Bain of Our Existence.com
s the Republican convention approaches, "etch a sketch," Mitt Romney continues to reshape himself. Overnight, he's for allowing abortion in cases of rape and incest, after being against it. Now he poses as the savior of Medicare after being the scourge of the entitlement society.
But for all the shape shifting, Romney's core worldview is clear, forged in the experience that made his fortune as head of Bain Capital. For this reason, the Campaign for America's Future has created bainofourexistence.com to provide a constantly updated resource of reporting on and analysis of Bain and Romney. (This will be a constant work in progress. To contribute to the site, please go here.}
The various scandals surrounding Romney at Bain - Did he create jobs or destroy them? Did he actually quit in 1999 or later? Was he responsible for companies that went bankrupt after he left? etc.- miss the point. Bain Capital, with Romney at its head, epitomizes the Gilded Age capitalism of the last decades, an era of casino finance, of debt and deals, frauds and follies that gave us extreme inequality, a declining middle class, and eventually brought the economy to its knees. And Romney, for all of his repositioning, is running as an advocate of that casino capitalism, a defender of the rigged rules and skewed policies that underpin it. As Robert Reich has noted, unlike Teddy and Franklin Roosevelt, who ran as "traitors to their class," Romney is an unabashed tribune of the rich. The worldview forged at Bain is revealed in his personal life as well as his policy choices.
The Fixed Casino
As Charles Ferguson writes in Predator Nation, private equity companies like Bain Capital may be the "most efficient money-seeking organisms in the world." As the head of Bain, Romney was a money guy, not a businessman. Bain people don't know cars or steel; they aren't part of building companies grounded in communities, with proud workforces. They aren't entrepreneurs with an idea, seeking to build a business. They certainly aren't job creators. They know numbers, money, tax codes.
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