“The Publisher Made Us Do It”: The Des Moines Register’s Practical Joke
This Romney endorsement editorial, if you actually bother to read it, is little more than a practical joke. First of all, it has all the hallmarks of having been ordered by the publisher over the objections of the editorial board. Normally, a sentence like “the Register’s editorial board, as it should, had a vigorous debate over this endorsement,” translated into blunt English means: “Our idiot publisher forced this tripe down our throats, and we’re counting on you the more knowledgeable readers to understand this.”
The argument, such as it is, is as substanceless as meringue. Mitt Romney could “forge compromises with Congress” to get the economy rolling again? The first part of that might actually be true, but only because the Democrats in Congress aren’t nearly as ideologically hidebound and politically obstreperous as their GOP counterparts.
But the second part, fixing the economy, creating jobs, tackling the deficit? Romney has been ridiculously vague on all these things. The editorial doesn’t so much as gesture in that direction. And then bam, the editorial ends. Just when you think it might start mounting such “arguments,” it ends. I actually hit the refresh button three times, as I couldn’t believe the entire editorial had loaded properly. It’s as Potemkin Village-ish a piece of journalistic writing as I’ve seen in a long time.
Sadly, it probably will make a small difference, although I’m sure the politically inside elite out in Iowa is laughing about it this morning. Most polls indicate that Obama has a couple of points to spare in the state. We’ll see. You can ask Hillary Clinton how much good the DMR did her in January 2008.
Meanwhile, Obama has been endorsed by: Detroit Free Press, Cleveland Plain Dealer, Miami Herald, Las Vegas Sun, Minneapolis Star-Tribune, Pittsburgh Post-Gazette, Raleigh News & Observer. I’ll grant that this is more newsworthy because it’s a flip since 2008, but that doesn’t make it more important in Iowa than the Sun is in Nevada.
Anyway, go read it. You’ll see what I mean. It reads like a practical joke, and a half-baked one at that. DMR: You still have time to publish your serious endorsement, you know, the one that lists actual reasons why you support the guy!
By: Michael Tomasky, The Daily Beast, October 28, 2012
“Fantasy And Fear Based”: Why Mitt Romney’s Bogus Jeep Claims Matter
Mitt Romney campaigned in Defiance, Ohio, last night, and rolled out a new argument. “I saw a story today that one of the great manufacturers in this state, Jeep, now owned by the Italians, is thinking of moving all production to China,” he said. “I will fight for every good job in America, I’m going to fight to make sure trade is fair, and if it’s fair, America will win.”
There are a few problems with this line of attack, starting with the simple fact that Romney wasn’t telling the truth. As Chrysler itself explained, the company intends to build Jeeps in China to be sold in China, but isn’t moving American jobs abroad.
On Oct. 22, 2012, at 11:10 a.m. ET, the Bloomberg News report “Fiat Says Jeep® Output May Return to China as Demand Rises” stated “Chrysler currently builds all Jeep SUV models at plants in Michigan, Illinois and Ohio. Manley (President and CEO of the Jeep brand) referred to adding Jeep production sites rather than shifting output from North America to China.”
Despite clear and accurate reporting, the take has given birth to a number of stories making readers believe that Chrysler plans to shift all Jeep production to China from North America, and therefore idle assembly lines and U.S. workforce. It is a leap that would be difficult even for professional circus acrobats.
Let’s set the record straight: Jeep has no intention of shifting production of its Jeep models out of North America to China. It’s simply reviewing the opportunities to return Jeep output to China for the world’s largest auto market. U.S. Jeep assembly lines will continue to stay in operation. A careful and unbiased reading of the Bloomberg take would have saved unnecessary fantasies and extravagant comments. [emphasis in the original]
All of this, incidentally, is rather ironic given the successful efforts of the Obama administration when it comes to China and Jeeps, specifically.
Greg Sargent explained well why this matters: “Romney may very well be the next president. That’s a position of some responsibility. Yet he and his campaign rushed to tell voters a story designed to stoke their fears for their livelihoods without bothering to vet it for basic accuracy. This is not a small thing. It reveals the depth of Romney’s blithe lack of concern for the truth — and the subservience of it to his own political ambitions.”
Indeed, we can take this a step further.
Romney specifically urged business leaders to give their employees voting instructions — many took Romney’s suggestion seriously — and as a consequence, workers in a growing number of businesses are being told their jobs may be dependent on the outcome of the election.
Romney’s comments in Defiance are part of the same kind of fear-based argument: vote the right way or you’ll be unemployed. Your livelihood is at stake, so support the candidate who opposed President Obama’s successful rescue of the auto industry and got rich laying off American workers.
For additional context, it’s worth noting that the Detroit News reports today that Chrysler is adding an additional 1,100 new jobs. Why? To build more Jeeps right here in the United States.
By: Steve Benen, The Maddow Blog, October 26, 2012
“If Those Dolls Could Talk”: Even The Mitt Romney Bobblehead Dolls Were Made In China
Have you ever seen a Mitt Romney lookalike bobblehead doll? Or the parody video, since removed from the Internet, with former Republican candidate Jon Huntsman’s three daughters interview a nodding Mitt bobblehead?
This year, the Romney bobbleheads are marketed on the Internet, along with Barack Obama bobbleheads that are reportedly selling faster. But the original Mitt bobblehead first appeared four years ago and was produced—by Ann Romney’s brother at a factory in China—as a party favor for big donors.
Last January, when former Utah governor Jon Huntsman was still in the GOP presidential primary race, his three daughters “went rogue” and produced the video, with two of them donning blonde wigs to imitate Fox News anchors, and “interviewed” a Romney bobblehead doll. As they studied their nails and asked sarcastic questions — “Governor Romney, people accuse you of being stiff. Do you agree?” — the bobblehead would rapidly oscillate, indicating yes or no.
If those dolls could talk, they might have a lot to tell about their country of origin and who made them there. Although Romney now complains frequently that China has unfairly “taken American jobs,” the Chinese bobblehead Mitts are yet another example of Romney’s propensity to invest in the People’s Republic—and to enrich family members such as Roderick Davies, his brother-in-law, who oversaw the creation of the dolls in China through a Utah company called Asian Sources, Inc.
Asian Sources was one of a string of failed businesses formed by Davies — Ann Romney’s older brother — in Michigan, Florida, Colorado and Utah, culminating in his bankruptcy in 2010. (Mitt Romney’s older brother, Scott, performed legal services for at least two of Davies’ failed ventures. Davies’ son and Mitt’s nephew, Ryan Davies, would eventually join Asian Sources, Inc. after leading a Utah alternative energy company into bankruptcy and being pushed out by the directors amid allegations of embezzlement, tax fraud and securities fraud.)
When Roderick Davies got the campaign doll deal, he already had the connections and experience to handle the job. Among other Asian outsourcing tasks, Davies had worked for Lifelike Doll Company, a Colorado firm that made custom dolls to look like the little girls who received them as gifts (just as bobbleheads are supposed to resemble specific individuals). Davies got that job, too, via Romney — and Bain Capital. After Davies allegedly helped run Lifelike into the ground, attempted a hostile takeover, and was sued by the company, he founded Asian Sources, the firm that went on to create and import Romney’s 2008 bobblehead dolls.
Along the way, Davies traded constantly on his famous brother-in-law’s name, with Mitt Romney’s encouragement. Indeed, Romney and Davies went together into the Lifelike doll business — a venture that not only illustrates their exploitation of China outsourcing but their ruthless corporate style. The Wall Street Journal first broke the Lifelike Doll Co. story last January. But after a single brief report the Journal promptly dropped the thread before unraveling the China connection. The Journal story also missed Romney’s and Bain’s fascination with several other doll and toy companies, not just Lifelike, all of which were also connected with bankruptcies.
The Wall Street Journal’s lead summarized the issue:
“Mitt Romney rarely got personally involved in individual deals toward the end of his time as chief executive of Bain Capital. But he was closely involved in a failed investment in a company that sold expensive dolls semi-customized to resemble the girl they were bought for. Mr. Romney was brought the idea by a friend from Brigham Young University and Harvard Business School who was one of the original partners of the doll company, which was called Lifelike Co. and used the brand name My Twinn.”
“As far as I can recall, Lifelike was the only investment that Mitt originated from his personal network,” former Bain executive Marc Wolpow told the Journal. “He said other Bain partners weren’t enthusiastic, but ‘it was a small investment, so no one really seemed to care that much.”
That “small” investment was $2.1 million, most of which Bain lost after Lifelike went bankrupt in 2003. What the Journal story missed was the fact that between 1997 and its financial collapse the company turned more and more to Asia for parts and after a disastrous 2001 holiday season “the Lifelike Company shifted all operations to China in an effort to reduce production costs,” according to its owners.
When Romney invested Bain’s money in Lifelike, he joined its board of directors and facilitated the hiring of his brother-in-law. Roderick Davies moved from Florida to Colorado to take the job. (Like Mitt Romney in Massachusetts, Davies had served as a Mormon stake president in Florida.)
The Journal quoted former Lifelike CEO Kenn Thiess, Romney’s friend, as saying that Mitt Romney did not pressure the firm to hire his brother-in-law. Interviewed subsequently for this article, Thiess, who had served as a Mormon stake president in Colorado said when Romney brought Davies in, Thiess agreed that the company should expand its use of Chinese suppliers. And because Davies had strong Chinese manufacturing connections, Romney said Davies could be hired to help.
According to the Journal, Lifelike eventually sued Davies, accusing him of trying to subvert its business “by conducting secret dealings with suppliers and trying to set up a competing entity.” While that charge may be valid, at least in part, Thiess fired Davies mainly because Davies was trying to buy controlling shares of Lifelike and then push him out. Thiess said Davies was acting with “Romney family money.” But he would not say whether he thought Mitt Romney was part of the coup attempt.
But in a recent interview Thiess said it was clear at the time—after Romney was elected governor—that “Mitt was setting things up to run for president.” He recalls Davies telling prospective Chinese suppliers that, through him, they were not only establishing a link to the chief executive of Massachusetts (who held an interest in Lifelike) but also, potentially, a future president of the United States.
By: Lynn Packer, The National Memo, October 24, 2012
“Son Of Detroit”: Mitt Romney Profited From The Auto Bailout And Jobs Shipped To China
“I’m a son of Detroit. I was born in Detroit. My dad was head of a car company. I like American cars,” said Mitt Romney on Monday night when he met with President Obama to discuss foreign policy. “And I would do nothing to hurt the U.S. auto industry.”
That might be considered true—unless moving the most important American auto parts manufacturer to China counts as hurting the U.S. auto industry. But those words now stand as one of Romney’s most glaring falsehoods in the final debate.
Romney’s defensive statement came in response to a remark by Obama noting that the Republican nominee is “familiar with jobs being shipped overseas because you invested in companies that were shipping jobs overseas.” Moments later, he added: “If we had taken your advice, Governor Romney about our auto industry, we’d be buying cars from China instead of selling cars to China.”
Most viewers had little idea what Obama was talking about or why Romney felt the need to rebut him so specifically. But their coded exchange almost certainly referred to an investigative report that broke wide on the Internet, without much attention from the mainstream media so far—Greg Palast’s article in The Nation magazine, exposing Romney’s huge profits from Delphi, a crucial auto parts company that moved nearly all of its jobs to China after taking billions in auto bailout money from the Treasury.
As Palast reported, the Romneys made millions from that intricate deal, put together by one of his main campaign donors, billionaire investor Paul Singer — through a “vulture fund” known as Elliot Management. Having bought up Delphi at fire-sale prices, Singer and his partners essentially blackmailed the Treasury into paying them billions so that Delphi would keep supplying parts to General Motors and Chrysler. They stiffed the company’s pensioners, pocketed the bailout funds, and moved all but four of the firm’s 29 plants to China.
The neglect of the Delphi story by mainstream and even progressive outlets such as MSNBC has been remarkable, particularly because neither Romney nor his campaign has denied it. If anything, a statement issued by the campaign to The Hill, a Washington publication, seemed to confirm Palast’s reporting by attempting to deflect blame onto the Obama administration:
Romney’s campaign did not deny that he profited from the auto bailout in an email to The Hill Wednesday afternoon, but it said the the report showed the Detroit intervention was “misguided.”
“The report states that Delphi had 29 US plants before the misguided Obama auto bailout, and just four after. Is this really what the president views as success?” Romney spokeswoman Michele Davis said.
“Mitt Romney would have taken a different path to turning around the auto industry,” Davis continued. “As President, Mitt Romney will create jobs and give American workers the recovery they deserve.”
Taking Delphi bankrupt under the management of Singer and Romney’s other partners didn’t create jobs or security for Delphi’s American workers. After taking nearly $13 billion in bailout financing from the Treasury — with the support of Rep. Paul Ryan, who has also received generous support from Singer — the new Delphi management abrogated the company’s pensions, closed all those U.S. plants, and moved production to China. And so far, Romney has escaped any questions about why he and Ann Romney invested their millions with vulture investors who used taxpayer funds to destroy American jobs.
By: Joe Conason, The National Memo, October 23, 2012
“Worst Socialist Ever”: Republicans Ought To Be Awfully Impressed With President Obama
In 2004, a Bush cabinet official said job creation and GDP numbers matter, but “the stock market is … the final arbiter” of economic success.
If that’s true, eight years later, Republicans ought to be awfully impressed with President Obama.
Through Friday, since Mr. Obama’s inauguration — his first 1,368 days in office — the Dow Jones industrial average has gained 67.9 percent. That’s an extremely strong performance — the fifth best for an equivalent period among all American presidents since 1900. The Bespoke Investment Group calculated those returns for The New York Times.
The best showing occurred in Franklin D. Roosevelt’s first term, when the market rose by a whopping 238.1 percent. Of course, that followed a calamitous decline. When his term started, the Dow had fallen to one-fourth of its former peak. In 2008, the year before Mr. Obama took office, the Dow declined by roughly one-third.
In the last half-century, the president who’s overseen the strongest performance on Wall Street was Bill Clinton. The second best? Barack Obama, easily.
As we talked about in April, this also suggests Obama is the worst socialist of all time. A soaring stock market, record high corporate profits, private sector job growth … it’s almost as if the president didn’t listen to Karl Marx at all.
All joking aside, I don’t consider major Wall Street indexes a reliable metric when it comes to measuring the health of the economy. Indeed, it’s not even close.
But here’s the kicker: Obama’s detractors do consider major Wall Street indexes a reliable metric when it comes to measuring the health of the economy.
As long time readers may recall, the Wall Street Journal ran an entire editorial in early March 2009 arguing that the weak Dow Jones was a direct result of investors evaluating “Mr. Obama’s agenda and his approach to governance.”
Karl Rove and Lou Dobbs made the same case. So did Rush Limbaugh, Sean Hannity, and Fred Barnes. For a short while, it was one of Mitt Romney’s favorite talking points, too. Even John Boehner got in on the larger attack.
I don’t think a strong stock market is necessarily proof of a robust economy, but I also don’t think the right should have it both ways. If a bear market in 2009 is, in the minds of conservatives, clear proof that Obama’s agenda is misguided and dangerous, then soaring Wall Street indexes shouldn’t be dismissed by those same detractors as politically irrelevant.
By: Steve Benen, The Maddow Blog, October 22, 2012
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