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Romney points to his business experience as an asset that makes him more qualified to be president. When he was with Bain, he would put down a relatively small amount of money to buy a struggling company and then finance the rest with a huge loan from a bank. After essentially bribing the upper management of the company with bonuses, they would give him their blessing for the takeover. He would come in, start firing people to cut expenses and make the company profitable again (at least on paper temporarily). Then he would saddle the company with the huge amount of debt that he borrowed from the bank and, not only that, he would charge the company millions of dollars in 'consulting fees' just for telling them who to fire. He would then bail on the company, leaving it with smaller staff and huge debt. Now, you may say that makes him a shrewd businessman, but that to me is extremely unethical and not the sort of business experience that is at all helpful in getting the economy going again.
<begin sarcasm> Because he's going to get rid of under-performing states and reward over-performing states! So I say we need a little downsizing. Any state who has consistently taken more than 10% in govenment spending over what it has given in federal taxes over the prior decade, should be sold off to the highest bidder. That's just good business, right? Alabama & Mississippi: hope you do well in those spanish lessons! Louisiana & West Virginia: it was great knowing you! New Mexico: time to rejoin Old Mexico! <end sarcasm> Check out this table of Federal Tax Burdens and Expenditures by State: find that Alaska got $1.87 back for for every dollar paid in Federal taxes. Montana: $1.58 per dollar; Mississippi: $1.77 per dollar; and Arizona: $1.30 per dollar. That's right, Arizona, home of John McCain gets 30% more out of the federal government than in pays in. And there are plenty more like that. Here's a few: OK: $1.48; AR: $1.47; AL: $1.71; SC: $1.38; NC: $1.10; KY: $1.45; Gaines School $1.45 WV: 1.83; VA: $1.66. (See for other years) So who is financing all this? What states pay more in taxes than they receive in federal expenditures? California: $0.79 per dollar; New York: $0.79 per dollar; Michigan: $0.85 per dollar; Illinois: $0.73 per dollar; Massachusetts: $0.77 per dollar; New Jersey: $0.55 per dollar; MN: $.69; WI: $.82; CT: $.66. Texas finances a bit too they get back $.94 per dollar paid. For California, the tax burden was $7012 per capita. With 36 million people, that's 252 billion in taxes paid. Applying the .79 return rate, we see California paid almost $53 billion in "welfare" to other states in that one year. For Texas, the total tax burden was $5841 per capita. With 22.49 million people, that's $131 billion in taxes paid. Applying the .94 return rate, we see Texas put $7.882 billion more into the treasury than it received. Small potatoes compared to California, but it's something. These figures are from 2004. If you noticed a trend that blue states tend to be losers in this deal, and red states tend to be winners (not always; Texas gets $0.94) then bravo - you have spotted the true trend. Its really quite eye-opening. (apparently from 2009(?)) ----------- update ----------- @ccruns: you need to do your homework. Under Romney, Massachusetts ranked 47th in job growth during his time as governor. The state’s total job growth was just 0.9 percent, well behind other high-wage, high-skill economies in New York (2.7), California (4.7), and North Carolina (7.6). The national average, meanwhile, was better than 5 percent. Under Romney, Massachusetts added more debt than any other state: Romney left Massachusetts residents with $10,504 in per capita bond debt, the highest of any state in the nation when he left office in 2007. The state ranked second in debt as a percentage of personal income. ----------- update 2 ----------- @Dominic D: your theory about corporate experience is all well and good, but it fails to explain why Clinton, who had no private sector experience, gave us the best economy in generations, with low unemployment, a balanced budget, and a booming stock market. Your theory also fails to explain why George W. Bush, the nation's first MBA president, with his Veep Dick Cheney -- lots more private sector experience -- made such a mess of the budget and the economy. I'm not going take much stock in an theory that fails to explain 16 recent and important years. .
It is difficult for business people to explain the fundamentals of business to people with no clue but I will try A. Before bain there was bain capital, companies would pay bain capital to make then run right and not fail. After all the success es of that, they said why don't we put put money where put mouth is and bain was created. They would take companies that would fail inject capital restructure management and fix the company. B. The business that romney did requires the best of every aspect of business. You need to know operations, marketing, efficiency, finance, and secondary markets. These are the gurus of business. You don't get more knowledge. This is where you go when fortune 100.companies fail. C. Business people know budgets, people, markets, and p and l. That what you need to know as president. This is why Obama failed. No real world experience. He works in theory not practicality. One hard lesson to learn in business, is you can't put pride in the bank. D. I would rather have one of the best business men on the world running the largest financial entity than a community organizer. Doesn't matter what party, that's common sense
Mr Romney and company purchased many failing companies, care to name one that fits that ''well thought out'' B/s you posted? Mr Romney never received bank loans he did receive investor money but bank regulators would never allow banks to loan money on these very risky investments Pal banks will not even loan out money on raw land Sorry skippy read your ''Rolling Stones'' three times no mention of any company just about the same B/s as your post however they were not as silly as you an stated bank loans were involved Mr Romney investors made a great deal of money off their investment and most of the companies were saved along with thousands of jobs I believe you should take all this up with Mr Obama VP as he said Mr Romney has a excellent business record Ira this clown calls those numbers on the bathroom walls and get all indignant ''but it said for a good time call''
Haha you get your "facts" from Rolling Stones magazine. Talk about stupidity, but I guess some people believe whatever bias and false BS they read. I mean it's not like they are allowed to lie right? Everything you read on the internet is true.
It's not. But, Republicans are convinced that what we need now is a business man. Problem with that is a business man is concerned with his bottom line. A President should be concerned with Americans.
Don't forget he was also governor of a state with a heavy democratic legislature and turned it around. He is a man of action and got things done. Barack never has and simply can't.