Category Archives: Capitalism

The Pain In Bain

Business, Capitalism, Critique, Democrats, Economy, Elections, Ethics, Fascism, Free Markets, Hillary Clinton

According to Salon’s Glenn Greenwald, a defense of “Bain Capital, Mitt Romney’s former firm,” and “the paragon of capitalist evil,” must be rooted entirely in corrupt self-interest. So there’s not even a smidgen of truth in Newark Mayor Cory Booker’s condemnation of the Obama campaign’s attacks on Bain? How about the other two prominent Democrats to defend Romney and his work? (Read on.)

“Booker went on Meet the Press and angered hordes of Democrats when he condemned the Obama campaign’s attacks on Bain as ‘nauseating,’ equating the anti-Bain messaging to the GOP’s sleazy use of Jeremiah Wright, and then demanding: ‘stop the attacks on private equity’ (in response to the backlash, Booker then released a hostage-like video recanting his criticisms and pledging his loyalty to President Obama).”

Without explaining the mechanism by which the private equity firm achieved this feat, Greenwald asserts further that the likes of Bain Capital are “destroying the middle class in order to enrich greedy vulture oligarchs.” AND, “We also all know that the Democratic Party is the defender of the middle class and the bold adversary of corporate pillaging.”

Do we?

DITTO Deval Patrick. HuffPo uses the same “reasoning”—“a history of ethically questionable connections to financial firms”—to condemn the Massachusetts governor for his defense of the Republican presidential candidate Mitt Romney [05/31/2012] … during TV appearances.”

“The Democratic politician was supposed to be serving as a surrogate for President Barack Obama. Patrick, who has a history of ethically questionable connections to financial firms, applauded Boston-based Bain Capital, implicitly criticizing the Obama campaign’s attacks on Romney’s record at the private equity firm.”

Patrick is the second Obama surrogate with strong ties to the financial industry to defend Bain, following in the footsteps of Newark, N.J., Mayor Cory Booker, who ignited a week of outrage from Democratic Party strategists for describing the Obama campaign’s slams against Romney’s Bain work as “nauseating.”

AND THEN THERE WERE THREE. One other major Democrat has defended Romney and his job record. “This is good work.” “I don’t think we ought to get in a position where we say this is bad work,” said Bill Clinton.

The DC Decoder’s correspondent floats yet another crazy ad hominem: “Bill may be intentionally sabotaging President Obama in order to set Hillary up for a run in 2016,” which, to her credit, she doesn’t quite buy.

Others suggest the former president simply misspoke. But we don’t buy that either.
Here’s the thing: Clinton’s comments weren’t just “off message.” They were a declaration of war on the message. They underscore a fundamental split within the Democratic Party that’s less about Romney’s record at Bain than it is about whether the party as a whole is perceived as a friend or foe of Wall Street and the world of business and high finance.

UPDATED: Blame The Beast (DC) For Big Business’ Moral Bankruptcy

Business, Capitalism, Ethics, Free Markets, Government, Morality

Myron Pauli sends along an interesting series of Venn diagrams, reflecting the intersection between The DC Beast and Big Business, and purporting to “show how corrupted American ‘democracy’ really is.”

Registering his disgust, Myron writes this (with his usual flare):

“While the American Booboisie gets distracted with this ‘election,’ where the grandson of a polygamist
debates the son of a polygamist on ‘gay marriage,’ as the Welfare-Warfare-Deficit-Jail State
goes on – 800,000 arrested for marijuana last year – hundreds wounded or maimed in Afpakistan,
trillions of new debt and malinvestment, television cameras proliferating everywhere to catch
American citizens (e.g. ‘criminals’) violating an ever increasing list of ‘crimes’ ….”

Agreed, except that companies don’t have much option. Without buying and paying for a plant to do their bidding within the State apparatus, they are doomed to be investigated and prosecuted non-stop by the government’s alphabet soup of regulatory agencies; the Financial Industry Regulatory Authority, the Securities and Exchange Commission, on and on. Business gets dragged into court every other day and sued. By necessity, entire departments and budgets within corporate America are given over to lobbying and pacifying The Beast.

“When Bill Gates neglected to schmooze Washington, Joe Klein, the Justice Department’s top dog, picked up the scent and gave chase. The lesson being that if he wants to survive, the entrepreneur must also pay protection money to his political masters.” (“CONGRESSIONAL CHURLS TROLL FOR VOTES”)

Our “overlords who art in DC” “are the ones who force the entrepreneur to replace viable, voluntary trades and transactions with bureaucratic, politicized decision making. Rather than concentrate on satisfying consumers, proprietors must divert resources from innovation and production into getting around the bureaucrat’s tax and regulatory laws.”

“Unlike government (and CNN’s Anderson Cooper), you can keep private enterprise honest. Business aims to please its constituents, the consumers. …”

Downsize the state, strip it of its police-state powers—and business will shape-up. Capitalism is moral if practiced. We do no longer practice it.

UPDATE: Yes, Myron, why can’t I get this URL to work? I found another valid hyperlink for “18 Venn diagrams showing how corrupted American ‘democracy’ really is.“

UPDATED: Plain IPO, Or A Planet Unto Itself?

Business, Capitalism, Democracy, Internet, Technology

I’ve been debating futilely with someone about the value of purchasing Facebook stock, pursuant to the IPO (Initial Public Offering).

In my opinion—and I am not a stockbroker or an expert; just a rational thinker who uses (as opposed to hangs-out on) Facebook—at $38 to $42 a share, Facebook stock is not that expensive.

You have to be bereft of an imagination, and/or someone who has never used Facebook to productive ends—not to realize that Facebook is no hot air, Dot.com financial balloon.

Facebook is a planet unto itself, a global, social and political tool; a revolution.

UPDATE: I would compare the invention of Facebook to the discovery of a planet. The products of many a dot.com come and go; Facebook is here to stay. I said that to my better half a short while after joining FB last year (2011). Bono might be “a chap who fronts a three-chord band of unimpressive droners,” but he knows a good business deal when he sees one.

UPDATE II: Manhattan Le Magnifique

America, Capitalism, Ilana Mercer, Racism, Technology, The West, Trade

YES, MANHATTAN’S STILL THE GREATEST. I say so in reply to Barely a Blog reader Sunny Black.

Another reader, “Contemplationist”—he was at the libertarian-cum-Objectivist New York City Junto gathering, where I featured as speaker for the month of May, 2012—had once admonished me on the blog: “You gotta see things to believe them.”

As I crisscrossed Manhattan in high-heels (naturally) on lengthy walks, I was overcome with a surge of patriotism for very specific (and modest) reasons.

I had hoped to keep this passion and the attendant insights for a new column on a new forum. Stay tuned.

No other city I’ve visited in my longish lifetime measures up to Manhattan (New York City). Paris sucks by comparison—and I loved that city in the 1980s, before “les beurs”—the darling buds of France, aka her raging Muslim youths—took over.

Manhattan Le Magnifique.

UPDATE I: Huggs: People were okay and efficient, compared to the sullen slackers of the Pacific Northwest. On the subway, certain sorts glared angrily and refused to let you sit down, preferring to hog the entire bench. I was only too pleased “they” did not lunge at me, though. No wilding attack. And Central Park is the most beautiful place ever for a runner. I was up Sunday at 6:00AM because of jet lag, I guess. By 7:00am I was running. There were many many people doing the same. Fabulous.

UPDATE II: At the South-Street Sea Port, on the East River, near Wall Street. What a skyline.