Showing posts with label obama. Show all posts
Showing posts with label obama. Show all posts

Sunday, October 28, 2012

President Obama does not agree with Suze Orman






Obama is promoting annuities to help retirees have  an income for life. He does not agree with Suze Orman when she says annuities are bad for you. "Bad  is running out of money in your golden years" - says Obama.

Top Five Reasons the President is Promoting Annuities:

1. Guaranteed payments: throughout the recent crisis, not one annuity provider ever missed a payment - not even one;

2. Unparalleled consumer protections: provides insurance benefits and peace of mind no other product can;

3. Resilience: the overall value of annuities have already regained pre-crisis levels while payments never decreased;

4. Save now, pay later: allows tax-deferred savings until you withdrawal the money;
5. Possibilities without pitfalls: provides risk-adverse consumers the opportunity to re-enter the market but with guarantees.

Obama knows that Social Security alone, especially in its ever-diminishing state, will not be enough for Baby Boomers when they retire.

The security and value of guaranteed income through insured retirement strategies has never been more apparent following the recent economic crisis.

These strategies help investors achieve a financially secure retirement.

Annuities can play a vital role in ensuring all Americans to have a comprehensive retirement plan to guarantee income for their golden years.

Call Mintco Financial Specialists to review if Annuities can be part of your retirement plan.

813-964-7100 or visit our website: www.MintcoFinancial.com

Get a quote: Annuity Quote

Friday, July 6, 2012

The Lackluster Jobs Report And GOP Sabotage

In the wake of a dismal jobs report, in which "employers created almost enough jobs to keep up with population growth in June, but not nearly enough to reduce the backlog of nearly 13 million unemployed workers," Republicans are doing two things:  Blaming Obama and trying to repeal health care.  As Steve Benen puts it:  "Eliminating health care benefits, as a practical matter, is the GOP jobs plan."

While the tepid job numbers are generally accepted as "absolute, concrete, incontrovertible proof that the president's jobs agenda isn't working," Benen points out, "we aren't trying Obama's jobs agenda."
Perhaps now would be a good time for a reality check. Last fall, Obama said the job market wasn't nearly strong enough, and he proposed an ambitious jobs plan called the American Jobs Act. Independent estimates showed that the policy, if implemented, would create as many as 1.9 million U.S. jobs in 2012 alone. Congressional Republicans, however, killed it.
ThinkProgress has a helpful list of the five key ways Republicans have sabotaged the economic recovery:
1. Filibustering the American Jobs Act. Last October, Senate Republicans killed a jobs bill proposed by President Obama that would have pumped $447 billion into the economy. Multiple economic analysts predicted the bill would add around two million jobs and hailed it as defense against a double-dip recession. The Congressional Budget Office also scored it as a net deficit reducer over ten years, and the American public supported the bill.

2. Stonewalling monetary stimulus. The Federal Reserve can do enormous good for a depressed economy through more aggressive monetary stimulus, and by tolerating a temporarily higher level of inflation. But with everything from Ron Paul’s anti-inflationary crusade to Rick Perry threatening to lynch Chairman Ben Bernanke, Republicans have browbeaten the Fed into not going down this path. Most damagingly, the GOP repeatedly held up President Obama’s nominations to the Federal Reserve Board during the critical months of the recession, leaving the board without the institutional clout it needed to help the economy.

3. Threatening a debt default. Even though the country didn’t actually hit its debt ceiling last summer, the Republican threat to default on the United States’ outstanding obligations was sufficient to spook financial markets and do real damage to the economy.

4. Cutting discretionary spending in the debt ceiling deal. The deal the GOP extracted as the price for avoiding default imposed around $900 billion in cuts over ten years. It included $30.5 billion in discretionary cuts in 2012 alone, costing the country 0.3 percent in economic growth and 323,000 jobs, according to estimates from the Economic Policy Institute. Starting in 2013, the deal will trigger another $1.2 trillion in cuts over ten years.

5. Cutting discretionary spending in the budget deal. While not as cataclysmic as the debt ceiling brinksmanship, Republicans also threatened a shutdown of the government in early 2011 if cuts were not made to that year’s budget. The deal they struck with the White House cut $38 billion from food stamps, health, education, law enforcement, and low-income programs among others, while sparing defense almost entirely.

Tuesday, June 26, 2012

Bad Week For Bain-onomics

By Mike Lux, cross-posted from Crooks and Liars



When the Obama campaign started raising questions about the way Bain Capital operated when Romney was the CEO, some Democrats who are close to Wall Street immediately starting complaining. We shouldn’t be attacking “capitalism”, they said, or the financial industry. But those Democrats are looking pretty foolish after the stories that have come out over the past few days. It has never been capitalism or even the financial industry being attacked when Bain’s style of operating is the subject: it is the worst kind of vampire capitalism that the Obama campaign is going after.

The idea of questioning Bain has always been essential to this campaign, because Romney has made clear that his main qualification to be President is the work he did at Bain. As the New York Times put it in their story Saturday “Companies’ Ills Did Not Harm Romney’s Firm”:

“Mr. Romney’s experience at Bain is at the heart of his case for the presidency. He has repeatedly promoted his years working in the “real economy,” arguing that his success turning around troubled companies and helping to start new ones, producing jobs in the process, has prepared him to revive the country’s economy. He has fended off attacks about job losses at companies Bain owned, saying, “Sometimes investments don’t work and you’re not successful.” But an examination of what happened when companies Bain controlled wound up in bankruptcy highlights just how different Bain and other private equity firms are from typical denizens of the real economy, from mom-and-pop stores to bootstrapping entrepreneurial ventures.”

But now, with this major new NYT story, plus the Washington Post pioneer-in-outsourcing story, it is becoming increasingly obvious to everyone why the Obama campaign and people like me have been making a big deal about Bain for a long time. All capitalism is not the same, and Bain is right up there with companies like Goldman Sachs in the sleaziness with which they make their money. What Bain did in buying these companies was to create a structure where they made money no matter what. As the saying goes, it’s nice work if you can get it- but you can’t get it unless you are willing to be absolutely brutal in pursuing your own profits at the expense of everyone else. What Bain did wasn’t just capitalism, but the worst sort of capitalism. As the NYT and other media sources have so explicitly laid it out, at least 7 Bain-owned companies went bankrupt, but “Bain structured deals so that it was difficult for the firm and its executives to ever really lose, even if practically everyone else involved with the company that Bain owned did, including its employees, creditors and even, at times, investors in Bain’s funds.” Bain loaded these companies with debt, in part so they could pay Bain millions (sometimes tens of millions) of dollars in fees. They then wrote off the debt on their taxes. In some cases (at least 4 times according the NYT story) Bain amassed huge short term profits before the companies, weighed down with the debt Bain forced on them, sunk under the weight of that debt.

Some of the companies Bain bought did better than that. Of course, some of those that did were out-sourcing and off-shoring pioneers. And others did better in great part by laying off huge numbers of workers and/or slashing the wages and benefits of many others. This is the track record that is “at the heart of [Romney’s] case for the Presidency”?

The debate over Bain-onomics is exactly the kind of debate this country should be having. We are at a make or break moment for the American middle class. What should our path forward be? Will it be the path of Bain and the biggest banks on Wall Street, which put profits over everything else, making millions because other people went broke and lost their jobs? Or will it be a path that invests in the health of our economy and the business sector from the bottom up? This is the fundamental choice for Americans: do we help and promote the kind of businesses that make and sell products and services here in America? Do we help the economy by investing in our people, giving them good education, college loans, and decent wages so they can buy goods from the small businesses in their community? Do we help our small businesses with start-up capital and giving them a fighting chance to compete with the big dogs? Or is our government going to be 100% geared toward the big incumbents who already have big money and market share and well-connected lobbyists who can get them sweetheart deals and tax breaks?

I think the Obama team has been absolutely right to engage all-out in this debate over Bain, and to frame this race as to who will fight for the middle class in their moment of need. This new ad shows they get it.

Wednesday, June 20, 2012

Obama Administration's Drone Death Figures Don't Add Up

By Justin Elliot, cross-posted from ProPublica

Last month, a “senior administration official” said the number of civilians killed in drone strikes in Pakistan under President Obama is in the “single digits.” But last year “U.S. officials” said drones in Pakistan killed about 30 civilians in just a yearlong stretch under Obama.

Both claims can’t be true.
A centerpiece of President Obama’s national security strategy, drones strikes in Pakistan are credited by the administration with crippling Al Qaeda but criticized by human rights groups and others for being conducted in secret and killing civilians. The underlying facts are often in dispute and claims about how many people died and who they were vary widely.

So we decided to narrow it down to just one issue: have the administration’s own claims been consistent?

We collected claims by the administration about deaths from drone strikes in Pakistan and compared each one not to local reports but rather to other administration claims. The numbers sometimes do not add up. (Check out our interactive graphic to explore the claims.)

Even setting aside the discrepancy between official and outside estimates of civilian deaths, our analysis shows that the administration’s own figures quoted over the years raise questions about their credibility.

There have been 307 American drone strikes in Pakistan since 2004, according to a New America Foundation count. Just 44 occurred during the Bush administration. President Obama has greatly expanded the use of drones to attack suspected members of Al Qaeda, the Pakistani Taliban, and other groups in Pakistan’s remote northwest region.

Obama officials generally do not comment by name on the drone strikes in Pakistan, but they frequently talk about it to reporters (including us) on condition of anonymity. Often those anonymously sourced comments have come in response to outside tallies of civilian deaths from drone attacks, which are generally much higher than the administration’s own figures.


The outright contradiction we noted above comes from two claims made about a year apart:

* April 22, 2011 McClatchy reports that U.S. officials claim “about 30” civilians died in the year between August 2009 and August 2010.

* May 29, 2012 The New York Times reports that, according to a senior Obama administration official, the number of civilians killed in drone strikes in Pakistan under president Obama is in the “single digits.”

As we also show in our interactive graphic, other anonymous administration claims about civilian deaths are possible but imply conclusions that seem improbable.

Consider:

* April 26, 2010 The Washington Post quotes an “internal CIA accounting” saying that “just over 20 civilians” have been killed by drones in Pakistan since January 2009.

* Aug. 11, 2011 The New York Times reports that CIA officers claim zero civilians were killed since May 2010

* Aug. 12, 2011 CNN quoted a U.S. official saying there were 50 civilians killed over the years in drone strikes in Pakistan.

If this set of claims is assumed to be accurate, it suggests that the majority of the 50 total civilian deaths occurred during the Bush administration — when the drone program was still in its infancy. As we’ve noted, in the entire Bush administration, there were 44 strikes. In the Obama administration through Aug. 12, 2011, there were 222. So according to this set of claims more civilians died in just 44 strikes under Bush than did in 222 strikes under Obama. (Again, the graphic is helpful to assess the administration assertions.)

Consider also these three claims, which imply two lengthy periods when zero or almost zero civilians were killed in drone strikes:

* September 10, 2010 Newsweek quotes a government estimate that “about 30” civilians were killed since the beginning of 2008.

* April 22, 2011 McClatchy reports that U.S. officials claim “about 30” civilians died in the year between August 2009 and August 2010.

* July 15, 2011 Reuters quotes a source familiar with the drone program as saying “about 30” civilians were killed since July 2008.

It’s possible that all these claims are true. But if they are, it implies that the government believes there were zero or almost zero civilian deaths between the beginning of 2008 and August 2009, and then again zero deaths between August 2010 and July 2011. Those periods comprise a total of 182 strikes.

The administration has rejected in the strongest terms outside claims of a high civilian toll from the drone attacks.

Those outside estimates also vary widely. A count by Bill Roggio, editor of the website the Long War Journal, which bases its estimates on news reports, puts the number of civilian killed in Pakistan at 138. The New America Foundation estimates that, based on press reports, between 293 and 471 civilians have been killed in the attacks. The London-based Bureau of Investigative Journalism, which draws on a wider array of sources including researchers and lawyers in Pakistan, puts the number of civilians killed at between 482 and 832. The authors of the various estimates all emphasize that their counts are imperfect.

There are likely multiple reasons for the varying counts of civilian deaths from drone strikes in Pakistan. The attacks are executed remotely in often inaccessible regions. And there’s the question of who U.S. officials are counting as civilians. A story last month in the New York Times reported that President Obama adopted a policy that “in effect counts all military-age males in a strike zone as combatants.”

There are also ongoing debates in the humanitarian law community about who the U.S. may legitimately target with drone strikes and how the CIA is applying the principle of proportionality — which holds that attacks that might cause civilian deaths must be proportional to the level of military advantage anticipated.

In a rare public comment on drone strikes, President Obama told an online town hall in January that the drones had not caused “a huge number of civilian casualties.”

When giving their own figures on civilian deaths, administration officials are often countering local reports. In March 2011, for example, Pakistanis including the country’s army chief accused a U.S. drone strike of hitting a peaceful meeting of tribal elders, killing around 40 people. An unnamed U.S. official rejected the accusations, telling the AP: "There's every indication that this was a group of terrorists, not a charity car wash in the Pakistani hinterlands."

Unnamed U.S. officials told the Los Angeles Times last year that “they are confident they know who has been killed because they watch each strike on video and gather intelligence in the aftermath, observing funerals for the dead and eavesdropping on conversations about the strikes.”

U.N. High Commissioner for Human Rights Navi Pillay said during a visit to Pakistan this month that there should be investigation of killings of civilians by drones and that victims should be compensated. The U.S. has given compensation to victims of airstrikes in Afghanistan but there are no reports of victims of drone strikes in Pakistan being compensated.

Since the various administration statements over the years were almost all quoted anonymously, it’s impossible to go back to the officials in question to ask them about contradictions.

Asked about the apparent contradictions, National Security Council spokesman Tommy Vietor told ProPublica: “[W]e simply do not comment on alleged drone strikes.”

Friday, June 15, 2012

DREAM On

The Obama Administration's announcement that it will no longer deport young immigrants who came to the U.S. as children is not only good politics, but good policy.

As the New York Times reports:
The administration said the change will affect as many as 800,000 immigrants who have lived in fear of deportation. It bypasses Congress and partially achieves the goals of the "DREAM Act," legislation that would have provided a pathway to citizenship for young illegal immigrants who went to college or served in the military.
Under the administration plan, illegal immigrants will be able to avoid deportation if they can prove they were brought to the United States before they turned 16 and are younger than 30, have been in the country for at least five continuous years, have no criminal history, graduated from a U.S. high school or earned a GED or served in the military. They also can apply for a work permit that will be good for two years with no limits on how many times it can be renewed. 
Jed Lewison explains at Daily Kos that "unlike the DREAM Act, this move doesn't create a path to citizenship because that will require an act of Congress, but removing the threat of deportation from hundreds of thousands of law-abiding residents who came to America as children is still an important step towards achieving the goals of the DREAM Act."

Thomas A. Saenz, President and General Counsel at MALDEF issued the following statement:
Today’s bold Obama Administration announcement holds out the promise of significant, even transformative, benefit to the entire nation by ensuring that some of our most capable and committed young people are finally given the opportunity to work and to safely contribute to our economic competitiveness and our national development. Today’s announcement is the clear product of the hard work of those same DREAM students to enlighten the nation and its policymakers.
We look forward to swift, fair, and comprehensive nationwide implementation of the important administrative steps announced today on this thirtieth anniversary of the prescient Supreme Court decision in Plyler v. Doe, which established the importance to our national future of educating all students.
This administrative action is consistent with the DREAM Act, supported by a majority of both houses of Congress in 2010 but blocked only through a craven Senate exercise of the hoary power of filibuster. Congress should move swiftly to enact the DREAM Act as a longterm guarantee and protection of the powerful national resource embodied in the DREAM student population.
We also call upon Governor Mitt Romney to commit, if elected, to following the wise national policy announced today as a policy that is in the clear best interests of the entire nation.
And what does Romney have to say about this?  His typical obfuscation: "I think the action the president took today makes it more difficult to reach that long-term solution because an executive is of course a short-term matter. It can be reversed by subsequent presidents."   Of course, Romney won't say what his long-term solution is and when asked whether he would reverse Obama's new policy, he refused to answer.

Monday, June 4, 2012

The Planet Wreckers

Climate-Change Deniers Are On the Ropes -- But So Is the Planet

By Bill McKibben, cross-posted from TomDispatch

It’s been a tough few weeks for the forces of climate-change denial.

First came the giant billboard with Unabomber Ted Kacynzki’s face plastered across it: “I Still Believe in Global Warming. Do You?” Sponsored by the Heartland Institute, the nerve-center of climate-change denial, it was supposed to draw attention to the fact that “the most prominent advocates of global warming aren’t scientists. They are murderers, tyrants, and madmen.” Instead it drew attention to the fact that these guys had over-reached, and with predictable consequences.

A hard-hitting campaign from a new group called Forecast the Facts persuaded many of the corporations backing Heartland to withdraw $825,000 in funding; an entire wing of the Institute, devoted to helping the insurance industry, calved off to form its own nonprofit. Normally friendly politicians like Wisconsin Republican Congressman Jim Sensenbrenner announced that they would boycott the group’s annual conference unless the billboard campaign was ended.

Which it was, before the billboards with Charles Manson and Osama bin Laden could be unveiled, but not before the damage was done: Sensenbrenner spoke at last month’s conclave, but attendance was way down at the annual gathering, and Heartland leaders announced that there were no plans for another of the yearly fests. Heartland’s head, Joe Bast, complained that his side had been subjected to the most “uncivil name-calling and disparagement you can possibly imagine from climate alarmists,” which was both a little rich -- after all, he was the guy with the mass-murderer billboards -- but also a little pathetic.  A whimper had replaced the characteristically confident snarl of the American right.

That pugnaciousness may return: Mr. Bast said last week that he was finding new corporate sponsors, that he was building a new small-donor base that was “Greenpeace-proof,” and that in any event the billboard had been a fine idea anyway because it had “generated more than $5 million in earned media so far.” (That’s a bit like saying that for a successful White House bid John Edwards should have had more mistresses and babies because look at all the publicity!) Whatever the final outcome, it’s worth noting that, in a larger sense, Bast is correct: this tiny collection of deniers has actually been incredibly effective over the past years.

The best of them -- and that would be Marc Morano, proprietor of the website Climate Depot, and Anthony Watts, of the website Watts Up With That -- have fought with remarkable tenacity to stall and delay the inevitable recognition that we’re in serious trouble. They’ve never had much to work with.  Only one even remotely serious scientist remains in the denialist camp.  That’s MIT’s Richard Lindzen, who has been arguing for years that while global warming is real it won’t be as severe as almost all his colleagues believe. But as a long article in the New York Times detailed last month, the credibility of that sole dissenter is basically shot.  Even the peer reviewers he approved for his last paper told the National Academy of Sciences that it didn’t merit publication. (It ended up in a “little-known Korean journal.”)

Deprived of actual publishing scientists to work with, they’ve relied on a small troupe of vaudeville performers, featuring them endlessly on their websites. Lord Christopher Monckton, for instance, an English peer (who has been officially warned by the House of Lords to stop saying he’s a member) began his speech at Heartland’s annual conference by boasting that he had “no scientific qualification” to challenge the science of climate change.


He’s proved the truth of that claim many times, beginning in his pre-climate-change career when he explained to readers of the American Spectator that "there is only one way to stop AIDS. That is to screen the entire population regularly and to quarantine all carriers of the disease for life.” His personal contribution to the genre of climate-change mass-murderer analogies has been to explain that a group of young climate-change activists who tried to take over a stage where he was speaking were “Hitler Youth.”

Or consider Lubos Motl, a Czech theoretical physicist who has never published on climate change but nonetheless keeps up a steady stream of web assaults on scientists he calls “fringe kibitzers who want to become universal dictators” who should “be thinking how to undo your inexcusable behavior so that you will spend as little time in prison as possible.” On the crazed killer front, Motl said that, while he supported many of Norwegian gunman Anders Breivik’s ideas, it was hard to justify gunning down all those children -- still, it did demonstrate that “right-wing people... may even be more efficient while killing -- and the probable reason is that Breivik may have a higher IQ than your garden variety left-wing or Islamic terrorist.”

If your urge is to laugh at this kind of clown show, the joke’s on you -- because it’s worked. I mean, James Inhofe, the Oklahoma Republican who has emerged victorious in every Senate fight on climate change, cites Motl regularly; Monckton has testified four times before the U.S. Congress.
Morano, one of the most skilled political operatives of the age -- he “broke the story” that became the Swiftboat attack on John Kerry -- plays rough: he regularly publishes the email addresses of those he pillories, for instance, so his readers can pile on the abuse. But he plays smart, too. He’s a favorite of Fox News and of Rush Limbaugh, and he and his colleagues have used those platforms to make it anathema for any Republican politician to publicly express a belief in the reality of climate change.

Take Newt Gingrich, for instance.  Only four years ago he was willing to sit on a love seat with Nancy Pelosi and film a commercial for a campaign headed by Al Gore.  In it he explained that he agreed with the California Congresswoman and then-Speaker of the House that the time had come for action on climate. This fall, hounded by Morano, he was forced to recant again and again.  His dalliance with the truth about carbon dioxide hurt him more among the Republican faithful than any other single “failing.”  Even Mitt Romney, who as governor of Massachusetts actually took some action on global warming, has now been reduced to claiming that scientists may tell us “in fifty years” if we have anything to fear.

In other words, a small cadre of fervent climate-change deniers took control of the Republican party on the issue.  This, in turn, has meant control of Congress, and since the president can’t sign a treaty by himself, it’s effectively meant stifling any significant international progress on global warming.  Put another way, the various right wing billionaires and energy companies who have bankrolled this stuff have gotten their money’s worth many times over.

One reason the denialists’ campaign has been so successful, of course, is that they’ve also managed to intimidate the other side. There aren’t many senators who rise with the passion or frequency of James Inhofe but to warn of the dangers of ignoring what’s really happening on our embattled planet.
It’s a striking barometer of intimidation that Barack Obama, who has a clear enough understanding of climate change and its dangers, has barely mentioned the subject for four years.  He did show a little leg to his liberal base in Rolling Stone earlier this spring by hinting that climate change could become a campaign issue.  Last week, however, he passed on his best chance to make good on that promise when he gave a long speech on energy at an Iowa wind turbine factory without even mentioning global warming. Because the GOP has been so unreasonable, the President clearly feels he can take the environmental vote by staying silent, which means the odds that he’ll do anything dramatic in the next four years grow steadily smaller.

On the brighter side, not everyone has been intimidated.  In fact, a spirited counter-movement has arisen in recent years.  The very same weekend that Heartland tried to put the Unabomber’s face on global warming, 350.org conducted thousands of rallies around the globe to show who climate change really affects. In a year of mobilization, we also managed to block -- at least temporarily -- the Keystone pipeline that would have brought the dirtiest of dirty energy, tar-sands oil, from the Canadian province of Alberta to the Gulf Coast.  In the meantime, our Canadian allies are fighting hard to block a similar pipeline that would bring those tar sands to the Pacific for export.

Similarly, in just the last few weeks, hundreds of thousands have signed on to demand an end to fossil-fuel subsidies. And new polling data already show more Americans worried about our changing climate, because they’ve noticed the freakish weather of the last few years and drawn the obvious conclusion.

But damn, it’s a hard fight, up against a ton of money and a ton of inertia. Eventually, climate denial will “lose,” because physics and chemistry are not intimidated even by Lord Monckton. But timing is everything -- if he and his ilk, a crew of certified planet wreckers, delay action past the point where it can do much good, they’ll be able to claim one of the epic victories in political history -- one that will last for geological epochs.

Bill McKibben is Schumann Distinguished Scholar at Middlebury College, founder of the global climate campaign 350.org, a TomDispatch regular, and the author, most recently, of Eaarth: Making a Life on a Tough New Planet.

Thursday, May 31, 2012

The Ginned Up Race War Of 2012

By Sally Kohn, cross-posted from Colorlines
“The secret of Republican political success since the rise of the right is not, as many liberals believe, that they play no-rules hardball. Instead, it’s their skill at projection—at accusing Democrats of doing what they are doing themselves, or are planning to do, or have done.”
—Michael Tomasky, Daily Beast
Nothing stirs up white racial anxiety in an election year like a black-against-white race war. Never mind the fact that there isn’t one. When has that ever stopped the inventive right wing?

Those of us living in the world of objective facts and reality might be mistaken for thinking that the United States remains an at best well-intentioned, but nonetheless deeply hostile nation toward its communities of color. In New York City, reports have shown that in 2011, police conducted 685,724 street stop and frisks (up from 97,000 in 2002). Young black and Latino men between the ages of 14 and 24 accounted for 41.6 percent of those stopped—although they are only 4.7 percent of the city’s population. In Missouri, a black man named George Allen has been in prison for almost 30 years for allegedly murdering a white woman, a crime that mounting evidence suggests Allen did not commit. Last month, a black woman named Marissa Alexander was sentenced to 20 years in prison for firing a single warning shot into the kitchen ceiling of her home to warn off her abusive husband and protect her three children.

But according to conservative media, exactly the opposite is occurring. Conservatives allege there is a growing but underreported black-versus-white race war in America.

There’s no data, of course, just some strung together anecdotes—namely, one about two white newspaper reporters who, while driving through Norfolk, Va., were attacked by a group of young black kids. The media didn’t pounce on the story—even the reporters’ own newspaper, the Virginian-Pilot, only mentioned the incident in an opinion piece two weeks later. Conservatives, who actually love to talk about race and racism when they can do so with their fingers pointing at people of color and liberals, pounced on the story as evidence of media bias. The lamestream media was all over the Travyon Martin story but ignored the beating of whites by black kids. That, conservatives screamed, is racial bias.

Mind you, the two reporters in the Virginia incident weren’t hospitalized for their injuries, let alone killed. Local police moved quickly to investigate and three days after the incident was first reported by the paper, police arrested one teen, charging him with throwing a rock at the reporters’ car (a felony) as well as related misdemeanors. By comparison, George Zimmerman wasn’t arrested until almost two months after he shot Trayvon Martin, and only then as a result of community pressure. Only those desperate to distract from productive conversations about racial bias and injustice and return American attention to reinforcing racial stereotypes and hierarchies could manage to find anything comparable between the Trayvon Martin case and the Virginia incident.

Even most white conservatives know better than to use the term “race war” to describe this concocted, black-against-white threat. Fortunately, conservatives have Thomas Sowell. In a widely circulated, syndicated column for the National Review entitled “The Censored Race War,” the black conservative wrote:
What the authorities and the media seem determined to suppress is that the hoodlum elements in many ghettoes launch coordinated attacks on whites in public places. If there is anything worse than a one-sided race war, it is a two-sided race war, especially when one of the races outnumbers the other several times over.
Sowell is either intentionally feeding the idea that blacks like himself are more dangerous and violent than whites or unwittingly providing cover for those who seek to do so.

The root of inequality is the simple but sinister idea that some people are inherently inferior to others. I’ll give Sowell and other conservative media figureheads the benefit of the doubt that they do not personally believe young black men are inherently more dangerous and violent, but that’s all the more reason not to play into such biases and fan the flames of white racial anxiety. Sowell and others should understand that, in America today, this is how racism operates—not primarily through explicit epithets and force but through subtle winks and nods to the prejudices on which our society remains built.

The Virginia case specifically and the manufactured race war in general conveniently feed a larger conservative narrative this election year—reminding white America of how dangerous and scary black men are and how white people, especially white men, are the victims. Despite the fact that, yes, a lot of white folks voted for President Obama in 2008, most didn’t and according to a post-election study by a researcher at Harvard, racial animus cost Obama anywhere from three to five percentage points in the 2008 popular vote. In what is shaping up to a be a tight re-election battle, a few percentage points can really matter.

In addition, the 2012 election will likely be less about independent voters (who polls indicate may split fairly evenly between Romney and Obama) than about voter turnout in each party’s base. Republicans know they have an enthusiasm gap—even now that the primaries are over, Republicans say the main reason they support Romney simply because he’s “not Obama.” Yet in 2008 exit polling, 24 percent of American voters said they were “scared” by the prospect of Barack Obama being elected president. Of those, 95 percent voted Republican. Gin up fear, win the election.

I’m not saying racial animus is the only way to stoke white conservative fear in an election. But it’s sure a popular choice, one we have already seen that Republican Super PACs are pursuing. And we can see this at play in other campaigns too, including the fact that Scott Brown has tried far harder to portray Elizabeth Warren as a person of color than she ever did herself, desperately hoping to increase his own margin of the racial animus vote.

Things really are bad for most white men in America today, just like they are for the rest of us. Jobs are disappearing and so are the public benefits that have traditionally supported them in times of need. And if the present seems bad, the future seems even worse, as public schools implode and college tuition gets further out of reach. Anger is a powerful motivator.

Republicans can’t risk white voters realizing that conservative policies have caused their suffering. And though President Obama’s own record isn’t strong, for the majority of voters middle class tax cuts, affordable health care and fairly centrist policies from education reform to the military aren’t exactly the stuff of fire and brimstone. But the president is black. I’m not arguing that conservatives are attacking the president only because of his race, but they are certainly guilty of tapping into and fanning racial resentment to ignite their critiques. In that sense, sadly, by inventing a fake black-versus-white race war, conservatives are reinforcing and exploiting the divisive white-versus-black racial dynamics in America that they should be instead helping to fix.

 Sally Kohn is a progressive activist, writer, Fox News contributor, and a regular contributor to Colorlines.com.

Wednesday, May 30, 2012

They Call It Terror Tuesday


Vast Left Conspiracy
A distressing front page article in the New York Times yesterday, entitled "Secret Kill List" Tests Obama's Principles And Will, describes how Obama has placed himself “at the helm of a top-secret ‘nominations’ process to designate terrorists for kill or capture, for which the capture part has become largely theoretical.”  Or, as Glenn Greenwald put it, "an actual presidential-led death panel (as always in American media parlance, “Terrorist” means: individuals alleged by the U.S. Government — with no evidence, transparency or due process — to be Terrorists)."

Specifically, as Greenwald continues, "Obama himself 'insisted on approving every new name on an expanding ‘kill list,’ poring over terrorist suspects’ biographies on what one official calls the macabre ‘baseball cards’ of an unconventional war.'  In total secrecy — with no transparency or oversight of any kind — he then selects who will live and who will die."

David Swanson has more:
Obama is depicted as "keeping the tether short" by personally deciding on each and every drone kill. And yet, despite this personal care and attention, Obama has dramatically increased drone kills. The New York Times writes that Obama's role of "personally overseeing the shadow war with Al Qaeda" is "without precedent in presidential history." This is either because whatever the "shadow war with Al Qaeda" is has been created by Obama, or it's because Bush let subordinate(s) oversee it. This meaningless claim immediately follows bragging about how many of Obama's advisers the New York Times interviewed in order to produce it, and yet somehow the underwhelmed reader is still left to simply guess what is supposed to be meant. Presumably it is that Obama has created a new form of murder.

In fact, Obama has created drone wars, and an insider picture of how he runs them is found at the end of the article:

"Every week or so, more than 100 members of the government's sprawling national security apparatus gather, by secure video teleconference, to pore over terrorist suspects' biographies and recommend to the president who should be the next to die. This secret 'nominations' process is an invention of the Obama administration, a grim debating society that vets the PowerPoint slides bearing the names, aliases and life stories of suspected members of Al Qaeda's branch in Yemen or its allies in Somalia's Shabab militia."

How do Obama's principles and will manifest themselves in this "due process" as he bestows it upon his victims? Well, according to the New York Times, he kills "without hand-wringing" and calls the decision to kill a U.S. citizen "an easy one." (Killing the same man's teenage son is so easy it goes unmentioned.) Obama is "a realist," who is "never carried away" by any campaign promises he may have made. He shrewdly maneuvers to keep in place Bush's powers of rendition, detention, and war . . . .
The Obama Administration is no doubt thrilled with the Times piece as illustrating the President's toughness in the fight against the terrorists.  But I find it chilling how we have come to accept from Obama programs and policies that would have been (and were) harshly condemned when conducted by Bush-Cheney.  As Greenwald writes today, we now see "how rapidly true extremism becomes normalized."

The key difference between Obama and his predecessor is not the policy but the personality.  While we could not contemplate that Bush-Cheney would carefully balance national security and human rights, Obama, the former-constitutional law professor, can surely be trusted to take a principled and prudent approach with the awesome powers bestowed upon the "commander in chief" in the never-ending war on terror. 

Andrew Rosenthal, the editorial editor at the Times correctly worries about this "just trust me" approach to targeted killings:
 If Mr. Obama wants to authorize every drone strike, fine—but even the president requires oversight (remember checks and balances?) which he won’t allow. The administration refuses to accept judicial review (from a FISA-style court, say) prior to a strike directed at an American citizen, and won’t deign to release the legal documents written to justify the targeted killing program. The Times and the ACLU have both sued to force disclosure of these documents. No luck yet.

Apologists for the president’s “just trust me” approach to targeted killings emphasize that the program is highly successful and claim that the drone strikes are extraordinarily precise. John Brennan, the president’s counter-terrorism adviser, said in a recent speech that not a single non-combatant had been killed in a year of drone strikes in Afghanistan and Pakistan. And today’s Times article quoted a senior administration official who said that civilian deaths were in the “single digits.”

But it turns out that even this hey-it’s-better-than-carpet-bombing justification is rather flimsy. The Times article says “Mr. Obama embraced a disputed method for counting civilian casualties …It in effect counts all military-age males in a strike zone as combatants, according to several administration officials, unless there is explicit intelligence posthumously proving them innocent.”
The logic, such as it is, is that people who hang around places where Qaeda operatives hang around must be up to no good. That’s the sort of approach that led to the false imprisonment of thousands of Iraqis, including the ones tortured at Abu Ghraib.
As Rosenthal concludes, " Mr. Obama used to denounce that kind of thinking."  So did we.

Friday, May 25, 2012

The Bain Of Our Existence

By Mike Lux, cross-posted from Crooks and Liars

I love this Bain debate. It is exactly the kind of debate about the nature of business and job creation we need to be having in this campaign. The Republicans, along with pro-Wall Street Democrats, are squealing like stuck pigs about the Obama campaign “attacking free enterprise” because they want to change the subject fast. They are saying to themselves: please, let’s talk about anything else. Deficits would be their first choice, but anything would be preferable. Maybe we’ll see them start talking about contraceptives and how people shouldn’t have sex again just to change the subject. Because this debate goes straight to the heart of what kind of economy we should be trying to build in this country.

This is isn’t about being for or against free enterprise. This is about how the economy should work better for everyone in it, not just the top 1 percent. The Republicans -- and Democrats like Cory Booker and Harold Ford, who both have raised millions of dollars in Wall Street money (including money from Bain) for their campaigns -- say that it is great when financial corporations like Bain make money by loading up the companies they buy with debt, taking all the tax write-offs the law allows, and then walking away with tons of money whatever happens to the original company. In fact, the companies Bain bought frequently went bankrupt, and Bain usually profited when those companies did go belly-up because of tax write-offs and sucking the companies’ assets dry. But in this line of reasoning, it’s all good, because capitalism should be unrestrained and some people got very rich.

What Obama and other Democrats are arguing is that our government should be on the side of the businesses that create not just wealth for a few at the top, but jobs and incomes for a lot of people. That is why Obama made the incredibly gutsy move to save the American auto industry, a policy that saved 1.45 million jobs in the short run, and kept desperately needed manufacturing jobs in this country for years to come. It is why Obama has made big investments in the budget for Small Business Administration jobs. It is why investments have been made in clean energy jobs of the future. It is why the U.S. Department of Agriculture has emphasized rural economic development and small business development in areas where jobs and incomes are desperately needed.

Democratic policies are in fact far more pro-business than policies like the Romney-Ryan budget, which independent studies estimate would cost the nation more than 4 million jobs in the next two years. That’s a lot of business customers who no longer have money to spend.

The Republican attack machine (helped by Democrats like Booker and Ford who have been feeding at the Wall Street trough for their entire careers) wants to intimidate the Obama campaign by making the claim that any attack on greedy business practices like the ones Romney perfected at Bain is an attack on all business and the market. It’s the same kind of argument Republicans make when they complain about class warfare politics when Democrats suggest that millionaires ought to pay a little more in taxes. It is an utterly soulless, amoral argument. But this is a fight Democrats can and will win if we make our case, because I think most people understand that there are ethical and unethical business practices. And they get that there is a difference between making money by manipulating the tax code and squeezing all the value out of businesses before throwing them away, and making money by making and selling good products that people want to buy. Biden laid this case out beautifully in a speech in Youngstown:





And the President got it right when he said “when you are President, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot.”

This debate about Bain Capital is one we need to have. What kind of business activity, and what kind of government policy, is better for America? Republicans, you better batten down the hatches, because we are going to have this debate. Whiny Wall Street Democrats, get over it, this is a fight we are taking on. This is a make or break moment for America’s middle class, and we aren’t going to let Republican bullies and Wall Street Democrat whiners from making Bain the bain of Romney’s existence.

Thursday, May 24, 2012

How To Forget On Memorial Day

Crosses of Lafayette
Whistling Past the Graveyard of Empires

By Tom Engelhardt, cross-posted from TomDispatch

It’s the saddest reading around: the little announcements that dribble out of the Pentagon every day or two -- those terse, relatively uninformative death notices: rank; name; age; small town, suburb, or second-level city of origin; means of death (“small arms fire,” “improvised explosive device,” “the result of gunshot wounds inflicted by an individual wearing an Afghan National Army uniform,” or sometimes something vaguer like “while conducting combat operations,” “supporting Operation Enduring Freedom,” or simply no explanation at all); and the unit the dead soldier belonged to.  They are seldom 100 words, even with the usual opening line: “The Department of Defense announced today the death of a soldier who was supporting Operation Enduring Freedom.” Sometimes they include more than one death.

They are essentially bureaucratic notices designed to draw little attention to themselves.  Yet cumulatively, in their hundreds over the last decade, they represent a grim archive of America’s still ongoing, already largely forgotten second Afghan War, and I’ve read them obsessively for years.

Into the Memory Hole

May is the official month of remembrance when it comes to our war dead, ending as it does on the long Memorial Day weekend when Americans typically take to the road and kill themselves and each other in far greater numbers than will die in Afghanistan.  It’s a weekend for which the police tend to predict rising fatalities and news reports tend to celebrate any declines in deaths on our roads and highways.

Quiz Americans and a surprising number undoubtedly won’t have thought about the “memorial” in Memorial Day at all -- especially now that it’s largely a marker of the start of summer and an excuse for cookouts.

How many today are aware that, as Decoration Day, it began in 1865 in a nation still torn by grief over the loss of -- we now know -- up to 750,000 dead in the first modern war, a wrenching civil catastrophe in a then-smaller and still under-populated country?  How many know that the first Decoration Day was held in 1865 with 10,000 freed slaves and some Union soldiers parading on a Charleston, South Carolina, race track previously frequented by planters and transformed in wartime into a grim outdoor prison?  The former slaves were honoring Union prisoners who had died there and been hastily buried in unmarked graves, but as historian Kenneth Jackson has written, they were also offering “a declaration of the meaning of the war and of their own freedom.”

Those ceremonies migrated north in 1866, became official at national cemeteries in 1868, and grew into ever more elaborate civic remembrances over the years.  Even the South, which had previously marked its grief separately, began to take part after World War I as the ceremonies were extended to the remembrance of all American war dead.  Only in 1968, in the midst of another deeply unpopular war, did Congress make it official as Memorial Day, creating the now traditional long holiday weekend.

And yet, when it comes to the major war the United States is still fighting, now in its 11th year, the word remembrance is surely inappropriate, as is the “Memorial” in Memorial Day.  It’s not just that the dead of the Afghan War have largely been tossed down the memory hole of history (even if they do get official attention on Memorial Day itself).  Even the fact that Americans are still dying in Afghanistan seems largely to have been forgotten, along with the war itself.

As the endlessly plummeting opinion polls indicate, the Afghan War is one Americans would clearly prefer to forget -- yesterday, not tomorrow.  It was, in fact, regularly classified as “the forgotten war” almost from the moment that the Bush administration turned its attention to the invasion of Iraq in 2002 and so declared its urge to create a Pax Americana in the Greater Middle East.  Despite the massive “surge” of troops, special operations forces, CIA agents, and civilian personnel sent to Afghanistan by President Obama in 2009-2010, and the ending of the military part of the Iraq debacle in 2011, the Afghan War has never made it out of the grave of forgetfulness to which it was so early consigned.


Count on one thing: there will be no Afghan version of Maya Lin, no Afghan Wall on the National Mall.  Unlike the Vietnam conflict, tens of thousands of books won’t be pouring out for decades to come arguing passionately about the conflict.  There may not even be a “who lost Afghanistan” debate in its aftermath.

Few Afghan veterans are likely to return from the war to infuse with new energy an antiwar movement that remains small indeed, nor will they worry about being “spit upon.”  There will be little controversy.  They -- their traumas and their wounds -- will, like so many bureaucratic notices, disappear into the American ether, leaving behind only an emptiness and misery, here and in Afghanistan, as perhaps befits a bankrupting, never-ending imperial war on the global frontiers.

Whistling Past the Graveyard of Empires

If nothing else, the path to American amnesia is worth recalling on this Memorial Day.

Though few here remember it that way, the invasion of Afghanistan was launched on a cult of the dead.  These were the dead civilians from the Twin Towers in New York City.  It was to their memory that the only “Wall” of this era -- the 9/11 Memorial at Ground Zero in lower Manhattan -- has been built.  Theirs are the biographies that are still remembered in annual rites nationwide.  They are, and remain, the dead of the Afghan War, even though they died before it began.

On the other hand, from the moment the invasion of Afghanistan was launched, how to deal with the actual American war dead was always considered a problematic matter.  The Bush administration and the military high command, with the Vietnam War still etched in their collective memories, feared those uniformed bodies coming home (as they feared and banished the “body count” of enemy dead in the field).  They remembered the return of the “body bags” of the Vietnam era as a kind of nightmare, stoking a fierce antiwar movement, which they were determined not to see repeated.

As a result, in the early years of the Afghan and then Iraq wars, the Bush administration took relatively draconian steps to cut the media off from any images of the returning war dead.  They strictly enforced a Pentagon ban, in existence since the first Gulf War, on media coverage and images of the coffins arriving from the war fronts at Dover Air Force Base in Delaware.  At the same time, much publicity was given to the way President Bush met privately and emotionally -- theoretically beyond the view of the media -- with the families of the dead.

And yet, banned or not, for a period the war dead proliferated.  In those early years of Washington’s two increasingly catastrophic wars on the Eurasian mainland, newspapers regularly produced full-page or double-page “walls of heroes” with tiny images of the faces of the American dead, while their names were repeatedly read in somber tones on television.  In a similar fashion, the antiwar movement toured the country with little “cemeteries” or displays of combat boots representing the war dead.

The Pentagon ban ended with the arrival of the Obama administration.  In October 2009, six months after the Pentagon rescinded it, in an obvious rebuke to his predecessor, President Obama traveled to Dover Air Base.  There, inside a plane bringing the bodies of the dead home, he reportedly prayed over the coffins and was later photographed offering a salute as one of them was carried off the plane. But by the time the arrival of the dead could be covered, few seemed to care.

The Bush administration, it turns out, needn’t have worried.  In an America largely detached from war, the Iraq War would end without fanfare or anyone here visibly giving much of a damn.  Similarly, the Afghan War would continue to limp from one disaster to the next, from an American “kill team” murdering Afghan civilians “for sport” to troops urinating on Afghan corpses (and videotaping the event), or mugging for the camera with enemy body parts, or an American sergeant running amok, or the burning of Korans, or the raising of an SS banner.  And, of course, ever more regularly, ever more unnervingly, Afghan “allies” would turn their guns on American and NATO troops and blow them away.  It's a phenomenon almost unheard of in such wars, but so common in Afghanistan these days that it's gotten its own label: “green-on-blue violence.”

This has been the road to oblivion and it’s paved with forgotten bodies.  Forgetfulness, of course, comes at a price, which includes the escalating long-term costs of paying for the American war-wounded and war-traumatized.  On this Memorial Day, there will undoubtedly be much cant in the form of tributes to “our heroes” and then, Tuesday morning, when the mangled cars have been towed away, the barbeque grills cleaned, and the “heroes” set aside, the forgetting will continue.  If the Obama administration has its way and American special operations forces, trainers, and advisors in reduced but still significant numbers remain in Afghanistan until perhaps 2024, we have more than another decade of forgetting ahead of us in a tragedy that will, by then, be beyond all comprehension.

Afghanistan has often enough been called “the graveyard of empires.”  Americans have made it a habit to whistle past that graveyard, looking the other way -- a form of obliviousness much aided by the fact that the American war dead conveniently come from the less well known or forgotten places in our country.  They are so much easier to ignore thanks to that.

Except in their hometowns, how easy the war dead are to forget in an era when corporations go to war but Americans largely don’t.  So far, 1,980 American military personnel (and significant but largely unacknowledged numbers of private contractors) have died in Afghanistan, as have 1,028 NATO and allied troops, and (despite U.N. efforts to count them) unknown but staggering numbers of Afghans.

So far in the month of May, 22 American dead have been listed in those Pentagon announcements.  If you want a little memorial to a war that shouldn’t be, check out their hometowns and you'll experience a kind of modern graveyard poetry.  Consider it an elegy to the dead of second- or third-tier cities, suburbs, and small towns whose names are resonant exactly because they are part of your country, but seldom or never heard by you.

Here, then, on this Memorial Day, are not the names of the May dead, but of their hometowns, announcement by announcement, placed at the graveside of a war that we can’t bear to remember and that simply won’t go away.  If it’s the undead of wars, the deaths from it remain a quiet crime against American humanity:

Spencerport, New York
Wichita, Kansas
Warren, Arkansas
West Chester, Ohio
Alameda, California
Charlotte, North Carolina
Stow, Ohio
Clarksville, Tennessee
Chico, California
Jeffersonville, Kentucky
Yuma, Arizona
Normangee, Texas
Round Rock, Texas
Rolla, Missouri
Lucerne Valley, California
Las Cruses, New Mexico
Fort Wayne, Indiana
Overland Park, Kansas
Wheaton, Illinois
Lawton, Oklahoma
Prince George, Virginia
Terre Haute, Indiana.

As long as the hometowns pile up, no one should rest in peace.

Tom Engelhardt, co-founder of the American Empire Project and the author of The American Way of War: How Bush’s Wars Became Obama’s as well as The End of Victory Culture, runs the Nation Institute's TomDispatch.com. His latest book is The United States of Fear (Haymarket Books)

Wednesday, May 23, 2012

Obama Should Be Attacking Casino Capitalism

By Robert Reich, cross-posted from his website
 
I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase.

That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business.

It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy.
It’s the substitution of casino capitalism for real capitalism, the dominance of the betting parlor over the real business of America, financial innovation rather than product innovation.

It’s been terrible for the American economy and for our democracy.

It’s also why Obama has to come out swinging about JPMorgan. The JPMorgan Chase debacle would have been prevented if the Volcker Rule were sufficiently strict, prohibiting banks from using commercial deposits to make bets except very specific offsetting bets (hedges) on narrow classes of trades.

But Jamie Dimon and JPMorgan have been lobbying like mad to loosen the Volcker Rule and widen that exception to include the very kind of reckless bets JPMorgan made. And they’re still at it, as evidenced by Dimon’s current claim that the rule that eventually emerges would allow those bets.

As a practical matter, the Volcker Rule is hopeless. It was intended to be Glass-Steagall lite — a more nuanced version of the original Depression-era law that separated commercial from investment banking. But JPMorgan has proven that any nuance — any exception — will be stretched beyond recognition by the big banks.

So much money can be made when these bets turn out well that the big banks will stop at nothing to keep the spigot open.

There’s no alternative but to resurrect Glass-Steagall as a whole. Even then, the biggest banks are still too big to fail or to regulate. We also need to heed the recent advice of the Dallas branch of the Federal Reserve, and break them up.

At the same time, there’s no point to the “carried interest” loophole that allows private-equity managers like Mitt Romney to treat their incomes as capital gains, taxed at only 15 percent, when they’ve risked no money of their own.

If private equity were good for America it wouldn’t need this or the other tax preference it depends on, elevating debt over equity. But the private equity industry has huge political clout, which is why these tax preferences remain.

Get it? Bain Capital and JPMorgan are parts of the same problem. The President should be leading the charge against both.

Tuesday, May 22, 2012

What The Bain Debate Is Really About

By Terrance Heath, cross-posted from Campaign for America's Future

DonkeyHotey
The 2012 presidential election may go down as one of the strangest political seasons in recent memory, for the simple reason that the influence of the financial sector in politics, policy and the economy has caused Republicans to sound like Democrats and Democrat to sound like Republicans — usually with confounding results.

When Republicans sound like Democrats, like Newt Gingrich attacking Mitt Romney's record at Bain Capital, they tend to start arguments they can't win. When Democrats start sounding like Republicans, like Cory Booker defending Bain Capital, they tend forfeit arguments they could win. That's because, in both cases, the politicians are arguing about the wrong things, in order to avoid the real argument  — the one America needs to have, and Americans need to win; the argument over what kind of economy we will have going forward.

Gingrich's attack on Romney's record confused many conservatives, who equated it with an attack on capitalism itself. Newark Mayor Cory Booker echoed the concerns of confused conservatives when he called the Obama campaigns ads attacking Romney's record at Bain Capital a "nauseating" attack on private equity, labeling them a distraction. "It's either going to be a small campaign about this crap or it's going to be a big campaign, in my opinion, about the issues that the American public cares about," Booker said.

What Booker, Democrats like him, and conservatives now lauding his diatribe ignore or don't realize is that the issues affecting voters don't come much bigger and don't get much more real than the kind of capitalism Bain represents.

Bain Capitalism

As Digby said, if Romney is going to run on his Bain Capital record and tout his private equity background as his main qualification for the presidency, then his track record at Bain is fair game. I summed up that track record in my original post about his brand of "vulture capitalism."
A former managing partner at Bain, in an interview with the Los Angeles Times, made it clear that job creation was never the point at Bain.
Bain managers said their mission was clear. "I never thought of what I do for a living as job creation," said Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years before forming his own firm. "The primary goal of private equity is to create wealth for your investors."
Under Romney's leadership, Bain certainly created wealth for its investors, no matter what happened to the companies it acquired or the the people worked for them. The Wall Street Journal's revealing look at Romney's time at Bain shows that 22% of the companies Bain invested on under Romney's watch either filed for bankruptcy, reorganized, or closed their doors — sometimes with substantial job losses. As Pat Garofalo pointed out, that's nearly one fourth of the companies Bain invested in.



Some failed so badly that Bain lost its investments. That didn't put a damper in returns, though. Bain produced about $2.5 billion in returns for its shareholders, out of just $1.1 billion invested. (Romney did alright, too. His campaign estimates his take during his term at Bain as anywhere from $190 million to $250 million. That's enough for a lot of $10,000 bets.)

The LA Times piece makes it clear that Bain and its investors profited, no matter what happened to the companies in its portfolio. According to the Wall Street Journal, 70% of Bain's returns came from just 10 deals. The LA Times article notes that "Four of the 10 companies Bain acquired declared bankruptcy within a few years, shedding thousands of jobs." Still, Bain profited in eight of those ten deals, including three of the four that went bankrupt.

That's the way "vulture capitalism" (as I like to call it) works. Bain and its shareholders profited in the end, no matter what else happened.

That's the part of the story that the Gingrich movie seems to tell: what else happened. We know what happened on Wall Street when Mitt Romney came to town. A few people — Mitt Romney included — made a lot of money. Now we know what else happened on Main Street when Mitt Romney came to town.

What happened to those companies and the people who worked for them begins to read like a casualty list: 1,700 jobs lost at Dade International, more than 700 jobs lost at GS Industries, 200 jobs lost at American Pad and Paper (Apmad). After a while, it's easy to forget that these numbers represent the lives of real people, whose job loss sent shock waves through their families and communities; people like Donny Box and Randy Johnson.

It's also easy to miss the point that this is just how the brand of "head I win, tails you lose" capitalism Bain practiced under Romney's leadership is suppose to work; as the Obama campaign illustrates in a new video and slideshow about how Bain made $100 million on its $5 million investment in Ampad, even while sending the company into bankruptcy and its 1,500 employees to the unemployment line. Bain Capital made profits no matter what happened the companies in its portfolio. Nearly one fourth of the companies Bain invested in during Romney's tenure either went bankrupt, reorganized, or simply shut down — often with significant layoffs. Seventy percent of Bain's profits came from just 10 deals, four of which resulted in bankruptcy.

"Extracting Value"

Romney's factually challenged, incredible shrinking claims of being a "job creator" at Bain notwithstanding, his former Bain colleague got it exactly right. Bain wasn't in the business of creating jobs, and Romney wasn't in the business of creating jobs. Bain's mission, and Romney's job as its chief, was simply to "create wealth" for its investors. Period.

Bain Capital and Mitt Romney were in the business of creating even more wealth for its already-wealthy investors. They were apparently very good at it, too. But the kind of wealth Bain and Romney worked to create isn't the kind of wealth that leads to more widely shared prosperity. It's not the kind of wealth that grows the economy, according to the CBO. Nor is it the kind of wealth that leads to job creation, according to Moody's Analytics, because it doesn't get put back into the economy to support existing jobs or spur job creation by boosting demand. The wealthy don't spend their tax cut windfalls, but save them and invest them in the stock market instead; putting their money to work making money, rather than putting their money to work keeping people working and putting people to work.

The success or failure of the companies in its portfolio were beside the point. When he's not claiming the mantle of "job creator," Romney casts himself and Bain as "fixers" who acquired "broken" companies and made them better —more efficient, and more profitable. But that wasn't the point at Bain. To some extent, Bain and Romney profited from practices that were more about extracting value from its acquisitions than "fixing" them. (The language about "extracting value" is even repeated in some of Bain's own material.)

That's what Bain Capitalism is about: "extracting value" with no investment in the fate of the companies in its portfolio, the people who work from them, or the communities that rely on them.

 "What This Job Is All About"

Cory Booker called the debate over Bain Capital a "distraction" that threatened to make the election a "small campaign" about small ideas, instead of a "big campaign" about "the issues the American public cares about." In his remarks at yesterday's NATO summit, President Obama made the case for why Romney's record at Bain Capital is relevant to a "big campaign" about "issues the American public cares about." (And he managed it without even calling Booker a "jackass.")
… [T]he reason this is relevant to the campaign is because my opponent, Governor Romney, his main calling card for why he thinks he should be President is his business expertise. He is not going out there touting his experience in Massachusetts. He is saying, I’m a business guy and I know how to fix it, and this is his business.

And when you’re President, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot. Your job is to think about those workers who got laid off and how are we paying for their retraining. Your job is to think about how those communities can start creating new clusters so that they can attract new businesses. Your job as President is to think about how do we set up a equitable tax system so that everybody is paying their fair share that allows us then to invest in science and technology and infrastructure, all of which are going to help us grow.

And so, if your main argument for how to grow the economy is I knew how to make a lot of money for investors, then you’re missing what this job is about. It doesn’t mean you weren’t good at private equity, but that’s not what my job is as President. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but 10 years from now and 20 years from now.

So to repeat, this is not a distraction. This is what this campaign is going to be about -- is what is a strategy for us to move this country forward in a way where everybody can succeed? And that means I’ve got to think about those workers in that video just as much as I’m thinking about folks who have been much more successful.
The president is off to a good start on taking the debate where it needs to from here; from the particulars of Romney's record at Bain Capital to what it represents, and the economic choices facing America. But, as I pointed out before, the business practices of companies like Bain mean profit for the investor class, and pain for the 99%. Now, president Obama needs to make it personal.
This is pretty good, but I think it's going to have to get a lot more forceful. Obama has this habit, which you learn as a writer over time is really unconvincing. He very often makes an assertion without illustrating it, without saying why. It leaves listeners confused because he hasn't really put meat behind the assertion.

But he is on the right track here. I don't think this is such a difficult needle to thread. In fact he could get a lot more emotional mileage out of this sort of thing. Like how? Like so:

"The people who lost their jobs because of Mitt Romney's creative destruction, those are precisely the people the president has to think about most. Those are the people who write the letters that I read every night before I go to bed. Those are the people who need my help the most of all. Mitt Romney and his fellow investors will mostly be just fine. I think about the other people. Governor Romney says, explicitly, has said many times, of lost jobs, that's capitalism, that's just the way it goes. Do you want a president who watches an American factory shut down and says, 'Well, that's capitalism?'"
Choosing Capitalism

"Do you want a president who watches an American factory shut down and says, 'Well, that's capitalism?'"

It recasts Romney's answer to questions about bankruptcies, shutdowns, and layoffs Bain left in its wake as a Rumsfeldian "stuff happens" response to the economic consequences of Bain's practices. Stuff doesn't just happen. Stuff happens because other stuff happens. The debate is basically about whether we should regulate some stuff in order to keep it from happening, and what we should do about the stuff that happens as a result.

We are, as E.J. Dionne writes, not in the middle of a national argument about capitalism versus "socialism," but a much needed discussion about what kind of capitalism we want.
The Bain conversation has already been instructive. Romney’s friends no less than his foes have had to face the fact that Bain’s purpose was never about job-creation. Its goal was to generate large returns to Bain’s partners and investors. It did that, which is why Romney is rich.

Romney wants to focus on the positive side of his business dealings that did create jobs. He wants to brag about the companies Bain helped bring to life, among them Staples, Sports Authority and Domino’s.

That’s fair enough. But having made an issue of Bain on the plus side, he also has to answer for the pain and suffering — or, as defenders of capitalism like to call it, the “creative destruction” — that some of Bain’s deals left in their wake.
This leads naturally to the question of how creative the destruction wrought by our current brand of capitalism actually is. Since the dawn of the leveraged buyout era three decades ago, many friends of capitalism have questioned whether loading companies with debt as part of these deals is good for companies and for the economy as a whole.
What's the alternative to the "vulture capitalism" practiced by firms like Bain Capital? What it's called varies, I've heard it called "Inclusive Capitalism" and "the New Economy movement." It's components are just beginning to take shape, as more people envision a capitalism that better spreads the benefits of the "productivity revolution," that regulates the worst of capitalism's "creative destruction," and incorporates a safety net to catch those left behind by the market.
This may be another debate in which President Obama could benefit from following Vice President Biden's lead.
Vice President Biden’s speech last week in Youngstown, Ohio, drew wide attention for its criticism of Romney as someone who just doesn’t “get it.” But when Biden moved beyond Romney, he offered an energetic broadside against the new world of finance, and he picked the right venue to make his case: a noble blue-collar town that has been battered by the winds of globalization and economic change.

“You know the difference between having an economy that makes things that the rest of the world wants, and having an economy that is based on financialization of every product,” Biden told his listeners. “You know the difference between an economy . . . that’s built on making things rather than on collateralized debt, creative credit-default swaps, financial instruments like subprime mortgages. That’s not how you build an economy.”
This campaign isn't just about Bain, or Mitt Romney's past. It's about our future. It's about the kind of new economy we want to build.