Former Republican: 6 Reasons the GOP Is Doomed


Former Republican: 6 Reasons the GOP Is Doomed

The formerly Grand Old Party needs to change to survive. But all we’re seeing are botox solutions.

 
Mitt Romney had hardly conceded before Republicans started fighting over where to head next. Some Republicans — and many Democrats — now claim that the writing is on the wall: demography is destiny, which means the GOP is going the way of the Whigs and the Dodo.  Across the country, they see an aging white majority shrinking as the U.S. heads for the future as a majority-minority country and the Grand Old Party becomes the Gray Old Party. Others say: not so fast.

In the month since 51% of the electorate chose to keep Barack Obama in the White House, I’ve spent my time listening to GOP pundits, operators, and voters.  While the Party busily analyzes the results, its leaders and factions are already out front, pushing their own long-held opinions and calling for calm in the face of onrushing problems.

Do any of their proposals exhibit a willingness to make the kind of changes the GOP will need to attract members of the growing groups that the GOP has spent years antagonizing like Hispanics, Asian Americans, unmarried women, secular whites, and others?  In a word: no.

Instead, from my informal survey, it looks to this observer (and former Republican) as if the party is betting all its money on cosmetic change.  Think of it as the Botox Solution.  It wants to tweak its talking points slightly and put more minority and female Republicans on stage as spokespeople.  Many in the GOP seem to believe that this will do the trick in 2014 and beyond. Are they deluded?

You’ve heard the expression “putting lipstick on a pig,” haven’t you?

The Blame Game and the Short-Term Outlook

Although most Republicans see hints of future demographic challenges in the exit polls, many prefer to focus on other factors to explain Romney’s loss out of a desire not to “blow up the party if there are less radical solutions.”  (Hence, the delusional quality of so many of their post-mortems and the lack of interest in meaningful change.)

First, they cite the Romney factor: a weak candidate, too moderate — or too conservative — who failed to fight the Obama campaign’s early efforts to paint him as an out-of-touch plutocrat.  In other words, his history (Bain Capital and Romneycare) depth-charged him before demographics could even kick in.  He was, unfortunately, the perfect quarter-billionaire candidate for a Democratic narrative that the GOP is only out for the rich and doesn’t “care about people like me.” (He predictably lost that exit poll question by a margin of 81% to 18%).  Running a “vulture capitalist” (and a Mormon) drove a number of Republican voters to stay home or even — gasp! — vote for Obama. It’s a mistake that won’t be repeated in 2016.

Second, they point to the Obama factor.  In both 2008 and 2012, he attracted unprecedented levels of minority and young voters, a phenomenon that might not be repeated in 2016.  Some Republican operatives are also convinced that his campaign simply had a much better “ground game” and grasp of how to employ technology to turn out voters. (Halfof self-identifying Republican voters think, as they did in 2008, that Obama simply stole the election through registration fraud involving African Americans.)

Third, they emphasize the powers of incumbency.  Romney only became the presumptive front-runner because the GOP’s A-list— mostly too young in any case — feared the huge advantage an incumbent president enjoys and stayed home. 2016, they swear, will be different.  Nor do they seem to fear a reprise of the 2008 and 2012 primary circuses because the A-listers in 2016, they insist, will all have well-established conservative bona fides and won’t have to bend over backwards to cultivate the conservative base.

Trying to appeal to the Right while facing various nutcase candidates, Romney shot himself in both feet, labeling himself a “severe conservative” and staking an extreme anti-immigration position.  George W. Bush, on the other hand, could run as a “compassionate conservative” in 2000 because his street cred on the Right was unchallengeable.  Indeed, Paul Ryan is already talking up “compassion,” while Ted Cruz, the new (extreme) senator from Texas, ishawking “opportunity conservatism.”

Fourth, there is the perceived success of Republicans other than Romney, particularly in what white Republicans call the “Heartland.”  GOP operatives are still angry at Todd Akin and Richard Mourdock for losing two gimme Senate seats to the Dems by “saying stupid things” (in the words of Bobby Jindal, Louisiana governor and frequent visitor to Iowa), and they wonder how they lost in Montana and North Dakota.

Still, they kept their majority in the House of Representatives, losing only a handful of seats.  (That the GOP lost the majority of total votes cast gets less attention.)  The Party also added a 30th governor to its roster, and held onto its control of the majority of top offices and legislative chambers in the states.  Come 2014, GOP operatives expect the Party to do quite nicely, as the opposition party often does in midterm elections, especially if turnout demographics look like 2006 and 2010.  Another lesson many movement conservatives have learned is that the more they pound away on their issues, the more they shift American politics rightward even when they lose.

All of this suggests to anxious Republicans that they are not crazy for seeing no immediate need to make big changes to appeal to demographic groups outside the Party’s aging white base.  But the short term is likely to be short indeed.  Think of them, then, as the POD or the Party of Denial.

Meanwhile, on the Bridge of the Titanic

Avoid it as they may, the long-term picture couldn’t look grimmer for the Party.  Demographics may well be destiny.  Even a cursory look at the numbers exposes the looming threat to the Party’s future prospects.

1. Whites: About three-quarters of the electorate (and 88% of Romney’s voters) this year were white, but their numbers are steadily sinking — by 2% since 2008.  Yes, many whites may have stayed home this year, turned off by Mr. Car Elevator, but whites are projected to become a demographic minority by2050 — or possibly even before 2040 — and minority births are now outpacingwhite births.

2. White Christians: The bulk of Romney’s supporters (79%) were white Christians (40% of whom were evangelicals), but this is an aging and shrinkinggroup. Three-quarters of senior voters but only a quarter of millennial voters are white Christians, and the generations in between are much less likely to consider themselves “strong” members of their religion than seniors. (Non-white Christians, Jews, observers of other faiths, and the growing number of the religiously-unaffiliated all overwhelmingly vote for Democrats.)

3. Hispanics: According to the Washington Post exit polls, Obama received 71% of the Hispanic vote in 2012 (67% in 2008).  Already 10% of this year’s voters (9% in 2008), the Hispanic population is exploding, accounting for halfof U.S. population growth.

4. Asian Americans: The nation’s fastest growing demographic group — now 3% of this year’s voters (2% in 2008) — gave Obama 73% of its vote in 2012 (62% in 2008).

5. Unmarried Women: The percentage of unmarried women has been growing slowly since the 1970s, up to 53% of women as of last year.  Even among subgroups favoring Obama, there was a marriage gap in which unmarried women (23% of this year’s voters) favored Obama by huge margins.  Despite winning 53% of (mostly white) married women, 31% of this year’s voters (down from 33% in 2008), Romney lost women overall by 11 points.

6. The Young: The millennial generation (born between 1978 and 2000) has been voting overwhelmingly for Democrats (66% for Obama in 2008, 60% this year).  They are projected to be 40% of the eligible voting pool by 2020.  Because they are relatively diverse and secular, the GOP cannot assume that enough will emulate previous generations and swing to the right as they age.

Such polling figures should frighten GOP leaders.  There’s no reason to believe that what we saw on November 6th was anything but the tip of the iceberg.

The factions in the party that are not socially conservative see these looming threats as an opportunity to get the GOP to drop the social stuff. But movement conservatives aren’t going to cede ideological ground, not when they (correctly) think it’s a necessity if they are to attract their base voters. “This country doesn’t need two liberal or Democratic parties,” is the way Bobby Jindal puts it, typically enough.

Like right-wing pundit Fred Barnes, many movement conservatives and Tea Party leaders will continue to insist that whites are going to remain “the nation’s dominant voting bloc… for many elections to come.”  Hedging their bets, they have decided to become more “inclusive” or at least just inclusive enough in these days of micro-targeting and razor-thin election margins.  After all, Romney would have won New Mexico, Florida, Nevada, and Colorado if he had captured even slightly higher shares of the Hispanic vote and he could have won in the Electoral College if fewer than 200,000 voters in key states had switched their votes.

To get more inclusive, however, these leaders offer an entirely cosmetic approach: emphasize the Party’s middle-class message, increase outreach or “partnership” with Hispanics and Asian Americans, back off the anti-immigration message a tad, say fewer stupid things à la Akin and Mourdock, cross your fingers, and hope for the best.

A Nonsense Strategy

When it comes to why this won’t work down the line, it’s hard to know where to start.  Take that middle-class message.  Many Republicans think that it should offer “crossover appeal” on its own, so long as it’s said loudly enough.

But what exactly is it?  After all, it’s never about jobs going abroad, retirement worries (except insofar as the GOP wants to increase insecurity by privatizing Social Security), underwater mortgages, missing childcare for working families, exploding higher education costs, or what global warming is doing to the Midwestern breadbasket and coastal agriculture (much less the long-term capability of the planet to sustain life as we know it).  Instead, it remains about “choice,” lowering taxes (again), “entitlement reform,” and getting the government out of the way of economic growth.

As if what the middle class really wants or needs is “choice” in education (Jindal’s plan to divert tax funds to private and parochial schools through vouchers was just ruled unconstitutional); “choice,” not affordability, in health care (the #1 cause of personal bankruptcy in America); and ever more environmental pollution, as well as further challenges to getting workman’s comp if you get injured on the job.

Studies have repeatedly shown that most Americans are “operationally” liberal on the substance of most policy issues.  In other words, Republicans will support “small government,” until you ask about cutting spending on anything other than anti-poverty programs.  In fact, less than a third of self-identifying Republicans surveyed by Reuters/Ipsos this year “somewhat” or “strongly” disagreed with the proposition that the wealthiest Americans should pay higher tax rates.

As a counter to the charge that the GOP is the party of the rich, Jindal offeredthis on Fox News: “We… need to make it very clear… that we’re not the party of Big: big businesses, big banks, big Wall Street, big bailouts.”

Um… who other than Republican true believers will buy that?

The Jerk Factor

As for those demographic groups the GOP needs to start winning over in the medium- and long-term, putative 2016 A-lister Wisconsin Governor Scott Walker wants to see a middle class “message of prosperity and freedom for all” communicated loudly to immigrants and the young.  But as one astute Republican insider said to me, “Hispanics won’t hear our message so long as they think our immigration platform says, ‘We hate Mexicans.’”

Bobby Jindal was right to say, “If we want people to like us, we have to like them first.” But the Party hasn’t truly begun to grasp what might be called the liking gap between the GOP and the groups it needs to cultivate.  It’s time for Republicans to take a long, hard look in the mirror.  It’s not just recent anti-immigration fervor that repels Hispanics and others from the party.  The GOP needs to internalize the fact that the dead bird hanging from its neck is its entire modern history.

It’s true that the Democrats were once the segregationists and Abraham Lincoln and the conservationist, trust-busting Teddy Roosevelt were Republicans, as Republicans are fond of pointing out.  But that’s ancient history.

The Party’s modern history began when business leaders got politicized in response to the New Deal and then the GOP began courting the Dixiecrats after President Lyndon Johnson signed the Voting Rights Act in 1965 (despiteknowing that he had “just delivered the South to the Republican Party”). The white South started voting for GOP presidential candidates in the Nixon years and would soon become solidly Republican.  At 70% of the electorate (nearly 90% in Mississippi), it remains so today.

White-flight suburbs around the country followed suit.  Add in the fervent cultivation of evangelical Protestant Christians — anti-gay, anti-choice, anti-evolution, anti-science — and the various modern incarnations of nativist Know Nothings.  Don’t forget the ejection of moderates from the Party, and you have the essential history of the modern GOP in two paragraphs.

So the GOP can say that it wants to and plans to like Hispanics, Asian Americans, unmarried women, and secular youth, but to be believable, merely easing off on its anti-immigration message or going quiet on abortion won’t do the trick.  And if it wants to prove that it cares, it will have to put some real money where its mouth is.

What the Party Should Do — and Won’t

Here’s an idea: how about some “extraordinary financial gifts like the ones Mitt Romney denounced just days after his loss!

To really go after the groups it needs, the GOP would have to do the inconceivable: drop the “entitlement reform” racket, open the wallet, and reach below a restrictive definition of the middle class.  It might, for instance, mean adding more money to Food Stamps, rather than poking fun at the “food stamp president,” because a full quarter of Hispanics and 35% of Hispanic children are poor.

According to the Census, the median income for Hispanics in 2009 was $38,039 versus $51,861 for whites.  The difference is far starker when you compare median net worth: Thanks to the economic crisis, Hispanic households lost 66% of their median net worth, falling to $6,325 in 2009, compared to $113,149 for white households (a 16% loss).

It would undoubtedly mean supporting equal pay for equal work, which the GOP has consistently opposed.  It would mean working to make healthcare more affordable for everyone. That’s how you prove you care in politics — and it would also be good for the nation.

Similarly, if the Republicans want to be taken seriously as “defenders” of the middle class, they would need to do something to defend it from its predators.  No, not the lower class but the upper class, the predatory lenders and speculators, the fraudsters, the manipulators of the financial system, the folks who got bailed out while everyone else shouldered the risk.

It hardly needs to be said that this isn’t likely to happen in any of our lifetimes.

So far the only Republican suggestion I’ve heard that seems more than (barely) cosmetic is for the Party to drop its aversion to gay marriage.  That would, at least, be a beneficial, if cynically motivated, move to look less hateful.

Hesitation in the Face of Change

It is, of course, theoretically possible that Senator Marco Rubio (R-Fla.) could attract enough Hispanic and other voters in 2016 to win the presidency.  Provided that the primaries don’t turn into another bizarro battle.  Provided that the tone set by Rick Santorum, Michele Bachmann, or fringe candidates of their ilk doesn’t sink the A-listers.  Provided that not too many “stupid” things are said — on abortion, immigration, evolution, or global warming.  (Rubio hasalready gotten to work on that one by punting on a question about the Earth’s age to keep the creationists happy.)

But come 2020, 2024, or 2028, whatever’s left of the GOP is going to be kicking itself for not having built a foundation of anything other than words that no one outside its rank-and-file actually believed.  Texas, after all, could go purple by 2020 or 2024.

Of all the signals emanating from the GOP since Election Day, perhaps the most significant came last week when the socially and fiscally conservative Tea Party kingmaker Jim DeMint voted with his feet.  The man who would rather have “30 Republicans in the Senate who believe in principles of freedom than 60 who don’t believe in anything” is leaving that body for the Heritage Foundation — a hint about the future of what is arguably the most important GOP organization in the country.

It looks like the GOP is at the wheel of the Titanic, sailing toward that iceberg, while the band plays “Nearer My God to Thee” for all it’s worth.

Mitt Romney A Pathological Liar | A Danger to Democracy | 800+ Vetoes as Mass. Governor


Democracy Danger Signs: Mitt Romney’s 800+ Vetoes as Mass. Governor
Romney’s blocks were overridden over 95% of the time.

Mitt Romney’s “closing argument” redefines chutzpah. “You know that if the President is re-elected, he will still be unable to work with the people in Congress,” Romney said on Friday. He warned of a government shut-down, or another debt-ceiling crisis – two examples of Congressional Republicans taking the economy hostage for partisan gain – if Barack Obama emerges victorious next week. If elected, Romney promised not to “pass partisan legislation.”

It’s a dubious assertion. Romney has made one claim on the campaign trail that is undeniably true. He did bring bipartisanship to Massachusetts – by the time he left the governor’s mansion in 2006, many Republicans in the Bay State, like their Democratic counterparts, couldn’t stand him.

That’s probably not what he meant. In his first debate with Barack Obama, as he shook his Etch-a-sketch, Romney said of his time in Massachusetts, “I had the great experience — it didn’t seem like it at the time — of being elected in a state where my legislature was 87 percent Democrat. And that meant I figured out from day one I had to get along and I had to work across the aisle to get anything done.”

The reality of his time as Governor was quite different. Mitt Romney had the dubious distinction of vetoing over 800 measures passed by that Democrat-controlled legislature. According to the Boston Globe, in a television ad for his 2008 presidential campaign, Romney even gloated about it. ”I know how to veto,” he said in the ad. “I like vetoes. I’ve vetoed hundreds of spending appropriations as governor.” This endeared him to neither Democrats nor Republicans, according to the Globe:

What he doesn’t say is the Legislature overrode those vetoes almost at will. When the House decided to challenge him, Romney was overridden 99.6 percent of the time: 775 to 3, according to the House minority leader’s office. In the Senate, Romney was overridden every time, often unanimously.

In other words, the six Republicans in the state senate often joined their Democratic colleagues to kill Romney’s vetoes. That’s because he was aloof and, after a failed attempt to build up the Republican brand in his state, he withdrew, refusing to work with legislators – even Republicans.

According to NPR, “apart from health care, Romney defined success not with big-picture legislative accomplishments but with confrontation.”

Democrat Ellen Story recalls a Gov. Romney who had a policeman screen visitors and who did not allow lawmakers to use the bank of elevators just outside his office: “He was aloof; he was not approachable,” Story says. “He was very much an outsider, the whole time he was here.”

And Story remembers something else about the former governor: “The Republican reps would grumble that he didn’t even know their names.”

George Peterson was one of those Republicans; he does not take issue with his colleague’s characterization of Romney: “It took him a little bit to get used to dealing with elected officials, let’s put it that way,” he says.

“The first year was, I’d say, a struggle,” Peterson says. “He was used to being a top executive, ‘and this is where we’re going, and this is how we’re going to do it.’ And this animal [the state Legislature] doesn’t work that way. Not at all. Especially when it’s overwhelmingly ruled by one party.”

Frustrated by not being able to manage the state like he did Bain Capital, Romney spent most of his final year outside Massachusetts, laying the groundwork for a national campaign. According to Think Progress, “Romney spent 212 days out of state — more than four days each week, on average” in 2006. He then left office with a 34 percent approval rating. Today, his approval rating in Massachusetts is just 40 percent. In his final year, his unfavorable ratings among Massachusetts Republicans bounced between the mid-20s and the mid-30s.

If Romney wins on Tuesday, we can only expect more of the same inability to work with Congress – people whom Romney apparently views as “the help.” He’ll be forced to adhere to a severely conservative agenda by House Republicans, and he’ll get little help from Democrats given the hard-right policies he’s proposed. Senate Majority Leader Harry Reid, D-Nevada, said on Friday, “Mitt Romney’s fantasy that Senate Democrats will work with him to pass his ‘severely conservative’ agenda is laughable.”

Mitt Romney IS the Economic Crisis


Mitt Romney IS the Economic Crisis

Robert Reich says the attacks on Romney’s tenure at Bain Capital miss the larger point, one which even the White House is not prepared to acknowledge: Mitt Romney is not simply a callous vulture capitalist, he is the living embodiment of the financial catastrophe that brought this country to the edge of ruin.

[T]he real issue here isn’t Bain’s betting record. It’s that Romney’s Bain is part of the same system as Jamie Dimon’s JPMorgan Chase, Jon Corzine’s MF Global and Lloyd Blankfein’s Goldman Sachs—a system that has turned much of the economy into a betting parlor that nearly imploded in 2008, destroying millions of jobs and devastating household incomes. The winners in this system are top Wall Street executives and traders, private-equity managers and hedge-fund moguls, 
and the losers are most of the rest of us.

The thousands of job losses caused by Bain’s “bad bets,” while providing rich fodder for the Administration’s campaign ads, are really just a microcosm of a self-perpetuating, labyrinthine tax system geared to rewarding the wealthiest with the privilege of betting their fortunes on money they’ve neither earned nor done anything to deserve, with little or no personal risk. Reich calls it “casino capitalism:”

The biggest players in this system have, like Romney, made their profits placing big bets with other people’s money. If the bets go well, the players make out like bandits. If they go badly, the burden lands on average workers and taxpayers.* * *

The fortunes raked in by financial dealmakers depend on special goodies baked into the tax code such as “carried interest,” which allows Romney and other partners in private-equity firms (as well as in many venture-capital and hedge funds) to treat their incomes as capital gains taxed at a maximum of 
15 percent. This is how Romney managed to pay an average of 14 percent on more than $42 million of combined income in 2010 and 2011. But the carried-interest loophole makes no economic sense. Conservatives try to justify the tax code’s generous preference for capital gains as a reward to risk-takers—but Romney and other private-equity partners risk little, if any, of their personal wealth. They mostly bet with other investors’ money, including the pension savings of average working people

.So when Romney touts his business acumen, he’s really bragging about his ability to take advantage of a tax code rigged by himself and others like him to skew the playing field in such a way that in reality poses very little personal risk to himself. For example, another “loophole” in the Tax Code permitted Romney, as a private equity partner, to place virtually unlimited amounts into a tax-deferred IRA by allowing Romney and his partners to grossly underestimate the “value” of their contributions, because the Code only considers a partnership interest in terms of its “future value.” You and I (and ninety-nine percent of Americans who did not have the good fortune and connections to work for a private equity firm) are limited to deferring a few thousand dollars per year from taxes. Mitt Romney’s IRA, according to Reich, approaches 100 million dollars.

The Tax Code also makes interest on debt tax-deductible, fostering a huge incentive to substitute debt for equity, leading to debt-fueled bets made by banks and financial institutions intent on “leveraging America to the hilt,” and culminating in the economic catastrophe that the Bush Administration was forced to finally confront in 2008, and that we still find ourselves mired in today.

But for the banks, private equity firms, hedge funds and other financial institutions who brought on the crisis–and for Mitt Romney– there was no catastrophe. Two-thirds of all income gains realized between the mid-1980’s and 2007 were in the financial sector, showered on the people who made their livelihood playing with other people’s money. People like the folks at Bain Capital, who structured their deals so they would always profit, even though some of the companies they funded ultimately collapsed under the weight of excessive debt. And when the collapse ultimately occurred, the same people who had profited mightily from leveraging the rest of the country were given a massive bailout. The fact is that the economic crisis directly felt by nearly all “ordinary” Americans was never really felt by the people who caused it. That’s the benefit of playing with other people’s money.

The Tax code is an opague behemoth, unfathomable to most Americans. When Americans think of tax issues, they think of income tax rates, they think of how their tax money is spent. They generally don’t think in terms of whether interest on debt obligations may be deductible, because your average American doesn’t have the wherewithal to get his hands other people’s mortgages. But the folks who are attempting to buy the election for Mitt Romney think of nothing else. While people like Sheldon Adelson and the Koch Brothers have their pet social issues to amuse themselves, the real issue here is and has always been taxes, or, more correctly, ways to avoid paying taxes.

We’ve entered a new Gilded Age, of which Mitt Romney is the perfect reflection. The original Gilded Age was a time of buoyant rich men with flashy white teeth, raging wealth and a measured disdain for anyone lacking those attributes, which was just about everyone else. Romney looks and acts the part perfectly, offhandedly challenging a GOP primary opponent to a $10,000 bet and referring to his wife’s several Cadillacs. Four years ago he paid $12 million for his fourth home, a 3,000-square-foot villa in La Jolla, California, with vaulted ceilings, five bathrooms, a pool, a Jacuzzi and unobstructed views of the Pacific. Romney has filed plans to tear it down and replace it with a home four times bigger.We’ve had wealthy presidents before, but they have been traitors to their class—Teddy Roosevelt storming against the “malefactors of great wealth” and busting up the trusts, Franklin Roosevelt railing against the “economic royalists” and raising their taxes, John F. Kennedy appealing to the conscience of the nation to conquer poverty. Romney is the opposite: he wants to do everything he can to make the superwealthy even wealthier and the poor even poorer, and he justifies it all with a thinly veiled social Darwinism.

So in response to the greatest Economic crisis since the Depression, the Republican Party has coalesced behind the crisis’ own walking, talking, living embodiment. The mantra that such a person represents the class of “job creators” is just a newly packaged form of Social Darwinism: survival of the “fittest” at the expense of economic “inferiors.” This philosophy was embraced and expanded by 19th Century “thinkers” such as William Graham Summer (cited by Reich), and now channeled by the Republican Party in foisting upon us its nominee for the Presidency:

In 1883, Sumner published a highly influential pamphlet entitled “What Social Classes Owe to Each Other”, in which he insisted that the social classes owe each other nothing, synthesizing Darwin’s findings with free enterprise Capitalism for his justification.[citation needed] According to Sumner, those who feel an obligation to provide assistance to those unequipped or under-equipped to compete for resources, will lead to a country in which the weak and inferior are encouraged to breed more like them, eventually dragging the country down. Sumner also believed that the best equipped to win the struggle for existence was the American businessman, and concluded that taxes and regulations serve as dangers to his survival.

It’s hard to find a better description of the Republican Party platform or Mitt Romney’s campaign, wouldn’t you say?

When Romney simultaneously proposes to cut the taxes of households earning over $1 million by an average of $295,874 a year (according to an analysis of his proposals by the nonpartisan Tax Policy Center) because the rich are, allegedly, “job creators,” he mimics Sumner’s view that “millionaires are a product of natural selection, acting on the whole body of men to pick out those who can meet the requirement of certain work to be done.”

Reich believes too few in the Democratic Party are willing to acknowledge the obvious, either because they are similarly tethered to Wall Street’s millions, or because to acknowledge that Romney is in fact the perfect face of the economic crisis would be to acknowledge the overwhelming pervasiveness of the problem. And to acknowledge the scope of the problem would require them to come up with solutions. Circling above all of this discussion, of course, is the haunting shadow of Citizen’s United. But for Reich, the “clear and present danger” facing this country is the plutocrat about to accept the Republican nomination for the Presidency–

at the very time in our nation’s history when these views and practices are a clear and present danger to the well-being of the rest of us—just as they were more than a century ago. Romney says he’s a job-creating businessman, but in truth he’s just another financial dealmaker in the age of the financial deal, a fat cat in an era of excessively corpulent felines, a plutocrat in this new epoch of plutocrats. That the GOP has made him its standard-bearer at this point in American history is astonishing.

The face of every foreclosure, of every job loss, of every dream of retirement or a secure future wiped out by what we euphemistically call the “financial crisis” will mount the stage at his Party’s convention in Tampa Bay this August

Vulture Capitalist Mitt Romney | Destroying Jobs, Leaving Ordinary Mums and Dads Unemployed and Penniless!


Mitt Romney used to work for a company called Bain Capital.

Mitt Romney and Bain Capital are not job creators, but job destroyers. In the process of investing in these companies, once they went public, acquired new investors and hired new employees, Bain sell off their ownership and receive a large profit.

Bain Capital would walk away with a pretty penny and the workers of these companies they invested in would now be under new management. Some of the companies went bankrupt due to many reasons: the new management had a bad business model, less demand etc. But after the bankruptcy, many workers lost their jobs, which coined Mitt Romney’s “job destroyer” label.

In his 2009 book The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy, Josh Kosman described Bain Capital as “notorious for its failure to plow profits back into its businesses,” being the first large private-equity firm to derive a large fraction of its revenues from corporate dividends and other distributions. The revenue potential of this strategy, which may “starve” a company of capital,[135] was increased by a 1970s court ruling that allowed companies to consider the entire fair-market value of the company, instead of only their “hard assets”, in determining how much money was available to pay dividends.[136] In at least some instances, companies acquired by Bain borrowed money in order to increase their dividend payments, ultimately leading to the collapse of what had been financially stable businesses.[52]

Vulture capitalists do not simply initiate hostile corporate takeovers with conjured assets. They don’t even pretend to have a turnaround business model. Instead, vulture capitalists are about equity extraction, mass layoffs, and new debt.

The resulting company, if it survives, does so as a shell, or a carcass, of its former self, as a barely-living debt slave.

Matt Taibbi explains the mindset in a series of rather savage quotes:

“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. The sight was so disgusting that people everywhere were ready to drop an H-bomb on Lower Manhattan and bayonet the survivors. But today that same insane greed ethos, that same belief in the lunatic pursuit of instant borrowed millions – it’s dusted itself off, it’s had a shave and a shoeshine, and it’s back out there running for president.”

“A takeover artist all his life, Romney is now trying to take over America itself.”

Theocon Fascists Decide on Catholic Fanatic Rick Santorum as Their “Stop Romney” Nominee


Theocrats Decide on Rick Santorum as Their “Stop Romney” Nominee

Theocon fascists endorse Catholic fanatic Rick Santorum

Check it out at the New York Times.  The story quotes the usual suspects including the FRC’s Tony Perkins, who is well known for purchasing David Duke‘s mailing list.  The leading theocrats met in Texas to discuss stopping Romney’s campaign and coming to a consensus.  The theocrats were concerned about Newt Gingrich‘s multiple marriages and attacks on Bain Capital.

They really don’t have anywhere to go, since they will all suck it up and support Mitt Romney in the general anyway as Peter LaBarbera stated in a tweet:

.@lloydletta I’d vote for . But in primary we socialcon Repubs need to find a -life AND pro-freedom-to-oppose-homo’y cand.

It would have been funny to get the results of this if Michele Bachmann were still in the race.  Her campaign torpedoed even among the leviticus crowd.