth is, we want the economy to boom.. we need those jobs back in the USA.. THATS IT!

YES we need to raise taxes because while the feds would, the state will. States are barely making it and Romney and crew are going to put so much pressure on the states that taxes at the local level are going to go through the roof.

Wake up GOP supporters. Romney is bad, he can't deliver a margine of what he promises at the cost of losing more jobs to the world.


Trumbull 1 year, 7 months ago

I would like to take Romney at his word about jobs, but he did not really say how he will accomplish this. Extending the Bush tax cuts and an across the board tax cut will benefit business and stimulate some growth, but I do not see it stimulating demand.

For instance, President Obama extended the Bush tax cuts and also gave a payroll tax cut to employer in 2010. It is not clear how/if these measures created jobs or prevented further job losses.

And these tax cuts will also require spending cuts to avoid enormous future defecits. One thing is for sure, spending cuts result in job losses from the government sector. So in addition to the budget risk, he will need to make up for those jobs lost.

It is sad that considering the terrible economic times, the only ideas generated from Washington is tweaking the tax rate. That, I'm afraid is like offering a baby aspirin to a patient who is in intensive care. Until we can figure out how to keep jobs in America and get our factories running again, we ain't goin nowhere.


midwest_muser 1 year, 7 months ago

Things are not good in America. We have a candidate in Mitt Romney who is the most capable and qualified to come along in decades. If we don't take advantage of his offer to serve us, we deserve to continue our slide into second class country status.


autie 1 year, 7 months ago

so I comes my post shows up all bolded and larger font? I didn't do nothing but type and post. #Idon'tunderstandhowthathappens

Cait, just a play...12 million jobs...Sam's roadmap for Kansas, jobs,jobs,job...two years later nothing, nothing, fact he DC'd more jobs than he created..sam that is..


joshua1532 1 year, 7 months ago

You don't have to vote for either of these guys. Here's a "Reality Check" on the power that these centralized parties have created:


Cait McKnelly 1 year, 7 months ago

Meh. Rmoney rattling on about "jobs" is like Bushco saying the words "weapons of mass destruction" 400+ times at the 2004 convention. They already knew by then that Saddam didn't (and never did have) WMDs.


Cait McKnelly 1 year, 7 months ago

Let's hope that if he does win the election the Dems work better with him on jobs than the GOP worked with the O man. Let's see...over THIRTY filibusters on jobs bills in Congress? (And that estimate may be conservative. Wait. I made a pun.)
Here's an interesting factoid. The GOP has filibustered more bills since Obama took office than under all other presidents COMBINED. That's a heckuva statistic.


drake 1 year, 7 months ago

I just want a president that does not bow to leaders of other countries...


Richard Heckler 1 year, 7 months ago

If Romney is going to create 12 million jobs then THE GOVERNMENT will need to step in with tons of tax dollars to make it happen. Those 11 million jobs lost during the Bush/Cheney financial rip off of the USA went abroad with no intention of coming back.

Romney is lying. This leveraged buyout king cost America millions of jobs throughout his career.

The upper middle class,middle class and lower income republicans have been screwed bad like all other upper middle class,middle class and lower income people.

Vulture capitalistism is Reaganomics through and through and impacts all upper middle class,middle class and lower income people regardless of party affiliation.


Armstrong 1 year, 7 months ago

Can't wait for Barry to respond at the DNC. Hey Barry why don't you run on you're record of accomplishments.... Lets see, job creation - no, reducing unemployment -no, foreign policy - no. Hmmm, shaping up to be a pretty quiet DNC


FalseHopeNoChange 1 year, 7 months ago

I'll be glad 'when' Flex and 'Laughing boy Biden' clean up Ramo and cryin' Ryan in November. New America will be 'the' place to coagulate for those with 'nothing' else going for them.

Ramin does not have a 'clue.' The complex intellectuals in New America don't need no stinking jobs! "Shovel ready" or not. They just need food, shelter, trim, weed, booze and Obamacare.

Romany is 'clueless.'


Richard Heckler 1 year, 7 months ago

Con't from Democracy NOW

AMY GOODMAN: You say that Mitt Romney has a vision, that he’s trying for something big. Lay out what that vision is.

MATT TAIBBI: Well, Mitt Romney is really the representative of an entire movement that’s taken over the American business world in the last couple of decades. You know, America used to be where we had factories, we built stuff, and we sold it here in America, and we exported it all over the world. That manufacturing economy was the foundation for our wealth and power for a couple of centuries.

In the '80s, we started to transform ourselves from a manufacturing economy to a financial economy. And that process, which, you know, on Wall Street we call financialization, where instead of making products, we made transactions, we made financial products, like credit default swaps and collateralized debt obligations.

We created money through financial transactions rather than building products and selling them around the world. And that revolution was really led by people like Mitt Romney.

And the advantage of financialization, from the point of view of the very rich and the people who run the American economy, is that it was extremely efficient at extracting wealth and kicking it upward, whereas the old manufacturing economy had the sort of negative effect of spreading around to the entire population.

In the financialization revolution, you can take all of the money, and you don't have to spread it around with anybody. And Mitt Romney was kind of a symbol of that fundamental shift in our economy.

AMY GOODMAN: Yesterday, Democracy Now!'s Mike Burke caught up with the Texas governor, Rick Perry, and asked him about his comment about Mitt Romney, calling him a vulture capitalist. Let's take a listen.

MIKE BURKE: You described Mitt Romney, compared him to a vulture. What did you mean by that? And you said his work with Bain Capital was indefensible.

Richard Heckler 1 year, 7 months ago

MY GOODMAN: Lay it out for us. Excellent piece, investigative piece, on Mitt Romney’s wealth. Where did it start?

MATT TAIBBI: Well, you know, for me, it started when I had to cover this campaign earlier this year, and I was listening to Romney’s stump speech about debt. You know, he came up with this whole image of a prairie fire of debt raging across America that was literally going to burn children alive in the future. And I kept thinking to myself, does nobody know what this guy did for a living and how he made his money? You know, Mitt Romney is unabashedly a leverage buyout artist. And a leverage buyout artist is a guy who borrows lots of money that other companies have to pay back. And that’s the simple formula.

He started out—his most famous deals, of course, are essentially venture capital deals like the Staples situation, where he built a company from the ground up. But after Staples, he switched to a different model, that he preferred for the rest of his professional career, in which he took over existing companies by putting down small amounts of his own cash, borrowing the rest from—typically from a giant investment bank, taking over controlling stakes in companies, and then forcing those companies to pay him either through management fees or through dividends. And that’s his business formula.

AMY GOODMAN: Explain what private equity is.

MATT TAIBBI: Well, that is what a private equity fund does. They’re essentially—it’s a synonym for what in the '80s we called the leverage buyout business. It's a small group that raises capital and then goes and leverages takeovers of companies using borrowed money. In the '80s, these—this sort of business was glamorized through a couple of things, in particular, in pop culture.

One was the movie Wall Street, where Gordon Gekko, the famous Michael Douglas character from the Oliver Stone movie, was essentially a private equity guy. He was a leverage buyout takeover artist.

And the other one was a book called Barbarians at the Gate, which was a true story of the takeover of RJR Nabisco by a company called KKR, which was another Bain Capital-like takeover company. And that's what they are. They’re essentially guys who borrow money to take over companies and extract wealth from those companies to pay off their investors.


Flap Doodle 1 year, 7 months ago

Since the current regime's plan is "prop up unions and screw everybody else", Romney's plan looks pretty good.


Roland Gunslinger 1 year, 7 months ago

Here's the sad thing with Romney's "12 million jobs in four years"- that's already they expected growth under Obama's plan.

PLUS- This pledge amounts to an average of 250,000 jobs a month, a far cry from the 500,000 jobs a month that Romney claimed would be created in a “normal recovery.” Here's where Romney makes that claim:

So is Romney saying he can't even match a normal recovery in terms of job growth?

Moody’s Analytics, in an August forecast, predicts 12 million jobs will be created by 2016, no matter who is president.

So Romney's claim is ho-hum at best. In fact what he's claiming he will do is nothing because most experts agree this will be accomplished anyways.


Roland Gunslinger 1 year, 7 months ago

China and India will be happy he'll be creating 12 million new jobs for them... they miss the days when he was at the helm of Bain.


skull 1 year, 7 months ago

Two months till the election and still no definitive plans, just a bunch of rhetoric and empty promises. Pretty sad the GOP is willing to spend millions of others money and lie to gain complete control, but hasn't offered any plans other than the same ones that caused the great recession.

Defund regulation and tax cuts for the rich for a better tomorrow!


biggunz 1 year, 7 months ago

Can the sheep please explain why Obama should get four more years? No? The Messiah has left the building.


Duffman 1 year, 7 months ago

Please send money to the Obama campaign so we middle class folk can have a voice!


Richard Heckler 1 year, 7 months ago

Romney as we speak is outsourcing jobs to China as his American employees are called communists because they want their jobs to remain here for them. It's in the news for the past few days.

Meanwhile think about this.

A new article by reporter Matt Taibbi in Rolling Stone sheds new light on the origin of Republican presidential candidate Mitt Romney’s fortune, revealing how Romney’s former firm, Bain Capital, used private equity to raise money to conduct corporate raids. Taibbi writes: "What most voters don’t know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back.

This is the plain, stark reality that has somehow eluded America’s top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time.

In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.


Matthew Herbert 1 year, 7 months ago

Marco Rubio showed the nation tonight exactly why a lot of people THOUGHT he would end up on the Romney ticket. If I'm Romney, I look at Rubio's speech tonight and I sigh knowing I picked wrong.


patkindle 1 year, 7 months ago

those pesky republicans are always wanting people to go to work and pay taxes.......... at least the democrats know it is more fun to get paid for not working and live on the dole


commonsenseanyone 1 year, 7 months ago

It was weird ill give you that. Rubio did recover very nicely though...


tange 1 year, 7 months ago

RNC. Clint Eastwood talking to an empty chair.

/ hu nu he could do that to himself?


Patricia Davis 1 year, 7 months ago

Romney's history of jobs is to eliminate them and increase profits for the shareholders. Anyone who believes differently does not believe in evolution.


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