The Incredible Bain Jobs Machine
20th July 2012
In a competitive economy, $5,000 computers become $500 tablets. Consumers get to spend the difference elsewhere in the economy.
Did Mitt Romney and Bain Capital help office-supply retailer Staples create 88,000 jobs? 43,000? 252? Actually, Staples probably destroyed 100,000 jobs while creating millions of new ones.
Not that they’ll get any thanks for it. Everybody hears the complaints of the Crust about losing their ‘friendly neighborhood bookstore/stationery store/whatever’ and nobody (certainly nobody in the Voice of the Crust Media) pays attention to consumers, more often than not poor people, who now have more money to spend on other things
July 20th, 2012 at 13:54
One success story out of how many? Mostly what Bain did–and continues to do–is find a flagging company, buy it, load it with debt, pay themselves hefty fees, then declare bankruptcy and liquidate the assets for pennies on the dollar leaving creditors and stockholders holding the bag. They are cruising sharks looking for fish who are struggling–not to help them, but to eat them. Thus is the true nature of the Invisible Hand revealed.
“consumers, more often than not poor people, who now have more money to spend on other things” Rather, the Righteous have more money to spend on other things; the poor (Unworthy!) people in question were the ones whose jobs were eliminated.