Thursday, June 21, 2012


According to a Reuter's reporter, one of Mitt Romney's minions wrote an article for a German newspaper attacking President Obama's prescriptions for the European debt crisis.  The author proclaimed Obama's economic policies haven't worked in this country, so they will be a disaster for Europe, and particularly for Germany.  It isn't an accident Romney had this put into a German newspaper.  Germany is under pressure from Obama and other world leaders, to support the creation of Eurobonds, which would spread the responsibility for the sovereign debt threat across the European Union, and possibly bring an end to the crisis spreading from Greece to Spain and beyond.  Romney is willing to undercut Obama overseas in order to prevent the situation from improving.  An improving economy in Europe helps the U.S. economy, and would help Obama's chances of being re-elected.

     What Romney is doing is what any private equity firm would do.  Tear down when necessary to make a profit no matter what the cost to the average person involved.  It is also an extension of a promise Senate Minority Leader Mitch McConnell made in 2009 when he said his agenda in the Senate for the next four years was to deny a second term to the President.

     President Obama does not have much leverage when it comes to convincing Germany and others to shoulder the debt burden of countries like Greece, which was fiscally profligate, or Spain, whose bankers sunk it just like Romney, Jaime Diamond and Goldman Sachs did to this country's economy.  However, whatever leverage or bully pulpit he might have to use is compromised by actions like Romney's.  Romney is telling Angela Merkel, and others, if he is elected president he will not pressure them...he will not press them...he will not ask them to soak up some of the debt and allow some of these nations to start to grow again.  Romney's clear message is the same one, which defines the private equity market...every man for himself and survival of the fittest.  Now imagine this same philosophy applied to this nation's economic woes.

     Merkel is facing huge resistance in her own country to expanding aid or setting up Eurobonds, or supporting other proposals which look like a bailout, and asks the German people to extend a lifeline to keep the European Union together and the Euro as their common currency.  She is going to have to eventually support, as will other European Union nations, some kind of federal umbrella connecting all these nations’ economies, banks and markets.  Obama is trying to help by making the case about how many jobs are at stake and the real consequences of failure and Romney cuts his legs out from under him at every turn.

     This November, the contrast between the two choices for president could not be any starker.  (I know, I know, there really is no choice between Obama and Romney.  It's the same argument Naderites made in 2000 about Bush and Gore.  Would anyone like to guess how history would have been different with Al Gore as president?)

     Romney says he wants government spending to be 20% of G.D.P.  He says, at the same time, he wants to increase military spending, cut taxes for the rich further and increase corporate tax breaks.  He endorses the budget put forth by Congressman Paul Ryan, which would end Medicare as we know it and privatize Social Security among other proposals.  (Anyone want to stick their Social Security in the stock market?)  Romney wants to "Bain-ize" the American way of life by pitting Americans against each other...gutting the social safety net...increasing the wealth of the 1%...add to the power of Wall Street (remember he would repeal Dodd/Frank among other promises and decimate the Consumer Protection Agency), and he would make the only place still hiring be the military. (Should I mention he has already proclaimed a willingness to go to war with Iran and would arm Syrian rebels even if they turn out to be Al Qaida and use the American military in the middle of another Muslim civil war?)

     I wish I were engaging in hyperbole and histrionics.  I wish I were lying about Romney for purely political purposes.  I wish this was just a partisan screed, but everything I have stated is taken from the public record of Romney positions and actions up until now.
     A recent study claims the key to a healthy democratic nation occurs with the belief everyone has a chance to succeed and a legal and market system which protects the aspirations of workers against the avarice of the capitalists.  This equality of opportunity is drying up in this nation.  As the 1% continue to see their wealth increase, the average family income has declined over 40% between 2008-2012.  The Wall Street Journal is now reporting a "credit gap" in which the wealthy are saving billions and taking advantage of historically low interest rates while millions of Americans are denied access to credit from the same banks which taxpayers bailed out.  Romney is clear where his heart lies and it isn't with underwater homeowners or young people looking for a first job and managing tuition debts.

     Romney is willing to watch the Euro destroyed, the European Union disintegrate and our largest trading partner dismembered in order to hurt Obama and American workers whose jobs depend on exports.  He has been taught at Bain the end always justifies the means.  Can you imagine him with a Republican House, and possibly Senate, and no check on the Bainist of his instincts?

 The next president will also get at least two Supreme Court appointees...anyone up for another Scalia and Thomas?

1 comment:

  1. Love you, Bernie. So very much wish you were on the radio again right now.