Friday, May 18, 2012

Romney's "creative destruction"

• • • The San Francisco Weekly has an informative article about Mitt Romney:

America's Parasite: Romney's Bain Represents Capitalism's Worst

...His specialty was flipping companies — or what he often calls "creative destruction." It's the age-old theory that the new must constantly attack the old to bring efficiency to the economy, even if some are destroyed along the way. In other words, people like Romney are the wolves, culling the herd of the weak and infirm.

His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends....

...Romney didn't learn his lesson. He seemed incapable of noticing that his brand of "creative destruction" left a lot of human wreckage in its wake. Or that voters might see him as more scumbag than saint....

Not a pretty picture. There is something unethical when someone reaps millions of dollars while workers lose jobs, pensions, and a community loses an employer.

•••   A new website shows what Romney Economics has done.  To see what Romney Economics did in your state, check this link.  Here in Ohio, Romney Economics did this:

More than one hundred workers laid off 
Dozens of stores closed downOne company moved its headquarters out of state
  • Romney held full ownership of Bain Capital while:
  • Alliance Laundry eliminated manufacturing jobs in Norwood
  • Stage Stores closed all of its stores across Ohio
  • Sealy—North America's largest mattress manufacturer—moved its Cleveland headquarters out of state