{"id":183904,"date":"2012-10-16T21:49:00","date_gmt":"2012-10-17T02:49:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/10\/16\/i-think-that-david-stockman-just-called-rmoney-a-c-sucker\/"},"modified":"2012-10-16T21:49:00","modified_gmt":"2012-10-17T02:49:00","slug":"i-think-that-david-stockman-just-called-rmoney-a-c-sucker","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/10\/16\/i-think-that-david-stockman-just-called-rmoney-a-c-sucker\/","title":{"rendered":"I Think that David Stockman Just Called Rmoney a C%$# Sucker"},"content":{"rendered":"<p>I don&#8217;t think that Reagan&#8217;s former budget director <a href=\"http:\/\/www.thedailybeast.com\/newsweek\/2012\/10\/14\/david-stockman-mitt-romney-and-the-bain-drain.html\">finds Mitts business experience particularly meritorious<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">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\u2019s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">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\u2019s 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\u2019s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case\u2014real-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\u2019s sputtering engines of capitalism.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">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\u2014out 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 \u201croll-ups,\u201d and then deliver them back to Wall Street for resale\u2014the faster the better.<\/span><\/p><\/blockquote>\n<p>It&#8217;s pretty long, but it&#8217;s <b>well<\/b> worth the read, and it is positively devastating.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I don&#8217;t think that Reagan&#8217;s former budget director finds Mitts business experience particularly meritorious: 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\u2019s billions &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,1002],"tags":[],"class_list":["post-183904","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-good-writing"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183904"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=183904"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=183904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=183904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=183904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}