Sunday, July 15, 2012

Bain and the real story

What’s New Today

Story #1 gives us the official word.  The 2008-2009 recession and the recovery 2009 through today are the worst since World War II.  #2 is the missing link of the MSM.  Obama’s campaign is charging Romney saw the acquisition of companies that specialized in off shoring jobs.  But that isn’t the real story.  #3 lays out the complete story of Romney and Bain.  And #4 shows us another scandal in the Obama Administration. 

Today’s Thoughts

NASA/GISS has updated its global temperature record and it turns out 2012 is not the hottest on record; it is the 10th hottest on record.

After the cover-up of Sandusky’s misdeeds by Penn State, it makes you wonder about the exoneration by Penn State of Michael Mann?  

The Federal Government will spend $10.3 trillion on welfare in the next decade. That equals, according to the study, “approximately $250,000 for each person currently living in poverty in the U.S., or $1 million for a poor family of four.”

US Secretary of State Hillary Clinton has been taunted by chants of "Monica, Monica" by tomato-throwing demonstrators as she visited the Egyptian port city of Alexandria.  How’s the reset button working? 

1.  Worst Recession and Recovery since World War II

Today's post is an update of a chart we originally featured back on 5 January 2011. It speaks for itself. 

In the chart, we're measuring the strength of all the post World War II recession recoveries as measured from the very bottom of payroll jobs lost. The last time we featured it, the recovery from the 2007 recession was just barely the worst ever.

And today, it is definitively the worst recession jobs recovery ever.

Worst. Recession. Jobs. Recovery. Ever.

If you read the link you will learn which is the one group that has recovered to the job level they had back in 2007. 

2.  The Fallout on Bain

The Obama Administration is trying to say Romney was still actively in charge after going on a leave of absence to the Olympics to save them.  His managing partners who are democrats back him up on this contention.  

Now here is the real story that the MSM hasn’t figured out yet.  They note that Bain in the period of 1999-2002 changed their previous history and invested in companies that offshored a lot of jobs.  The Obama campaign staff hope to tarnish Romney as an off shore mogul.  But if we are to believe the Democrats at Bain, Romney wasn’t actively involved in these.  But the people who were are big contributors to Obama’s campaign were the ones off shoring jobs.   

It is the Obama campaign that has some explaining to do. 

3.  When Did Romney actually leave Bain Capital?

When did Mitt Romney really leave Bain Capital? Was it in 1999 — or was he the de facto, hands-on boss for years after? The Obama campaign and the Boston Globe would have voters believe Romney continued to run things even as he saved the 2002 Winter Olympics. And if Romney was no longer actively involved after 1999, then he misled Bain investors as to his minimal and passive role — a possibly felony, Team Obama and the Globe loosely suggest.

But Washington Post fact checker Gleen Kessler and Fortune Magazine quickly debunked the story and the Obama campaign’s charges.

Then there is this fascinating account in the book The Real Romney — written by two Boston Globe reporters — of what happened in 1999 when Romney told his colleagues at Bain he was leaving the firm:

His departure from Bain Capital, though, was not so neat. The partners squabbled over how the firm would operate without him. A power struggle ensued. Several partners made plans to leave. Suddenly a company that relied on loyalty, long-term relationships, and Romney’s personal courtship of investors seemed to be at risk. …

Romney grew worried that the company he had worked so hard to build would be destroyed. The anxiety escalated until finally, one Sunday afternoon, Romney and one of his fellow Mormons at Bain, Bob Gay, knelt on the floor together and prayed for its survival. “We were facing a crucial event that threatened the very existence of our partnership,” Gay said later. In the end, the crisis abated. Romney left the firm, retaining a financial interest in it, and Bain Capital continued to thrive.

So the Obama campaign has lowered itself to the most basic politics that you can find, that is, telling lies about its opponents.  The Obamanites seem to have a problem with dates.  They want to give George W. Bush the blame for everything that happened until September 30, 2009 which was 253 days after Bush had left office.  In the meantime they want to accuse Romney of being in charge of Bain Capital for three years after he left Bain when perspectives to investor didn’t mention him in any management role. 

4.  Science in the Era Of Hope and Change

A wide-ranging surveillance operation by the Food and Drug Administration against a group of its own scientists used an enemies list of sorts as it secretly captured thousands of e-mails that the disgruntled scientists sent privately to members of Congress, lawyers, labor officials, journalists and even President Obama, previously undisclosed records show. What began as a narrow investigation into the possible leaking of confidential agency information by five scientists quickly grew in mid-2010 into a much broader campaign to counter outside critics of the agency’s medical review process, according to the cache of more than 80,000 pages of computer documents generated by the surveillance effort. Moving to quell what one memorandum called the “collaboration” of the F.D.A.’s opponents, the surveillance operation identified 21 agency employees, Congressional officials, outside medical researchers and journalists thought to be working together to put out negative and ‘defamatory’ information about the agency...

This is another example of what is claimed to be the most transparent administration in history.  Everyday Obama seems to look more like a president with the competency of Jimmy Carter and the ethics of Richard Nixon.   Heads need to roll in this latest scandal.

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