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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:  US of A EconomyMr. Mitt

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 In my opinion as an economist, the official poverty line is long out of date.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.

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!”

How the GOP Became the Party of the Rich | Politics News The nation is still recovering from a crushing recession that sent unemployment hovering above nine percent for two straight years. The president, mindful of soaring deficits, is pushing bold action to shore up the nation's balance sheet. Cloaking himself in the language of class warfare, he calls on a hostile Congress to end wasteful tax breaks for the rich. "We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share," he thunders to a crowd in Georgia. Such tax loopholes, he adds, "sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary – and that's crazy." Preacherlike, the president draws the crowd into a call-and-response. The crowd, sounding every bit like the protesters from Occupy Wall Street, roars back: "MORE!" The year was 1985. Today's Republican Party may revere Reagan as the patron saint of low taxation. Then something strange happened.

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.

Mitt Romney’s Tax Mysteries: A Reading Guide Republican presidential candidate Mitt Romney looks on as his running mate Paul Ryan speaks during a campaign rally in Powell, Ohio, on Aug. 25, 2012. We lay out what we know and don't know about Romney's tax situation. (Jewel Samad/AFP/GettyImages) So what do we know about how he avoided that extra dollar? What's Been Disclosed? Romney has released [6] his 2010 tax return, and an estimate of his 2011 return. Mitt Romney said recently that he has paid “at least 13 percent [9]” in federal income taxes each year, but the campaign won't go into more detail (for a closer look at his 13.9 percent rate in 2010, see our previous reading guide [6]). Romney's Bain Career Buyout Profits Keep Flowing to Romney [12], New York Times, December 2011 The New York Times laid out how Romney's generous retirement deal let him keep investing in new Bain funds for 10 years after he left the company in 1999. Romney's Tax Rate Overseas Accounting Romney's IRA's off-shore investments: helping his tax bill?

Why the GOP Should Fear a Romney Presidency - Jack M. Balkin At best, he would be hamstrung by the conflicting demands of a radicalized party. At worst, he would wreck the Reagan coalition. Brian Snyder/Reuters What kind of president would Mitt Romney be? Reconstruction or Disjunction? When new presidents take office, they face not only the country's existing domestic and international problems but also the political regime created by their predecessors. Skowronek's key insight is that a president's ability to establish his political legitimacy depends on where he sits in "political time": Is he allied with the dominant regime or opposed to it, and is the regime itself powerful or in decline? For example, Lyndon Johnson was allied with the Democrats' New Deal regime, while Richard Nixon -- the second Republican elected after FDR -- was opposed to it. A president who has the good luck to run in opposition to a political regime that is falling apart is in the best possible position politically. The Last of the Reaganites Romney's Impossible Task

TPC Tax Topics | romney-plan In his campaign for the Republican presidential nomination, Mitt Romney has proposed permanently extending the 2001-03 tax cuts, further cutting individual income tax rates, broadening the tax base by reducing tax preferences, eliminating taxation of investment income of most individual taxpayers, reducing the corporate income tax, eliminating the estate tax, and repealing the alternative minimum tax (AMT) and the taxes enacted in 2010’s health reform legislation. The Tax Policy Center (TPC) has completed a preliminary analysis of the Romney plan, based on information posted on the campaign website and email exchanges with campaign policy advisors. Because we have received no details on proposals to reduce tax preferences, the TPC analysis does not include those proposals.1 View this page as a PDF Summary tables are available here The plan would recoup the revenue loss caused by those changes by reducing or eliminating unspecified tax breaks, thereby making more income subject to tax.

Ann Romney: Mitt ‘makes me laugh’ By Agence France-PresseWednesday, August 29, 2012 4:25 EDT Republicans crowned Mitt Romney their presidential nominee as his wife Ann sold their wholesome family and sweetheart love story to US voters in a prime-time convention speech. Romney took to the stage at the packed convention center in Tampa, Florida to proffer a polite thank you kiss as part of a carefully choreographed attempt to reintroduce the sometimes awkward candidate as a loving family man. The 65-year-old multi-millionaire businessman will formally take up the nomination with his all-important acceptance speech on Thursday, the climax of three days of rousing convention addresses by party grandees and rising stars. Romney lies neck-and-neck with Democratic President Barack Obama in national polls ahead of a November election that should be the challenger’s for the taking, given the sour economy and stubbornly high unemployment. “This man will not let us down. “You can trust Mitt… He loves America. Agence France-Presse