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katherineharron

Mitt Romney: What 'Pierre Delecto' tells us about the current Republican Party - CNNPol... - 0 views

  • These three things are amazing beyond words:1) Mitt Romney has a lurker Twitter handle. 2) The handle name is "Pierre Delecto."3) "C'est Moi" is how Romney confirmed to a reporter that he was Delecto and Delecto was him.
  • "He explained that he uses a secret Twitter account — 'What do they call me, a lurker?' — to keep tabs on the political conversation. 'I won't give you the name of it,' he said, but 'I'm following 668 people.'"
  • By Feinberg's count, Pierre only ever tweeted 10 times (Romney -- or someone -- made the account private once its existence was revealed.) Which isn't a lot. (Good analysis!) But the nature of these tweets -- or, mostly, replies -- are interesting.
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  • On one level, "Pierre Delecto" is totally explainable by human nature. Romney knows that he looks defensive and thin-skinned if he uses his official Senate account to push back on his critics. To avoid that, he creates an alter ego that allows him to do just that. (NBA superstar Kevin Durant did the same thing, and of course don't forget President Donald Trump's pre-White House, telephone alter ego John Barron.)
  • In one response to criticism of Romney from liberal commentator Soledad O'Brien, Pierre noted that Romney (AKA him) was the "only Republican to hit" Trump on the Mueller Report and defended his "moral compass." In another, Delecto defended Romney from a Twitter onslaught by Washington Post blogger and Trump critic Jennifer Rubin.
  • While Pierre is right that Romney has been more willing than most Republican elected officials to publicly criticize Trump, it's also true that Romney hasn't a) been all that critical of Trump or b) done anything to put his discomfort with Trump into action.
  • Instead, he's used a fake Twitter person to defend himself and his image. Which works nicely as a metaphor for how elected Republican officials, more broadly, are dealing with Trump: light criticism (at most) in public and open anger, frustration and near-rebellion behind the scenes or covered by the anonymity of quotes without their names attached.
  • Which, last time I checked, doesn't have any actual impact on either President Donald Trump or the fate of the party he continues to lead with reckless abandon.
Javier E

David Stockman: Mitt Romney and the Bain Drain - Newsweek and The Daily Beast - 1 views

  • Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.
  • Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
  • Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case
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  • Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
  • That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.
  • So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.
  • In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.
  • Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.
  • having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate
  • Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
  • When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.
  • The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.
  • The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.
  • The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.
  • By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.
  • The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.
  • The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.
  • Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.
  • The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.
  • The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.
  • The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.
  • In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.
Javier E

Don't Buy the Mitt Romney Martyr Theory - The Atlantic - 0 views

  • Ever since Donald Trump won the Republican nomination for president in 2016, an industry of rationalization and justification has thrived. The theme is clear: Look what you made us do. The argument is simple: Democratic unfairness and media bias radicalized Republicans to such an extent that they turned to Trump in understandable outrage. Republicans had been bullied, so they turned to a bully of their own.
  • has been, in fact, a Mitt Romney radicalization process.
  • It isn’t rooted in Republican anger on behalf of Romney but in Republican anger against Romney, and over time that anger has grown to be not just against Romney the man but also against the values he represents.
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  • in hindsight, the real Romney radicalization is far more clear. You could see the seeds planted during the 2012 Republican primary. On January 19, two days before South Carolina primary voters cast their ballot, Newt Gingrich had a moment during the GOP primary debate.
  • Surely, heavily evangelical voters in a key Republican stronghold would be concerned about Gingrich’s scandals? No, they were far angrier at media outlets than they were at any Republican hypocrisy.
  • Gingrich went on to win the South Carolina primary in a “landslide” powered by evangelicals. It was the only time in primary history that South Carolina voters failed to vote for the eventual GOP nominee. But South Carolina voters weren’t out of step; rather they were ahead of their time. They forecast the Republican break with character in favor of a man who would “fight.”
  • To understand the emotional and psychological aftermath of Romney’s loss, one has to look at the cultural break between the GOP establishment—which commissioned an “autopsy” of the party in 2012 that called for greater efforts at inclusion—and a grassroots base that was convinced that it had been hoodwinked by party leaders into supporting the “safe” candidate.
  • And so the Republican establishment and the Republican base moved apart, with one side completely convinced that Romney lost because he was perhaps, if anything, too harsh (especially when it came to immigration) and the other convinced that he lost because he was too soft.
  • When Trump won, the base had its proof of concept. Fighting worked, and not even Trump’s loss—along with the loss of the House and the Senate in four short years—has truly disrupted that conclusion. And why would it? Many millions still don’t believe he lost.
  • The Mitt Romney martyr theory thus suffers from a fatal defect. It presumes that large numbers of Republicans weren’t radicalized before Romney’s rough treatment. In truth, they already hated Democrats and the media, and when Romney lost, their message to the Republican establishment in 2016 was just as clear as it was in South Carolina in 2012. No more nice guys. The “character” that mattered was a commitment to punching the left right in the mouth.
rachelramirez

How much do we hate our 2016 options? Mitt Romney would win in a landslide. - The Washi... - 0 views

  • x How much do we hate our 2016 options? Mitt Romney would win in a landslide.
  • “What if President Obama were able to run for a third term?” and “What if Mitt Romney had run?” are fun questions to ask but don’t actually tell us how they would be doing if they had run. The most popular politician, after all, is a politician who is neither seen nor heard from. Absence makes the heart grow fonder and the poll numbers rise, as they say.
  • The poll asked about a hypothetical matchup between Romney and Hillary Clinton, and Romney led by 10 points, 50-40. As our colleague Dave Weigel would say, “Whoa, if true.”
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  • Back in March, Bloomberg pollster Selzer and Company tested Romney’s favorable ratings and found that he was nearly 2-to-1 in the negative: 58 percent unfavorable versus just 32 percent favorable. That's even worse than most of Trump’s numbers this year.
  • Despite being largely out of public view in recent years, you see, Romney is still an unloved figure in American politics
  • This poll will surely lead a few Romney die-hards/NeverTrumpers to pine — or rather, continue pining — for a 2016 campaign in which Romney was the Clinton alternative rather than Trump.
johnsonma23

BBC News - Romney 2016: The 'definition of insanity'? - 0 views

  • Romney 2016: The 'definition of insanity'?
  • Kentucky Senator Rand Paul probably captured the sentiment of most of Mr Romney's potential presidential adversaries when he said the prospect of the 2012 Republican nominee running again and expecting a different result is the "definition of insanity".
  • "I think he's had his chance, and I think it's time for some fresh blood,"
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  • "Interviews with more than two dozen Republican activists, elected officials and contributors around the country reveal little appetite for another Romney candidacy,"
  • "Beyond his enthusiasts - a formidable constituency given that many are donors - opinions range from indifference to open hostility."
  • "If Mitt Romney is the answer, what is the question?"
  • one that doesn't come immediately to mind is who would be the best Republican presidential nominee in 2016."
  • "Mr Romney is a man of admirable personal character, but his political profile is, well, protean,
  • "But I know lots of honourable, capable and decent people. I don't want them to run for president either."
  • He predicts Mr Romney's campaign won't gain traction, and the former governor will have to withdraw sometime between the first caucus in Iowa and New Hampshire's first-in-the-nation primary.
  • "If Romney runs now and finishes as an afterthought, it'll be one more sign that the whiz kid couldn't read the tea leaves placed before him despite 20 years of practice in electoral politics
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    Opinions of Romney running for President for a second time
katherineharron

Trump donor Stephen Schwarzman plans private fundraiser with Mitt Romney - CNNPolitics - 0 views

  • Stephen Schwarzman, an informal adviser and donor to President Donald Trump, is hosting a fundraiser with Sen. Mitt Romney in support of several Republicans colleagues seeking reelection, according to two people with knowledge of the event.
  • Helping Romney bolster his standing in the party as he attempts to cement his position as a self-described "renegade Republican" during an impeachment inquiry is notable because of Schwarzman's support for Trump. Since the 2016 election, Schwarzman has donated a total of about $850,000 to Trump's inauguration and political action committees, based on records compiled by CNN and the Center for Responsive Politics.
  • Romney also took a shot at Trump's character in an interview with The Atlantic where he criticized Trump for "berating another person, or calling them names, or demeaning a class of people, not telling the truth."
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  • "That's simply not true. As I point out, the idea that any one senator, even me — even Mitch McConnell — is not going to convince other senators to reach a different conclusion than they would reach on their own," said Romney in the interview.
  • Schwarzman has also contributed to Romney's various political campaigns over the years. Since 1993, Schwarzman, along with his wife Christine, have contributed around $94,200 to Romney's federal campaigns or Romney linked groups, according to Center for Responsive Politics. Most recently, the couple each donated the maximum to Romney's Senate bid in 2018.
  • Schwarzman reportedly visited the White House this summer at Kushner's request, who convened a dinner to discuss his father-in-law's campaign fundraising strategy.
Javier E

Obama Outclassed by GOP Nonentity - Clive Crook - The Atlantic - 0 views

  • The president was stammering and hesitant, and frequently looked out of his depth. Romney's performance wasn't brilliant, just good, but that made it brilliant relative to expectations. The greater shock, amplifying Romney's success, was that Obama was so bad.
  • Again and again, he missed open goals. He let Romney say that he, Romney, would take better care of entitlements than Obama would. Incredible. He watched as his attack on Romney's tax proposal kept bouncing off, until he looked feeble for repeating it. Why on earth didn't he force Romney to say which deductions would be removed to pay for the lower rates? He let Romney boast about his Massachusetts health care plan and in the same breath denounce Obamacare (to all intents and purposes, the same policy). Romney's argument about letting states be laboratories is tactically clever, and there's something to it, but surely Obama could have asked why Romney doesn't at least advocate Romneycare to the rest of the country. The president remembered to criticize insurance companies but (unless I missed it) forgot to mention that Obamacare is mainly about covering 50 million people who, you know, don't have health insurance. He let Romney attack him for failing to cut deals with the GOP, as though Republicans would have compromised if only they'd been talked to politely. In response, Obama meekly referred to Republican intransigence, but threw the comment away. That was a chance to lay the blame for paralysis in Washington on Romney's party, where it mostly belongs. And what about the 47 percent--about moochers, dependents, people whom Romney won't ever convince to be responsible, this nation of parasites? Hardly worth mentioning, I suppose.
  • All debates should be moderated this way. Step back and let the candidates argue with each other. It's revealing, much as Obama on this occasion may regret it.
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  • Surely Democrats don't think the president needed the protection of a moderator to get his points across. He had all the time in the world. CNN says he was at the microphone for longer than Romney. It's just that he made such poor use of it.
Javier E

The Auto Industry Rescue May Be The Single Best Way To Understand The Choices Voters Fa... - 0 views

  • Looking back, the key disagreement between Obama and Romney wasn’t over whether the auto industry should survive. It was over whether the government should act to make the industry's survival possible—whether, facing an instance of market breakdown, the government should intervene in order to protect hundreds of thousands, and maybe more than a million, people from losing their jobs.  
  • that’s really the same philosophical argument Obama and Romney are having when they debate other areas of policy.
  • the Detroit rescue reveals another difference between the two—one that is more about character than ideology
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  • Even if the rescue worked as he hoped it would, chances were good that progress would be slow in coming—that, by today, the companies would still be struggling, creating a political embarrassment. Obama approved the rescue anyway. And that included granting assistance to Chrysler. Half of his economic advisers opposed that, fearing, among other things, the shrinking car market was too small to support both companies. Obama’s rationale was simple: If he had the power to stop the devastation of either company shutting down, he was going to use it.
  • Romney’s inconsistent rhetoric may leave us wondering precisely what he really thought and would have done. But they tell us a lot about how he operates in the face of political pressure. When Romney was trying to appease conservatives and win the
  • it’s possible to draw from the auto industry rescue a pretty good lesson about the real differences between Obama and Romney. Obama understands that the market doesn’t always work on its own—that sometimes government must intervene in order to protect Americans from economic harm. Romney doesn’t. Obama is also willing to act in the face of political peril. Romney isn’t.
Javier E

Political Science Says: A Romney Presidency Would Be Doomed - Jack M. Balkin - The Atla... - 0 views

  • What kind of president would Mitt Romney be?
  • I'll draw on the work of Yale political scientist Stephen Skowronek, who has argued that presidents' fortunes depend on how they establish their political legitimacy in the particular circumstances under which which they assume power.
  • Our current political regime emerged in the wake of Ronald Reagan's election in 1980, and it has continued even through the Democratic presidencies of Bill Clinton and Barack Obama. It is politically conservative and skeptical of government, at least in contrast to the New Deal/civil-rights regime that preceded it. And the Republicans have been the dominant party. Skowronek's key insight is that a president's ability to establish his political legitimacy depends on where he sits in "political time": Is he allied with the dominant regime or opposed to it, and is the regime itself powerful or in decline?
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  • At best, Romney will be an affiliated president attempting to revive the Republican brand after it has been badly tarnished by George W. Bush; at worst, he will be a disjunctive president, unable to keep his party's factions together, and presiding over the end of the Reagan coalition.
  • Romney has presented himself as a pragmatic, data-driven, hands-on problem-solver. In this respect he resembles our two last disjunctive presidents, Herbert Hoover and Jimmy Carter. Yet in order to secure his party's nomination, Romney has had to twist his positions to conform to the most radical demands of the Republican base.
  • the Republican Party's policy solutions seem -- at least outside the ranks of the faithful -- increasingly ideological and out of touch. No matter what conditions the nation faces, the Republican prescription is to lower taxes, increase defense spending, and weaken the social safety net. These ideas may have made sense in the 1980s. But by 2012, they seem as irrelevant as the Democratic Party's arguments must have seemed to many Americans in 1979.
  • technocratic expertise is a tenuous strategy for maintaining political legitimacy, especially when a president must make unpopular decisions. Nor will it be enough to satisfy his base.
  • affiliated presidents have to choose which parts of the coalition to ally themselves with, risking the defection of the rest. This is the choice faced by presidents John F. Kennedy and Lyndon Johnson, who ultimately tilted in favor of a civil-rights agenda in the 1960s,
  • Affiliated presidents also face enormous pressures -- or temptations, depending on how one looks at it -- to use military force to display strength, both to the outside world and, equally important, to their political base.
  • Opposition to Barack Obama's presidency unified the Republicans. But once Obama is gone, the various factions of the party will find themselves in fierce competition, and the incoherence of the Republicans' various commitments will emerge starkly.
  • he may make George W. Bush look good by comparison. During most of Bush's eight years in office, the Republican Party was united and willing to follow his lead. Romney will not be so lucky. The party he heads has become so rigid, radical, and unrealistic that, despite his best efforts, he may end up as the last of the Reagan-era Republican leaders -- a disjunctive president like John Quincy Adams, James Buchanan, Herbert Hoover, or Jimmy Carter.
Javier E

Mitt Romney blunders again on taxes - The Plum Line - The Washington Post - 0 views

  • The problem here is that Romney wants tax cuts for the rich and he wants credit for being a deficit hawk. But as Jed Lewison notes, Romney simply can’t keep all his promises. What makes this even more untenable is the unshakable reality that cutting taxes deeply on the rich is very unpopular. Romney claims he would cut everyone’s taxes. But he can’t do that and also reduce the deficit, unless those tax cuts are offset by policy choices that would turn the middle class’s tax cut into an effective tax hike. And so his tax cuts for the rich would be even more unpopular if Romney leveled with voters on how they would have to be paid for
Javier E

The problem with Mitt - POLITICO.com Print View - 0 views

  • Mitt Romney is in trouble. Not because of a boring convention or a bloodless speech or a grossly inappropriate press conference, but rather because the man refuses to stick his neck out and take a stand on the critical issues of our time.
  • Mitt Romney refuses to lay out a plan to balance the budget before 2040. He doesn’t specify cuts, he doesn’t propose eliminating agencies and he doesn’t explain how his tax cuts will be offset. When it comes to balancing the budget, Mr. Romney has no plan.
  • Medicare benefits have to be cut over the next generation. Anyone who says otherwise is lying.
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  • The U.S. military-industrial complex is bloated beyond belief, and yet all Mitt Romney can do is promise bigger budgets and longer wars.
  • Craven calculation, on the other hand, does not pay off for conservatives. Romney needed to decide long ago who he was: the last of the Rockefeller Republicans (and thus somebody who probably wouldn’t have gotten through Iowa) or a genuine movement conservative with detailed ideas about how to right the country.
  • I would remind you of the warnings I began giving my fellow Republicans during the Bush era. My predictions beginning in 2003 that Big Government Republicanism would eventually cripple the economy and crush the conservative movement enraged party hacks and set off Washington sycophants.
  • If we want to win the battle of ideas in the long term, we should be willing to face the fact that Mitt Romney is likely to lose — and should, given that he’s neither a true conservative nor a courageous moderate. He’s just an ambitious man.
  • Romney’s penchant for one-upmanship on seemingly every foreign policy issue that arises would stretch our military thin and limit our ability to neutralize real threats coming from countries like Iran.
  • A guest columnist for POLITICO, Joe Scarborough hosts “Morning Joe” on MSNBC and represented Florida’s 1st Congressional District in the House of Representatives from 1995 to 2001.
johnsonma23

Neo-Nazis gain parliamentary seats in Slovakia - 0 views

  • Neo-Nazis gain parliamentary seats in Slovakia
  • The leftist ruling party has won the parliamentary election in Slovakia, after campaigning on an anti-migrant ticket, but will need coalition partners to form a majority government, according to results announced on Sunday.
  • In a surprising development, a neo-Nazi party gained parliamentary seats for the first time.
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  • The prime minister favors a strong state role in the economy, has been critical of Western sanctions against Russia and is known for strong anti-Muslim rhetoric.
  • The party says NATO is a terrorist organization and keeps attacking the European Union and Europe's common currency, the euro, which Slovakia uses.
  • The ultra-nationalist Slovak National Party, Fico's potential partner, returned to Parliament after a four-year-absence with 8.6 percent while the traditional party in the predominantly Roman Catholic country of 5.4 million, the Christian Democrats, didn't get enough votes to be represented.
  • neo-Nazi People's Party — Our Slovakia — got 8 percent, or 14 seats.
  • The pro-business Freedom and Solidarity became the second strongest party with 12.1 percent, or 21 seats, ahead of another center-right party, the Ordinary People with 11.0 percent.
  • Fico said it is his duty as the winner to create a meaningful government. He said he will open a first round of informal consultations with other parties Sunday.
  • Mitt Romney jumps on #NeverTrump: Our view
  • Donald Trump's strong showing on Super Tuesday put prominent Republicans in a tight spot. They have three distinct choices: Jump on the Trump bandwagon. Stay silent, and try to save their own skins if they end up on the November ballot beneath Trump. Or denounce Trump as unfit for the GOP nomination or the presidency.
  • Only a few prominent Republicans have had the courage to take that third path, and on Thursday they were joined by Mitt Romney, the GOP's candidate in 2012
  •  Calling Trump "a phony" and "a fraud," Romney said the billionaire businessman is unsuited by temperament, character and judgment to occupy the Oval Office and represent America on the world stage.
  • Shortly before Romney spoke, dozens of Republican national security experts, including former Homeland Security secretary Michael Chertoff, added their voices to the emerging anti-Trump drive by the GOP establishmen
  • , bullying and bigotry is as familiar as it is appalling, and practically every day brings a new outrage. Early in the campaign, he denigrated Mexican immigrants and Arizona Sen. John McCain, one of the nation's iconic war heroes and the party's standard-bearer in 2008.
  • y, he talked about loosening libel laws to make it easier to sue news organizations, and on Sunday, two days before several primaries in the Deep South, he waffled over denouncing David Duke, a former Ku Klux Klan leader who had endorsed Trump.
  • Taking on a bully is much more unpleasant business, as Trump's rivals have discovered. After Romney's speech, Trump fired back with his usual fusillade of schoolyard insults, calling Romney a stiff, a choke artist, a lightweight, and a disaster as a candidate who ran a horrible campaign and begged for his endorsement in 2012.
  • But Americans can hope Romney's speech has the same effect as the confrontation that Army counsel Joseph Welch had in 1954 with Sen. Joseph McCarthy, another demagogue who took America down a dangerous and ugly road before a demand for decency stopped him.
Javier E

Romney to vote to convict Trump on impeachment charge of abuse of power, becoming the f... - 0 views

  • “He’s the leader of my party,” Romney said of Trump. “He’s the president of the United States. I voted with him 80 percent of the time. I agree with his economic policies and a lot of other policies. And yet he did something which was grievously wrong. And to say, well, you know, because I’m on his team and I agree with him most of the time, that I should then assent to a political motive, would be a real stain on our constitutional democracy.”
  • “I was hoping beyond hope that the defense would present evidence, exculpatory evidence, that would remove from me the responsibility to vote where my conscience was telling me I had to vote,” he said. “And that’s one of the reasons, by the way, that I wanted to hear from Bolton, which is I hoped he would testify and raise reasonable doubt.”
  • Romney dismissed arguments that a president could be impeached only if there were a statutory crime, calling that “absurd on its face,” and saying he could not think of “a more egregious assault on our constitutional system than corrupting an election and getting a foreign power to do it for you.” What Trump tried to do, he said, is “what autocrats do in tinhorn countries.”
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  • He also dismissed the arguments that the president was justified in asking Ukraine to investigate the Bidens. He said the former vice president might have been guilty of a conflict of interest, but added that a conflict of interest is “a matter of judgment, but it’s not a crime.” As for Hunter Biden, he said, “He got a lot of money for his father’s name. That’s unsavory. But again, it’s not a crime.”
  • “It’s going to go to the people, and they will make the final decision,” he said, adding that he is “highly confident” the president will be reelected. “Given the strength of the economy and the record established so far, I believe he gets reelected. And I think if they [Democrats] nominate [Sen.] Bernie [Sanders of Vermont] or [Sen.] Elizabeth [Warren of Massachusetts], he’ll get elected in a landslide.”
  • “The Constitution doesn’t say that if the president did something terribly wrong, let the people decide in the next election what should happen,” he said. “It says if the president does something terribly wrong, the Senate shall try him. And so the Constitution is plain.”
  • Some of Romney’s Republican colleagues have suggested that the issue should be left to the voters in this year’s election, rather than having the Senate render judgment. Romney said his reading of the Constitution and the Federalist Papers led him to conclude that the Senate must make the decision.
  • Romney also knows that his vote to remove the president from office will bring consequences. Already there is a bill in the Utah legislature that would allow voters to remove a sitting senator. He expects worse in the days ahead
  • “But again, how do I say before God, ‘I agreed to render impartial justice and let the consequences for me personally outweigh my duty to God and my duty to be to the country that I love?’ And that’s simply putting my head down and saying what was done was perfect, there’s nothing to see here was not something I could do.”
Javier E

Fareed Zakaria: Romney is the GOP's pretzel candidate - The Washington Post - 0 views

  • shouldn’t it puzzle us that Romney is so “incompetent” (also from Noonan), given his deserved reputation for, well, competence? He founded one of this country’s most successful financial firms, turned around the flailing Salt Lake City Olympics and was a successful governor. How did he get so clumsy so fast?
  • the problem is not Romney but the new Republican Party. Given the direction in which it has moved and the pressures from its most extreme — yet most powerful — elements, any nominee would face the same challenge: Can you be a serious candidate for the general election while not outraging the Republican base?
  • Why won’t Romney, an intelligent man, fluent in economics, explain his economic policy? Because any sensible answer would cause a firestorm in his party.
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  • It is obvious that, with a deficit at 8 percent of gross domestic product, any solution to our budgetary problems has to involve both spending cuts and tax increases. Ronald Reagan agreed to tax increases when the deficit hit 4 percent of GDP; George H.W. Bush did so when the deficit was 3 percent of GDP. But today’s Republican Party is organized around the proposition that, no matter the circumstances, there must never be a tax increase of any kind.
  • The Republican Party has imposed a new kind of political correctness on its leaders. They cannot speak certain words (taxes) or speculate about certain ideas (immigration amnesty) because these are forbidden. Romney has tried to run a campaign while not running afoul of his party’s strictures. As a result, he has twisted himself into a pretzel, speaking vacuously, avoiding specifics and refusing to provide any serious plans for the most important issues of the day.
Javier E

Michael Tomasky on Mitt Romney, the Unlikable Presidential Candidate - The Daily Beast - 0 views

  • This is the biggest washout of modern times, folks. Gallup just this week put the likeability ratings at Obama 60, Romney 31. It’s not that Obama’s number is unusually high. Look back at those Kerry-Bush numbers. Americans are an open-hearted lot, at least presumptively, so they want to like the guy who’s going be the president. But they Do. Not. Like. Mitt. Romney.
  • there’s something very reassuring about this country reposing in those numbers, that the black guy with the weird name who’s been called everything under the sun is twice as likeable as the rich white guy. This is the America that drives the wingers crazy, but that the rest of us—the majority—live in, and love.
Javier E

Romney's Big Fat Wet Kiss to Keynesian Economics -- Daily Intel - 0 views

  • Romney openly repudiated the central argument his party has been making against President Obama for the last three years: that he spent too much money and therefore deepened the economic crisis.
  • in his Halperin interview, Romney frankly admits that reducing the budget deficit in the midst of an economic crisis would be a horrible idea:
  • Romney: Well because, if you take a trillion dollars for instance, out of the first year of the federal budget, that would shrink GDP over 5%. That is by definition throwing us into recession or depression.  So I’m not going to do that, of course.
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  • Of course! Romney says this as if it’s completely obvious that reducing the deficit in the short term would throw the economy back into recession, even though he and his party have been arguing the opposite case with hysterical fervor.
Javier E

Romney's Former Bain Partner Makes a Case for Inequality - NYTimes.com - 0 views

  • He has spent the last four years writing a book that he hopes will forever change the way we view the superrich’s role in our society. “Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong,” to be published in hardcover next month by Portfolio, aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off.
  • most Americans don’t know how the economy really works — that the superrich spend only a small portion of their wealth on personal comforts; most of their money is invested in productive businesses that make life better for everyone. “Most citizens are consumers, not investors,” he told me during one of our long, occasionally contentious conversations. “They don’t recognize the benefits to consumers that come from investment.”
  • Dean Baker, a prominent progressive economist with the Center for Economic and Policy Research, says that most economists believe society often benefits from investments by the wealthy. Baker estimates the ratio is 5 to 1, meaning that for every dollar an investor earns, the public receives the equivalent of $5 of value
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  • Conard said Baker was undercounting the social benefits of investment. He looks, in particular, at agriculture, where, since the 1940s, the cost of food has steadily fallen because of a constant stream of innovations. While the businesses that profit from that innovation — like seed companies and fast-food restaurants — have made their owners rich, the average U.S. consumer has benefited far more. Conard concludes that for every dollar an investor gets, the public reaps up to $20 in value. This is crucial to his argument: he thinks it proves that we should all appreciate the vast wealth of others more, because we’re benefiting, proportionally, from it.
  • What about investment banks, with their complicated financial derivatives and overleveraged balance sheets? Conard argues that they make the economy more efficient, too. The financial crisis, he writes, was not the result of corrupt bankers selling dodgy financial products. It was a simple, old-fashioned run on the banks, which, he says, were just doing their job
  • He argues that collateralized-debt obligations, credit-default swaps, mortgage-backed securities and other (now deemed toxic) financial products were fundamentally sound. They were new tools that served a market need for the world’s most sophisticated investors,
  • “A lot of people don’t realize that what happened in 2008 was nearly identical to what happened in 1929,” he says. “Depositors ran to the bank to withdraw their money only to discover, like the citizens of Bedford Falls” — referring to the movie “It’s a Wonderful Life” — “that there was no money in the vault. All that money had been lent.”
  • In 2008 it was large pension funds, insurance companies and other huge institutional investors that withdrew in panic. Conard argues in retrospect that it was these withdrawals that led to the crisis — not, as so many others have argued, an orgy of irresponsible lending
  • Conard concedes that the banks made some mistakes, but the important thing now, he says, is to provide them even stronger government support. He advocates creating a new government program that guarantees to bail out the banks if they ever face another run.
  • the central role of banks, Conard says, is to turn the short-term assets of nervous savers into risky long-term loans that help the economy grow.
  • A central problem with the U.S. economy, he told me, is finding a way to get more people to look for solutions despite these terrible odds of success. Conard’s solution is simple. Society benefits if the successful risk takers get a lot of money
  • As Conard told me, one of the crucial lessons he learned at Bain is that it makes no sense to look for easy solutions. In a competitive market, all that’s left are the truly hard puzzles. And they require extraordinary resources. While we often hear about the greatest successes — penicillin, the iPhone — we rarely hear about the countless failures and the people and companies who financed them.
  • we live longer, healthier and richer lives because of countless microimprovements like that one. The people looking for them, Conard likes to point out, are not only computer programmers, engineers and scientists. They are also wealthy investors like him
  • He said the only way to persuade these “art-history majors” to join the fiercely competitive economic mechanism is to tempt them with extraordinary payoffs.
  • When I look around, I see a world of unrealized opportunities for improvements, an abundance of talented people able to take the risks necessary to make improvements but a shortage of people and investors willing to take those risks. That doesn’t indicate to me that risk takers, as a whole, are overpaid. Quite the opposite.” The wealth concentrated at the top should be twice as large, he said. That way, the art-history majors would feel compelled to try to join them.
  • Rather than simply serving as an invitation for everybody to engage in potentially beneficial risk-taking, inequality can allow those with wealth to crush new ideas.
  • Unlike Romney, Conard rejects the notion that America has “some monopoly on hard work or entrepreneurship.” “I think it’s simple economics,” he said. “If the payoff for risk-taking is better, people will take more risks
  • Conard sees the success of the U.S. economy as, in part, the result of a series of historic accidents. Most recently, the coincidence of Roe v. Wade and the late 1970s economic malaise allowed Ronald Reagan to unify social conservatives and free-market advocates and set the country on a pro-investment path for decades. Europeans, he says, made all the wrong decisions. Concern about promoting equality and protecting favored industries have led to onerous work rules, higher taxes and all sorts of social programs that keep them poorer than Americans.
  • Now we’re at a particularly crucial moment, he writes. Technology and global competition have made it more important than ever that the United States remain the world’s most productive, risk-taking, success-rewarding society. Obama, Conard says, is “going to dampen the incentives.” Even worse, Conard says, “he’s slowing the accumulation of equity” by fighting income inequality.
  • Conard’s book addresses what is perhaps the most important question in economics, the one Adam Smith set out to answer in “The Wealth of Nations”: Why do some countries grow so rich and others stay poor? Where you come down on the answer has as much to do with your politics as your economic worldview (two things that can often be the same)
  • Nearly every economist I spoke with said that Conard has too much faith in the market’s ability to reward only those who create real value. Conard, for instance, insists that even the dodgiest financial products must have been beneficial or else nobody would have bought them in the first place. If a Wall Street trader or a corporate chief executive is filthy rich, Conard says that the merciless process of economic selection has assured that they have somehow benefited society. Even pro-market Romney supporters take issue with this. “Ed ought to be more concerned about crony capitalism,” Hubbard told me.
  • “Unintended Consequences” ignores some of the most important economic work of the past few decades, about how power and politics influence economic growth. In technical language, this field is the study of “rent seeking,” in which people or companies get rich because of their power, not because of their ideas.
  • wealthy individuals and corporations are able to influence politicians and regulators to make seemingly insignificant changes to regulations that benefit themselves. In other words, to rig the game
  • Conard’s version of the financial crisis ignores much reporting and analysis — including work I’ve done with NPR’s “Planet Money” team — that shows that some of the nation’s largest banks actively manipulated customers and regulators and, sometimes, their own stockholders to profit from dangerous risk
  • he expressed anger over the praise that Warren Buffett has received for pledging billions of his fortune to charity. It was no sacrifice, Conard argued; Buffett still has plenty left over to lead his normal quality of life. By taking billions out of productive investment, he was depriving the middle class of the potential of its 20-to-1 benefits. If anyone was sacrificing, it was those people. “Quit taking a victory lap,” he said, referring to Buffett. “That money was for the middle class.”
  • Perhaps concentrated wealth will inspire a nation of innovative problem-solvers. But if the view of many economists is right — that it sometimes discourages innovation — then we should worry
  • on this one he resorted to anecdotes and gut feelings. During his work at Bain, he said, he saw that successful companies had to battle against one another. Nobody was just given a free ride because of their power. “Was a person, like me, excluded from opportunity?” he asked rhetorically. “If so, I wasn’t aware!”
  • both could be true. The rich could earn a great deal of wealth through their own hard work, skill and luck. They could also use their subsequent influence to make themselves even richer
  • One of the great political and economic challenges of our time is figuring out the balance between wealth that benefits society and wealth that distorts.
  • Glenn Hubbard said only that at a broad level, Romney and Conard share “beliefs about innovation and growth and responsible risk-taking.”
  • Conard and Romney certainly share views on numerous policy matters. Like many Republicans, they promote lower taxes and less regulation for those who achieve financial succes
Javier E

For Romney, a Side Course of Culture - NYTimes.com - 0 views

  • When people invoke culture in the Romney manner, what they are really invoking is a scale by which humanity may be ranked from totally dysfunctional to totally awesome. The idea is that culture is a set of irrefutable best practices, when in fact it is more like a toolbox whose efficacy depends upon the job.
  • If you want to create a nation with a dominant entertainment media, perhaps American culture is the way to go. If you’re uninterested in presiding over a nation with 25 percent of the world’s prisoners but only 5 percent of its population, perhaps not.
  • What stands out about Romney’s culture comments is how much he relies on bromides and banalities. It is almost as if he doesn’t know anything about the workings of culture at all. But here we should be understanding. Romney hails from the party of birthers and creationists. He is the appointed representative of those who would see the strictures against same-sex marriage rendered constitutional. Ignorance is no stranger there. It is part of the culture.
Javier E

Is There a Romney Doctrine? - NYTimes.com - 0 views

  • just one example of what Mr. Romney’s advisers call a perplexing pattern: Dozens of subtle position papers flow through the candidate’s policy shop and yet seem to have little influence on Mr. Romney’s hawkish-sounding pronouncements, on everything from war to nuclear proliferation to the trade-offs in dealing with China. In the Afghanistan case, “none of us could quite figure out what he was advocating,” one of Mr. Romney’s advisers said. He insisted on anonymity — as did a half-dozen others interviewed over the past two weeks — because the Romney campaign has banned any discussion of the process by which the candidate formulates his positions.
  • “It begged the obvious question,” the adviser added. “Do we stay another decade? How many forces, and how long, does that take? Do we really want to go into the general election telling Americans that we should stay a few more years to eradicate the whole Taliban movement?
  • what has struck both his advisers and outside Republicans is that in his effort to secure the nomination, Mr. Romney’s public comments have usually rejected mainstream Republican orthodoxy. They sound more like the talking points of the neoconservatives — the “Bolton faction
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  • So far Mr. Romney’s most nuanced line of attack was laid out in the introduction to a campaign white paper last fall written by Eliot Cohen, a historian and security expert who worked for Condoleezza Rice in the State Department, that the “high council of the Obama administration” views the “United States as a power in decline,” a “condition that can and should be managed for the global good rather than reversed.” It also alleged a “torrent of criticism, unprecedented for an American president, that Barack Obama has directed at his own country.”
  • I’m not sure that anyone knows if the candidate has a strong view of his own on this.” Another adviser, saying he would be “cashiered” if the campaign caught him talking to a reporter without approval, said the real answer was that “Romney doesn’t want to really engage these issues until he is in office” and for now was “just happy to leave the impression that when
  • Obama says he’ll stop an Iranian bomb he doesn’t mean it, and Mitt does.”
Javier E

Romney's drift from Reagan's 'forgotten American' - The Washington Post - 1 views

  • The problem with Mitt Romney’s comments about the 47 percent of Americans who don’t pay taxes isn’t just that they are highly misleading and damaging politically. They also severely misstate and undermine conservative principles
  • when Romney divides the world into makers and takers and presumes that our ability to pay federal income tax is a measure of which group we belong to, he sends a different message. He implicitly tells average Americans that their quiet work doesn’t “make” America unless they are entrepreneurs who make enough money. Worse, he tells them that their lives aren’t even dignified, that they are “takers” who are unable to exercise personal responsibility over their lives.
  • It wasn’t so long ago that mainstream conservatism represented these values. We indexed income brackets and personal exemptions to inflation in the early 1980s to protect middle- and low-income families. Conservatives created the child tax credit in 1997 and expanded it in 2001 to reduce the tax burden for parents. In the past decade, we championed a flat tax that contained a generous exemption for a family of four, precisely so those least able to pay would not be forced to.
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  • in Reagan’s view, ordinary people were capable of greatness. There was Lenny Skutnik, who plunged from obscurity into the icy waters of the Potomac to save passengers from a downed flight. There were ordinary GI Joes whose courage on the beaches of Normandy (or, today, in the valleys of Afghanistan) protect civilization.
  • I choose to rededicate myself to building that shining city on a hill that Reagan evoked when he brought conservatism out of the wilderness.That city is one we all can help build and in which we all can live. It’s a city with citizens, not clients; a place where the government doesn’t keep its hands off or provide handouts but, instead, offers everyone a hand up. It’s one that exists not to enrich the few but to ennoble the many.
  • After Nov. 6, whether Romney wins or loses, the conservative movement will still face a time for choosing. Do we still value the Lenny Skutniks and Joe the Plumbers? Or are we a movement that not so subtly tells the average Jane and Joe that their sacrifices don’t count, that the place of honor is set only for the highest and most successful among us?
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