14 votes

Anger grows in Illinois at Bain’s latest outsourcing plan

Very sad story. The continuation of the destruction of the US economy. Profit before the people.

"Borman, 52, and the other workers of a soon-to-be-shuttered car parts plant are personally training the Chinese workers who will replace them.

It’s a surreal experience, they say. For months they have watched their plant being dismantled and shipped to China, piece by piece, as they show teams of Chinese workers how to do the jobs they have dedicated their lives to.".......

...."Sensata is majority-owned by Bain Capital, the private equity firm once led by Mitt Romney, that has become a hugely controversial symbol of how the modern globalised American economy works. Indeed, Romney still owns millions of dollars of shares in the Bain funds that own Sensata.".....

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Can we differentiate between deceitful practices vs what is needed in a real economy.

Bain's work (this is what Dr Paul has said) is completely fine and legit. Bain liquidates debts. That is their job. Now we can discuss whether each company had those debts or could of been salvaged or handled better.

I mean it is like all the fearmongering about derivatives. Derivatives are completely needed in the economy to help lock in futures prices and so on. They lubricate the markets. Now, we have derivatives fraud which is different. You can say all the spooky credit default swap stuff all you want. The point is the banks were always going to be bailed out for massive wealth transfers.

The real cause of outsourcing is the weak dollar. Bam! It is the Federal Reserve who is at fault.

Anyways, end of my financial markets rant.

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The Fed is the root of ALL of

The Fed is the root of ALL of our problems!

The point (at least here) isn't that Bain is not legit. But

given the type of business it is - such that results in this sort of scenario - wouldn't you agree that Romney's claim to fame is bogus, that HIS KIND of business experience should earn him the title as America's "JOBS CREATOR IN CHIEF?"

When we try to pick out anything by itself, we find it hitched to everything else in the Universe.
~ John Muir