Greed and debt, this economy we face now is not an accident, it exists because of policies and practices that create failing small businesses, job losses, rising unemployment and the accompanying call for austerity with reduction in social benefits. The motive is greed and the method is debt. Matt Taibbi defines it better than most and more understandably than many. Matt writes:

"Greed and Debt: The True Story of Mitt Romney and Bain Capital

“Replace “old, simple, let's-make-stuff-and-sell-it manufacturing economy” with a new, highly complex, let's-take-stuff-and-trash-it financial economy.

 

“Instead of cars and airplanes, we built swaps, CDOs and other toxic financial products.

 

“Instead of building new companies from the ground up, we took out massive bank loans and used them to acquire existing firms, liquidating every asset in sight and leaving the target companies holding the note.

 

“The new borrow-and-conquer economy was morally sanctified by an almost religious faith in the grossly euphemistic concept of "creative destruction," and amounted to a total abdication of collective responsibility by America's rich, whose new thing was making ass-loads of money in ever-shorter campaigns of economic conquest, sending the proceeds offshore, and shrugging as the great towns and factories their parents and grandparents built were shuttered and boarded up, crushed by a true prairie fire of debt.

 

“Mitt Romney – a man whose own father built cars and nurtured communities, and was one of the old-school industrial anachronisms pushed aside by the new generation's wealth grab – has emerged now to sell this make-nothing, take-everything, screw-everyone ethos to the world. He's Gordon Gekko, but a new and improved version, with better PR – and a bigger goal. A takeover artist all his life, Romney” tried “to take over America itself. And if his own history is any guide, we'll all end up paying for the acquisition.”

MATT TAIBBI

AUGUST 29, 2012 

http://www.rollingstone.com/politics/news/greed-and-debt-the-true-s...

 

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