Snap Fact #292
President Obama’s Policies Have Been Bringing Back the Very Industry the Governor Romney Helped to Outsource!

The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn't stand for anything. He's a flip-flopper, they say, a lightweight, a cardboard opportunist who'll say anything to get elected. In a sense, the critics are wrong. Not because they are on the wrong track, but because there is more to the hypocrisy at the heart of Mitt Romney.

Everyone knows that he is fabulously wealthy, having scored great financial success, but at what cost? His self-painted picture is that of “a turnaround specialist”, a shrewd financial operator who breathed new life into troubled companies as a high-priced consultant for a storied Wall Street private equity firm, which he created himself.

But the reality tells a very different story. Mitt Romney actually made his fortune by borrowing vast sums of money and then positioned it so that other people were forced to pay his loans back. In fact, Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades 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.

In its simplest terms, the Romney formula has been consistent. He has accumulated his $250 million fortune loading up companies with debt and then extracting million-dollar fees from those same companies. This in exchange for the generous service of telling them who needs to be fired in order to finance the debt payments he saddled the companies with in the first place.

The incredible untold story of the 2012 election so far is that Romney's run has been a shimmering pearl of perfect political hypocrisy, which he's somehow managed to keep hidden in his shell of silence, even with oceans of cameras following his every move.

Romney’s choice of Paul Ryan as his Vice Presidential pick was calculated to bring aboard a spokesperson that could enhance the strategy of obfuscation and misinformation. Ryan is a dangerously glib and accomplished con man who may even believe in his own delusions. One only has to fact check his brilliantly delivered acceptance speech delivered from the stage of the Republican convention in Tampa on August 29th. Every independent Fact-Check organization rated many of his assertions as outright lies or shameless distortions. (You can do your own fact check on this web site by clicking the “links” option on our menu. There you have the choice to access any of the 5 major fact check services.)

Four years ago, the Mitt Romneys of the world nearly destroyed the global economy with their greed, shortsightedness and – most notably – wildly irresponsible use of debt in pursuit of personal profit. This small greedy group brought us to the brink of a global depression, which was staved off only by Barack Obama and his courageous leadership that fought of the impending financial disaster.
However, today, that same out of touch Ayn Randian ethic of short-sighted greed, fueled by that same belief in the strident pursuit the failed policy of instant borrowed millions – is to be reborn under a Romney/Ryan administration.

Mitt Romney and Paul Ryan, it turns out, are the perfect front men for Wall Street's greed machine. The duo believes in the same values and methods that those who brought down the economy believe. Romney has been one the most vociferous and successful operatives of the movement to replace our traditional tangible products manufacturing economy with one of financial slight-of-hand, dependent of Las Vegas type high stakes gambling on the likes of derivatives and other greed machine products.

Instead of cars and airplanes, we built swaps, CDOs and other toxic financial products. Instead of building new companies from the ground up, we took out massive bank loans and used them to acquire existing firms, liquidating every asset in sight and leaving the target companies holding the debt.

An Article in Rolling Stone Magazine concludes the topic thusly “The new borrow-and-conquer economy was morally sanctified by an almost religious faith in the grossly euphemistic concept of "creative destruction," and amounted to a total abdication of collective responsibility by America's rich, whose new thing was making barrel loads of money in ever-shorter campaigns of economic conquest, sending the proceeds offshore, and shrugging as the great towns and factories their parents and grandparents built were shuttered and boarded up, crushed by a true prairie fire of debt."

Mitt Romney’s own dad built cars and supported communities with real jobs. He was one of the old-school Conservatives that believed in the production of actual products that could be made by workers and sold to those same worker and their fellow citizens who were, for the most part, gainfully employed and able to afford the autos they manufactured.

This tried and true bedrock Conservative economically sound business philosophy has been replaced by his son’s generation's selfish and ill-conceived new economy that makes nothing but takes everything. At the forefront of this movement is the current Republican nominee for President of the United States and his running mate. If Governor Romney’s business history is any guide, American taxpayers will be the “others” that will end up paying for his latest acquisition.

While the Romney/Ryan team makes up whatever distortions they wish to change their own histories, President Obama has quietly been putting programs in place to bring manufacturing back to the U.S. This reversal of momentum takes time and we need to give the President that time to continue his Rational programs. Voting in a Democratic Congress to partner with the President will make the difference to get the country quickly back on the right track.