Kudos, Newt. This is a good ad:
I’m guessing that the GOP political machine is just very thankful that dogs can’t vote in South Carolina.
Other Republicans can speak about the need for free markets in a sluggish economy. But with Romney, we have a singular example of someone who made a quarter of a billion dollars by firing the white middle and working class in droves in ways that do not seem designed to promote growth or efficiency, but merely to enrich Bain.
Here’s the New York Post, for Pete’s sake, making the case last year against the shifty Wall Street games of Bain:
Romney’s private equity firm, Bain Capital, bought companies and often increased short-term earnings so those businesses could then borrow enormous amounts of money. That borrowed money was used to pay Bain dividends. Then those businesses needed to maintain that high level of earnings to pay their debts…
* Bain in 1988 put $5 million down to buy Stage Stores, and in the mid-’90s took it public, collecting $100 million from stock offerings. Stage filed for bankruptcy in 2000.
* Bain in 1992 bought American Pad & Paper (AMPAD), investing $5 million, and collected $100 million from dividends. The business filed for bankruptcy in 2000.
* Bain in 1993 invested $60 million when buying GS Industries, and received $65 million from dividends. GS filed for bankruptcy in 2001.
* Bain in 1997 invested $46 million when buying Details, and made $93 million from stock offerings. The company filed for bankruptcy in 2003.
Romney’s Bain invested 22 percent of the money it raised from 1987-95 in these five businesses, making a $578 million profit.
[...] Of all the jobs he liquidated, moreover, many are in the American heartland. And his response to the people in this documentary – white working class heartland Americans, the GOP base – is that they are merely envious of his achievements. They don’t come off that way in the ad. They come off as bewildered, betrayed and sure that Romney’s goal in all this was merely, solely to make money for himself – the kind of money that most Americans cannot even compute.
Ed Kilgore noted the video is
“a heat-seeking missile aimed directly at the white working class id.” This is incredibly important in a 2012 context — if Romney is going to win the presidency, he’s going to need to crush President Obama with white working-class voters who tend to support the GOP anyway. This short film, with all the subtlety of a sledgehammer, tells this constituency that Romney is not only indifferent to their struggles, but he and people like him caused their economic plight.
But when Romney’s nominated (the Republican Party will have it no other way), will the rightwing base voters decide they hate Obama more than they loved getting a paycheck and buying things (like food and medicine and mortgage payments)? I’m going to go with yes because Obama Derangement Syndrome is a chronic condition.