“Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of other people and walk off with the money?” That’s not a quote from Occupy Wall Street, that’s Newt Gingrich! However, to answer Mr. Gingrich’s question, in many cases the answer is yes!
This subject has become the political equivalent of red meat! HuffingtonPost quotes Rick Perry saying that companies like Bain, “come in and loot people’s jobs, loot their pensions, loot their ability to take care of their families. I would suggest they’re just vultures.”
Though often not as severe as the worst examples of Mitt Romney’s stewardship of Bain Capital “greed capitalism” still affects products and employees. Companies become slaves to the money they owe and those who lent it to them. Every other part of their business pales in comparison and suffers.
I have experience in this type of situation. I’ll bet many of you do too.
Companies turn fabulous operating profits and are still forced to pinch pennies to service debt. In the accusations against Bain companies actually failed and employees were kicked to the curb, but only after Bain had extracted its profit… or maybe because Bain extracted its profit.
As Jon Stewart masterfully showed last night what Romney/Bain is accused of doing, what his fellow Republican hopefuls are now grousing about, is the successful execution of exactly what each of them has been calling for!
I could have told them this years ago.
Blogger’s note: I wrote about a similar situation back in August.