Intrade

President Obama up to 80%

rmoney down to 24%

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Mitt Romney:The Great Deformer

Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.


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’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.


Mitt Romney was not a businessman; He was a master financial speculator who bought, sold, flipped, and stripped businesses. (Charles Ommanney / Getty Images)

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’s 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’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case—real-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’s sputtering engines of capitalism.

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—out 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 “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

http://tinyurl.com/98x76e9

Will the GOP Steal America's 2012 Election

Will Ohio's H.I.G.-Owned E-Voting Machines Give Romney the White House?
October 12, 2012 at 10:14:18
By Bob Fitrakis & Harvey Wasserman

Electronic voting machines owned by Mitt Romney's business buddies and set to count the votes in Cincinnati could decide the 2012 election.

The narrative is already being hyped by the corporate media. As Kelly O'Donnell reported for NBC's Today Show on Monday, October 8, Ohio's Hamilton County is "ground zero" for deciding who holds the White House come January, 2013.

O'Donnell pointed out that no candidate has won the White House without carrying Ohio since John Kennedy did it in 1960. No Republican has EVER won the White House without Ohio's electoral votes.

As we document in the e-book WILL THE GOP STEAL AMERICA'S 2012 ELECTION ( www.freepress.org ) George W. Bush got a second term in 2004 thanks to the manipulation of the electronic vote count by Ohio's then-Secretary of State J. Kenneth Blackwell. Blackwell served as the co-chair of the state's committee to re-elect Bush/Cheney while simultaneously administering the election.

The widespread use of electronic voting machines from ES&S, and of Diebold software maintained by Triad, allowed Blackwell to electronically flip a 4% Kerry lead to a 2% Bush victory in the dead of election night. ES&S, Diebold and Triad were all owned or operated by Republican partisans. The shift of more than 300,000 votes after 12:20 am election night was a virtual statistical impossibility. It was engineered by Michael Connell, an IT specialist long affiliated with the Bush Family. Blackwell gave Connell's Ohio-based GovTech the contract to count Ohio's votes, which was done on servers housed in the Old Pioneer Bank Building in Chattanooga, Tennessee. Thus the Ohio vote tally was done on servers that also carried the e-mail for Karl Rove and the national Republican Party. Connell died in a mysterious plane crash in December, 2008, after being subpoenaed in the King-Lincoln-Bronzeville federal lawsuit focused on how the 2004 election was decided (disclosure: we were attorney and plaintiff in that suit).

Diebold's founder, Walden O'Dell, had vowed to deliver Ohio's electoral votes---and thus the presidency---to his friend George W. Bush. That it was done in part on electronic voting machines and software O'Dell happened to own (Diebold has since changed hands twice) remains a cautionary red flag for those who believe merely winning the popular vote will give Barack Obama a second term.

For More See Source:

http://www.opednews.com/articles/Will-Ohio-s-H-I-G-Owned-E-by-Bob-Fitrakis-121012-282.html

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