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Greed and Debt: The True Story of Mitt Romney and Bain Capital

Greed and Debt: The True Story of Mitt Romney and Bain Capital
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. The critics couldn't be more wrong. 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, even with thousands of cameras following his every move. Like John McCain four years before, Romney desperately needed a vice-presidential pick that would change the game. Debt, debt, debt. Last May, in a much-touted speech in Iowa, Romney used language that was literally inflammatory to describe America's federal borrowing. And this is where we get to the hypocrisy at the heart of Mitt Romney. Mitt Romney, it turns out, is the perfect frontman for Wall Street's greed revolution. Like John F. But here's the catch. Romney is a man from nowhere. Related:  EconomyUS of A Economy

What I Learned from Occupy Wall Street A democratic revolution is possible—and necessary. I’ll never forget the moment I got hooked on Occupy. About the Author Max Berger Max Berger is an organizer based in New York City. He worked as as a GOTV organizer in 2004, as an online organizer for... It was the evening of September 27, my third day hanging out at Zuccotti Park, and one of the first days the media started to pay attention to the fledgling movement. That evening, Cornel West spoke at the general assembly. Professor West pushed us to imagine that what was necessary was also possible, “We will move step by step to what [Martin Luther King] called a revolution of true values. Just a few days later, Occupy started spreading like wildfire. Occupy captured my imagination—and for a moment the imagination of the entire world—because it refused to negotiate with a political system that had broken faith with ordinary citizens. The connection between Occupy and international revolutionary movements is not merely rhetorical.

America’s Descent Into Poverty The United States has collapsed economically, socially, politically, legally, constitutionally, environmentally, and morally. The country that exists today is not even a shell of the country into which I was born. In this article I will deal with America’s economic collapse. In subsequent articles, i will deal with other aspects of American collapse. Economically, America has descended into poverty. Others might be Ph.D.s teaching at universities as adjunct professors for $10,000 per year or less. Edelman, who studies these issues, reports that 20.5 million Americans have incomes less than $9,500 per year, which is half of the poverty definition for a family of three. There are six million Americans whose only income is food stamps. In my opinion as an economist, the official poverty line is long out of date. The top 20% have 84% of the country’s wealth. But not today. The Republicans believe that the suffering of poor Americans is not helping the rich enough.

Clinging to the American Dream in Middletown, Ohio (CBS News) MIDDLETOWN, Ohio - Both Mitt Romney and President Obama are courting middle-class voters -- many of whom fear the dream of a better life for their children is slipping away. In a CBS News poll, 39 percent of voters told us they are worse off than they were four years ago. So how would the candidates' tax policies affect the middle class? In Middletown, Ohio, Deanna and Terry Shores consider themselves and their two boys a typical middle-class family. "We're middle class," said Deanna. Asked if she feels like the middle class gets lost in the middle, Deanna responded: "We just kind of get looked at as, 'Well, they're doing okay.' Video: Who can fix the economy, help the middle class? On the streets of Middletown, the signs of that economic struggle are everywhere. Back in 1957, Look magazine gave Middletown its "All-America City" award. As businesses have left, the poverty rate has soared here. My grandfather built engines for GE," said Deanna. © 2012 CBS Interactive Inc.

The Biggest Price-Fixing Scandal Ever | Politics News Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. That was bad enough, but now Libor may have a twin brother. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. The Scam Wall Street Learned From the Mafia Why? The bad news didn't stop with swaps and interest rates. The banks found a loophole, a basic flaw in the machine.

Ann Romney convention speech: Mitt's wife tried to make us love him. Did she succeed? Photo by Mark Wilson/Getty Images Ann Romney was trying to accomplish several things in her speech Tuesday night at the GOP Convention, none of them easy. Mitt is doing fine with married women, but he trails woefully with unmarried female voters. So it wasn’t surprising when she spoke directly to women, moms in particular, saying that, “You are the best of America.” But when she told us she was there to “talk to you about love,” I got a little nervous. On one level, it makes sense: Every candidate’s wife is there to smooth out his rough edges, to balance out her husband’s weaknesses. She wasn’t just trying to humanize her husband, she was trying to make us love him. Ann did get specific when she mentioned some of Mitt’s accomplishments as governor. Had she just promised us that “This man will lift up America!”

New Study Finds Tax Cuts For The Rich Cause Income Inequality, Not Economic Growth By Pat Garofalo on September 17, 2012 at 11:00 am "New Study Finds Tax Cuts For The Rich Cause Income Inequality, Not Economic Growth" According to a new report by the Congressional Research Service, cutting taxes for the wealthiest does not cause economic growth, despite constant conservative claims that it will. Instead, tax cuts for the rich merely exacerbate income inequality, CRS found: Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. As this chart shows, per capita GDP growth rates and the top tax rate have essentially no relationship: This jibes with other recent studies that show little relationship between the top tax rate and economic growth.

Prices for Luxury Real Estate Keep Rising. It Must Be Art. Phil Mansfield for The New York Times The Philip Johnson glass house in Connecticut. Philip Scott Andrews/Associated Press The Ennis House, designed by Frank Lloyd Wright in the Hollywood Hills of Los Angeles, is a relative bargain. Since Citigroup’s former chairman, Sandy Weill, sold his penthouse at 15 Central Park West late last year for $88 million, or $13,000 a square foot, to a Russian billionaire, sales prices in Manhattan have been flirting with $100 million, and brokers say it’s only a matter of time until the barrier is broken. Sales at such stratospheric levels in Manhattan, as well as records in certain neighborhoods in Miami, Los Angeles and a few other pockets isolated from the nationwide collapse in real estate prices, have left real estate professionals struggling to explain the surge. Kathleen Coumou, senior vice president at Christie’s International Real Estate, said that some residential properties could legitimately be marketed and sold as art.

American dream — Are we optimistic, pessimistic? COLUMBUS, Ohio — He’s 30, between jobs, with $50,000 in student debt and no clear sense of what the future holds. But Erik Santamaria, Ohio-born son of Salvadorans, has a pretty awesome attitude about his country, his life and the world of possibilities. “Maybe things won’t work out the way I want,” he says. “But, boy, I sure can’t complain about how things have worked out so far.” This is the sweet spot of American optimism, a trait that looms large in the nation’s history and imagination. With anyone else, it’s hit or miss. For many, these times are a slog. That “shining city on a hill” from political mythology looks more like a huffing climb up a field filled with ticks. Still, you aren’t seeing pessimism in the season of the political conventions. The Democrats, convening Tuesday in Charlotte, N.C., want to corner the franchise on happier tomorrows, just as the Republicans wanted at their convention this past week. But such platitudes probably won’t go far with Marie Holly, 54.