Email letters, Sept. 24, 2012

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I believe that it was the US Export/Import Bank that made $2b in loan guarantees available to PetroBras (Brazilian) with the the stipulation that they have to spend the money on US services and products.  I know it doesn’t sound as good as Obama lending Hugo Chavez $2 billion, but…

Contrary to the “conventional wisdom” espoused by a Sentinel editorial—“It’s not the ‘Bain’ of our economy” (May 31, 2012) and Dr. Barbara Ann Smith’s on-line letter – “Romney would use astute business skills in presidency” – Romney’s purported “astute business skills” (as evidenced by his capital gains taxes) and business bona fides at Bain Capital constitute dubious credentials for the job of President.
  In fact, Romney was a “welfare king”—the direct beneficiary of a $10 million loan write-off by the Federal Deposit Insurance Corporation and the indirect beneficiary of “corporate welfare” redistributed to Bain Capital through a distorted and unfair tax code, but all in the name of mythological “free enterprise”.
  The financial strategy of Bain Capital was to cherrypick companies ripe for take-over because of their cash-on-hand or fully funded pension plans.  When Bain Capital infused private equity into a marginal or failing business and allowed that endeavor to survive, Romney justifiably made money.  Because of a change in the lax law, profits distributed to partners in a venture capital firm are taxed as capital gains, not “income”.
  However, if that business failed, Bain Capital did not loose its investors’ money (as one would rightly expect in the context of true “capitalism”), but rather made money – having legally absconed with the business’s cash reserves and/or mortgaged its pension funds (which were insured by the federal government and thus by American taxpayers).
  Moreover, taxpayers also picked up the tab for unemployment benefits payable to the hundreds (if not thousands) of former employees who had lost their jobs; for the Food Stamps for which many of those now newly jobless workers became eligible; and for the emergency room visits and other medical expenses incurred by families who had lost their medical insurance – thanks to Bain Capital’s involvement.
  Romney and Bain Capital used financial spreadsheets to maximize profits by targetting “low hanging fruit” – and by “outsourcing” thousand of American jobs.
  The decisions faced by a President of the United States are not so easily reducable to spreadsheets.  Those decisions are addressed by subordinates in the various cabinet departments.  The President deals with only the most difficult decisions – where there may be no “right answers” – and cannot cherrypick the challenges he will confront.
  Therefore, Romney’s purported business acumen and tax-avoiding profit-making does not qualify him to be President.  Rather, President Obama’s proven record of sound judgment and actual presidential experience should prompt everyone to vote for his reelection.  Romney is a self-serving fraud – offering no “real hope and promise”. 

                Bill Hugenberg

Juanita hit the nail on the head.  We all want to screw around but we want others to pay for it.
No wonder this country is broke.
Instead of blaming the government or our neighbors or our past for our troubles maybe we should look at our ownselves.



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