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(YouTube)   Mitt Romney on Bain's plan to buy and 'harvest' companies, destroy Gotham City   (youtube.com) divider line 197
    More: Stupid, CD-ROM, Mitt Romney, harvests  
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2231 clicks; posted to Politics » on 27 Sep 2012 at 7:15 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-27 06:03:59 AM  
It's bad enough bottomfeeders exist in society. It's batshiat insane one of them is running for POTUS.
 
2012-09-27 06:34:12 AM  
Well, so much for Mitt having good news today...
 
2012-09-27 06:36:50 AM  

WhyteRaven74: Well, so much for Mitt having good news today...


I don't see this story anywhere else
 
2012-09-27 06:41:32 AM  
Can someone sum it up for me? I can't watch it yet.
 
2012-09-27 07:13:39 AM  

ghare: WhyteRaven74: Well, so much for Mitt having good news today...

I don't see this story anywhere else


It's all over FaceBook. I know, I know.
 
2012-09-27 07:24:46 AM  

ghare: I don't see this story anywhere else


Well Mother Jones posted it not even an hour and a half ago. The day is young.
 
2012-09-27 07:25:10 AM  
There's not really anything here that we didn't already know.
 
2012-09-27 07:25:11 AM  

MorrisBird: ghare: WhyteRaven74: Well, so much for Mitt having good news today...

I don't see this story anywhere else

It's all over FaceBook. I know, I know.


It'll take until this evening to get on the major news outlets.
 
2012-09-27 07:28:39 AM  
Meh, this is not new information. The only mildly eyebrow-raising part is the use of the word "harvest", but that is not going to shock anyone, not at this point.
 
2012-09-27 07:32:03 AM  
What a terrible way to talk about people.
 
2012-09-27 07:32:38 AM  
resources2.news.com.au
Approves
 
2012-09-27 07:33:22 AM  
It's funny, he's much more articulate when he's talking about sucking the life force out of American companies than he ever was giving speeches for his Presidential campaign.
 
2012-09-27 07:35:25 AM  

WhyteRaven74: ghare: I don't see this story anywhere else

Well Mother Jones posted it not even an hour and a half ago. The day is young.


It is the seed of the meme. It'll grow and the talking heads will be discussing it all weekend.

Obama is great at dominating the news cycle.
 
2012-09-27 07:35:51 AM  

Mugato: It's funny, he's much more articulate when he's talking about sucking the life force out of American companies than he ever was giving speeches for his Presidential campaign.


Well, see, it just so confuses him, that the little people get to participate in Democracy.

And really, lately, I can see his point.
 
2012-09-27 07:36:18 AM  

Mugato: It's funny, he's much more articulate when he's talking about sucking the life force out of American companies than he ever was giving speeches for his Presidential campaign.


The former is in his comfort zone. You would think the latter would be as well since he's been running for President for 5 years.
 
2012-09-27 07:36:21 AM  
I don't get what's particularly damaging about that video.

/serious
 
2012-09-27 07:38:21 AM  
Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.
 
2012-09-27 07:39:49 AM  

Bontesla: Can someone sum it up for me? I can't watch it yet.


Romney Sr: Builder of business and enterprise
Romneybot The destroyer of many of them
 
2012-09-27 07:40:02 AM  

Close2TheEdge: Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.


unlikely.
 
2012-09-27 07:40:12 AM  

ghare: Well, see, it just so confuses him, that the little people get to participate in Democracy.


Corporations are democracies; one vote per share. The people who buy the most votes can influence the company the most. It is how Romney thinks America should run.
 
2012-09-27 07:40:43 AM  
As Mitt and Bain have sown, so let them reap.
 
2012-09-27 07:42:00 AM  
Turns out Mitt's an asshole. Who knew?
 
2012-09-27 07:46:50 AM  

quatchi: As Mitt and Bain have sown, so let them reap rape.


Sorry, pet peave
 
2012-09-27 07:47:01 AM  

Bonkthat_Again: It's bad enough bottomfeeders exist in society. It's batshiat insane one of them is running for POTUS.


Getting dumbass crackers in the south to vote straight-ticket republican against their best interest has got to be high on the list of greatest marketing scams.
 
2012-09-27 07:47:16 AM  
How do you make an 80%+ return on your multimillion dollar investment within 5 to 8 years?

The big banks could make 20% before the repeal of Glass-Steagall, 40% after when they could use their customers' mortgages as leverage. That's still less than half of what the private equity guys at Bain could do. So how? Invest in up and comers, use the excellent business skills learned at Harvard to grow those companies until they showed a profit and were ready to sell?

No, you get that kind of money by taking out a huge loan on the business's books to pay out your investors immediately, then transferring the worker's pension into your own account to compensate yourself. Then you bleed the company of anything left through your ''management" consulting business.

Tah-dah, that is how you legally get filthy farking rich. All it takes is the right connections and the total lack of any empathy for anyone not in your little pirate circle.
 
2012-09-27 07:48:02 AM  

Close2TheEdge: Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.


This is what "harvest" means

Only in this case, Bain is an investment capital firm. So instead of funding innovation or growing a new business, they suphon money off an existing business to buy another business then leverage against the worth of the company, file bankruptcy, wash, rinse, repeat.

SO I can see why many find this damning in the sense of Mitt's "business experience." Honestly, I don't know that he did anything but invest, though. Which is interesting in it's own way.
 
2012-09-27 07:49:18 AM  
Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race
 
2012-09-27 07:50:17 AM  
farm9.staticflickr.com
 
2012-09-27 07:55:05 AM  

Amdam: I don't get what's particularly damaging about that video.

/serious


It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?

This video is damaging because it reminds voters about this fact. While this is nothing new to those of us who make a habit of paying attention and have a memory greater than that of a goldfish, this could be a scandal to those voters who are only now beginning to think about this whole Election thing. It's also damaging because it piles on bad press on top of more bad press. It contributes to the narrative about Romney and what he's actually like when in charge, and that picture gets worse and worse each day. You'd think he'd hit bottom, but apparently not.

Stories like this will contribute to the rare undecided perhaps choosing Obama over Romney. They might also depress turnout of likely Romney voters. Alone, this video might not have had much impact. But when it is part of a never-ending cycle of bad press for Romney, then every bad story is a big deal. It means he's always playing defense, and there's more and more likely a chance he'll do something stupid in order to get on top of it, something that makes spray-tanning himself seem politically brilliant.
 
2012-09-27 08:02:58 AM  

soporific: It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?


I ran into a Friend of a Friend on Facebook the other day who claimed the Romney is the real Job Creator.. obviously a deeply deluded person.
 
2012-09-27 08:04:52 AM  
It's funny how it's almost nothing but business-school buzzwords. There's almost nothing of substance in there. And yes, Romney seems much more confident and on-message there than he ever has in his campaign.
I think it's because in the campaign, he has to appear relatable, approachable, accessible. Whereas in the Bain video, he specifically has to be aloof.
No one is going to invest millions of dollars in the guy they want to have a beer with.
 
2012-09-27 08:05:49 AM  

Lost Thought 00: Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race


All Romney can say about employment is that it hasn't improved enough since Bush left it in ruins. Not the most ringing endorsement for another Republican candidate. Then there's Romney's own record. His state was 47th in employment as governor and of course his well known hobby of shipping American jobs to China. I'm not sure talking about unemployment is going to help him much.
 
2012-09-27 08:08:41 AM  
The only thing Romney cares 100% about is making money for himself and people like him.
 
2012-09-27 08:12:21 AM  

BunkyBrewman: Bontesla: Can someone sum it up for me? I can't watch it yet.

Romney Sr: Builder of business and enterprise
Romneybot The destroyer of many of them


Reminds me of a family owned company that I worked at back in the 90's. It was founded by a couple of guys shortly after the end of World War II. It had three generations currently working there before it went belly up and was swallowed up by a competitor because the grandkids were spoiled and entitled clusterf*cks.

First Generation: Established the company.
Second Generation: Protects and nurtures the company.
Third Generation: Destroys the company.
 
2012-09-27 08:14:28 AM  

Amdam: I don't get what's particularly damaging about that video.

/serious


Agreed, or to be more accurate, I don't see what's new that's damaging. In the video he looks like a slimy investment banker. And guess what? We ALL already know he's a slimy investment banker. I guess it serves as a good reminder to those Americans who have short attention spans (which is most voters at this point).
 
2012-09-27 08:14:35 AM  

Mugato: Lost Thought 00: Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race

All Romney can say about employment is that it hasn't improved enough since Bush left it in ruins
. Not the most ringing endorsement for another Republican candidate. Then there's Romney's own record. His state was 47th in employment as governor and of course his well known hobby of shipping American jobs to China. I'm not sure talking about unemployment is going to help him much.


Unfortunately that's not true. He and his followers keep saying the economy got even worse (despite that's provably false), and have an army of loyal blogs all linking to each other in a gigantic conservative circle-jerk 'proving' that Obama caused the economy to get worse than the great depression. Any posting of real facts and figures gets met with "LIEBERUL MEDIA!!!".

Unfortunately many low-information voters will believe them. They ALWAYS have to have the last word in an argument and completely drown out anything with facts and figures that I post until I give up and they declare victory.
 
2012-09-27 08:15:01 AM  

Norgle: Close2TheEdge: Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.

This is what "harvest" means

Only in this case, Bain is an investment capital firm. So instead of funding innovation or growing a new business, they suphon money off an existing business to buy another business then leverage against the worth of the company, file bankruptcy, wash, rinse, repeat.

SO I can see why many find this damning in the sense of Mitt's "business experience." Honestly, I don't know that he did anything but invest, though. Which is interesting in it's own way.


Interesting. I was not aware the word harvest was an actual term. I thought it was Romney speaking somewhat off the cuff. I will say that the private equity guys I've dealt with are more of the "grow a promising business model" type. They are still assholes, and are more interested in extracting their management fees, but they seem less vulture-like.
 
2012-09-27 08:15:53 AM  
www.noquarterusa.net
 
2012-09-27 08:16:24 AM  

soporific: Stories like this will contribute to the rare undecided perhaps choosing Obama over Romney. They might also depress turnout of likely Romney voters. Alone, this video might not have had much impact.


As you said, it also reminds voters of how Romney views business. The debates are coming up which will give Romney an opportunity to tout his business acumen. It video show how Romney sees companies and the livelihoods they support; they care commodities to him. This video rebuts the claims Romney will be making during the debate (more proof that Obama has a time machine).
 
2012-09-27 08:18:41 AM  
It really is amazing how much more polished, natural and flowing his speech patterns are in this video, compared to his stump speeches and public appearances.
 
2012-09-27 08:21:15 AM  

Alphax: soporific: It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?

I ran into a Friend of a Friend on Facebook the other day who claimed the Romney is the real Job Creator.. obviously a deeply deluded person.


What jobs?
This is the central pro-Romney theme. He's a job creator, he's a businessman.
Now, setting aside whether you think we need a CEO as President, the question is: what business?
Even if you accept his own timeline, that he retired from Bain when he says he did... that was 1999. A lot has happened in the world since then. So even if you think that he was a stellar businessman at Bain, creating jobs left & right, and ignore the basic business model of Bain, which was to soak up value from acquired companies, not run them, that was 13 years ago. What's he done since? From 2003-2007 he was Governor of MA, but we can't talk about his tenure as that state's executive. Even his signature accomplishment there is off limits. What's he done since 2007? Run for President.
He hasn't actively run a business in well over 10 years. Which means that at the height of the economic collapse, with millions of jobs being lost, he did nothing to create jobs. He wasn't joking when he told a group of unemployed people that he was unemployed, too. Sure, it was tone deaf because he doesn't have to rely on $180 a week in unemployment benefits, but it's not like he's had a real job since 2007.
As I've said before, he's proof that trickle down doesn't work. What the right wants us to believe is that it's high taxes that are keeping people from hiring; that if we give business owners/high earners/wealthy people more and more tax cuts, they'll take that extra money in their pockets and use it to create jobs. But Romney has paid low, low tax rates, possibly in the single digits, and has done nothing but accumulate more and more cash. He hasn't taken that huge cash reserve and gone out, innovated, started a business, opened a factory (in the States) and put people to work. He's just gamed the system to get more and more cash into his own pockets.
 
2012-09-27 08:21:49 AM  

theorellior: It really is amazing how much more polished, natural and flowing his speech patterns are in this video, compared to his stump speeches and public appearances.


Because in campaign stump speeches he has to talk about people and not his preferred subject - Money.
 
vpb [TotalFark]
2012-09-27 08:23:00 AM  

ghare: WhyteRaven74: Well, so much for Mitt having good news today...

I don't see this story anywhere else


It's almost as if it came from a journalist who wanted to be first with the story instead of from a spin machine that releases the story to multiple blogs simultaneously to get a "message" out.
 
2012-09-27 08:23:03 AM  

keylock71: theorellior: It really is amazing how much more polished, natural and flowing his speech patterns are in this video, compared to his stump speeches and public appearances.

Because in campaign stump speeches he has to talk about people and not his preferred subject - Money.


Lying through your teeth about your core beliefs is hard.
 
2012-09-27 08:23:51 AM  

Amdam: I don't get what's particularly damaging about that video.

/serious


Nor do I. There are plenty of reasons to be outraged by Mitler but this is just boring corporatespeak.
 
vpb [TotalFark]
2012-09-27 08:25:11 AM  

farkityfarker: There's not really anything here that we didn't already know.


No, but it's Romney's own words. It's not really even that bad. If I didn't know what sort of "harvesting" they did, I would have just thought he was talking about selling them at a profit.
 
2012-09-27 08:28:09 AM  

soporific: Amdam: I don't get what's particularly damaging about that video.

/serious

It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?

This video is damaging because it reminds voters about this fact. While this is nothing new to those of us who make a habit of paying attention and have a memory greater than that of a goldfish, this could be a scandal to those voters who are only now beginning to think about this whole Election thing. It's also damaging because it piles on bad press on top of more bad press. It contributes to the narrative about Romney and what he's actually like when in charge, and that picture gets worse and worse each day. You'd think he'd hit bottom, but apparently not.

Stories like this will contribute to the rare undecided perhaps choosing Obama over Romney. They might also depress turnout of likely Romney voters. Alone, this video might not have had much impact. But when it is part of a never-ending cycle of bad press for Romney, then every bad story is a big deal. It means he's always playing defense, and there's more and more likely a chance he'll do something stupid in order to get on top of it, something that makes spray-tanning himself seem politically brilliant.


If the average person doesn't already understand what Bain did to other companies before watching this video, they're still not going to understand. All this is going to say is that Bain comes in, helps them restructure their company to maximize profits, then leaves with with a hefty ''advisor's fee".

There is nothing really damaging in this particular video
 
2012-09-27 08:32:13 AM  

Lost Thought 00: Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race


And every time he talks about unemployment all I can think of are the thousands of people he put out of work. It's a lose lose situation.
 
2012-09-27 08:35:08 AM  

Phil Moskowitz: Lost Thought 00: Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race

And every time he talks about unemployment all I can think of are the thousands of people he put out of work. It's a lose lose situation.


This

Let's talk about what he actually did at Bain and not what he said to get people to invest in his company
 
2012-09-27 08:36:36 AM  

vpb: farkityfarker: There's not really anything here that we didn't already know.

No, but it's Romney's own words. It's not really even that bad. If I didn't know what sort of "harvesting" they did, I would have just thought he was talking about selling them at a profit.


When I hear Mitt using the term "harvesting" I get a mental picture of the economy waking up in a bathtub full of ice with stitches in its back.

/You mean I had four kidneys?
i.imgur.com
 
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