January 12, 2012
If you do a Google search for “Mitt Romney auto bailout” you’ll get more than 1.2 million hits. (I probably don’t have to tell you he was not only against the bailout and, until recently, has continuously spoken out against the original idea.) But in your Google search, if you change the terms to “Mitt Romney bailout” the hits will go up to 17.7 million. There’s more than one reason for that, but one jumps out at you.
Over the course of the GOP Presidential campaign, Romney has been hit hard from both the right and left about his time with Bain & Co; a consulting firm that Romney co-founded. Most of the coverage on this has been how Bain & Co bought out companies, split them up, sold off parts and made millions from these transactions; with a loss of thousands of jobs in the process. But what hasn’t been mentioned a lot, especially in the main stream media, is that in 1991 Romney convinced the Federal Deposit Insurance Corp. to forgive a $10 million debt for Bain & Co. The forgiveness of that debt saved the company from bankruptcy.
Do I need to tell you who picked up the tab for that debt?!? Well, in case you’re dumber than dirt, I’ll tell you. Us taxpayers!
So now, millions of working class citizens — most who probably had to contribute to that debt — are willing to elect a man President who got rich literally at the expense of the working class. Had the FDIC not forgiven the debt, Bain & Co would have folded. And everyone, including Romney’s friends, will tell you that the vast majority of Romney’s riches came after the bailout.
“Free” capitalism?!?!?!? My arse! Just more Wall Street shenanigans’: privatized profits, socialized losses!!
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky