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How Mitt Romney Drove Companies Bankrupt, Raided Pension Funds and Paid Himself Handsomely

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Mitt Romney’s Bain Capital was very good at making money for Mitt Romney. At the same time it loaded companies Bain bought with debt, borrowed even more money to pay dividends to Mitt Romney and destroyed or outsourced lots of jobs. It even raided pension funds. Then Romney turns around and holds himself up as a “successful businessman.” Sure he was successful in terms of making money for himself. But this was at the expense of those workers at previously successful companies who lost their jobs when those companies went bankrupt thanks to the debt loaded on them due to money borrowed from banks that went directly into Romney’s pocket.

Here’s how a private equity fund such as Bain Capital works. It picks a successful company and then takes it over with a leveraged buyout (LBO). The money borrowed from a bank to pay off the owner or stockholders does not become the debt of Bain Capital. It becomes the debt of the company that was taken over. You might ask, “Why would a bank even loan money to place a company in debt for the purposes of being taken over by Bain Capital which does not even assume the debt?” Well, it’s for the same reason that so many subprime loans were available. The bank does not continue to hold the debt. It offloads it to investors such as pension funds so the bank doesn’t really care. They have no skin in the game. Why not loan Mitt Romney money to take over companies? There’s good money in those commissions.   [Read more…]

Conservatives Undermining Our Economic Recovery

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by Adam Hersh / Center for American Progress

Today’s weak economic growth numbers were as predictable as they are disheartening, and the blame lies squarely with those who opposed the president’s American Jobs Act nearly a year ago—and have in fact opposed an array of sensible economic policies to expand public investments that create jobs and economic growth ever since President Barack Obama took office.

But first the “news.” The $15.6 trillion U.S. economy slowed in the three months through June 2012. U.S. gross domestic product, or GDP—the sum total of all goods and services produced by workers and equipment in the United States—grew at 1.5 percent in the second quarter of 2012. We are growing, but slowing. And this must renew policymakers’ urgency for action to prevent our economy from dipping further.   [Read more…]

“Tobacco Can Cure Smoking” And Other Highlights Of ALEC’s Annual Meeting in Salt Lake

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by Brendan Fischer and Mary Bottari / PR Watch

“Can Tobacco Cure Smoking?” is the title of a workshop this morning led by the tobacco industry-backed Dr. Brad Rodu, who is trained as a dentist but has the title “Chair of Tobacco Harm Reduction Research” at the University of Louisville, a program primarily funded by U.S. Smokeless Tobacco Co., an ALEC member and manufacturer of smokeless tobacco brands like Copenhagen and Skoal. He is also a Senior Fellow at the Heartland Institute, the Illinois-based think tank thatattracted attention earlier this year for making billboards that likened those who believe in man-made climate change to mass murderers and terrorists.

Rodu’s research supports the idea that smokers should replace cigarettes with smokeless chewing tobacco or “snus” moist tobacco packets — a “free market” solution to reducing smoking that would allow tobacco companies to continue profiting off of addiction.
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Dark Money Political Groups Target Voters Based on Their Internet Habits

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by Lois Beckett / ProPublica

Lauren Berns was browsing Talking Points Memo when he saw an ad with President Obama’s face. “Stop the Reckless Spending,” the ad read, and in smaller print, Paid for by Crossroads GPS.    Berns was surprised. Why was Crossroads GPS, a group that powerful Republican strategist Karl Rove helped found,advertising on a liberal-leaning political website? Looking closely at the ad, Berns saw a small blue triangle in the upper-left hand corner. He knew what that meant: this ad wasn’t being shown to every person who read that page. It was being targeted to him in particular. Tax-exempt groups like Crossroads GPS have become among the biggest players in this year’s election.  They’re often called “dark money” groups, because they can raise accept unlimited amounts of money and never have to disclose their donors.

These groups are spending massively on television spots attacking different candidates. These ads are often highly publicized and get plenty of media attention.

But these same dark money groups are also quietly expanding their online advertising efforts, using sophisticated targeting tactics to send their ads to specific kinds of people.

Who they’re targeting, and what data they’re using, is secret.   [Read more…]

Homelessness Myth#24: They All Frequent Bars

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We’re all aware that the United States economy is going through some hard times. A number of businesses are experiencing financial down turns. Some housed people believe that all homeless people spend a great deal of time hanging out in bars and, by their very presence in those bars, negatively impact those businesses.

But do all homeless people really hang out in bars? To answer this question, I asked a number of people who have experienced homelessness whether they frequent bars and, if so, what have their experiences have been.   [Read more…]

The Starting Line – Is Carl DeMaio Really Comparable To Harvey Milk?

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Last weekends’ protest aimed at Mayoral candidate and City Councilman Carl DeMaio during the 38th annual Pride parade continues to reverberate throughout the community. Johnathan Hale, publisher of SDGLN.com – who also happens to be DeMaio’s significant other – posted an article entitled Letter to the Community: Real LGBT leaders don’t put politics above Pride that has provoked fierce debates across social media platforms. The commentary compared DeMaio to LGBT political icon Harvey Milk and accused labor unions of organizing and funding the “Turn Your Back on Carl DeMaio” campaign.

Activist Wendy Sue Biegeleisen took to Facebook to respond, saying, “Harvey Milk was Jewish, from NY and fought for the underdog. He was pro-union, labor, supported diversity, feminism and Equal Rights for all LGBTQQIA people. What about this description sounds like Carl Demaio?” Labor Council leader Lorena Gonzalez, joined the debate via Twitter from the east coast, denying that Labor had a role in the protest and challenging Hale to prove his charges. Kelly Davis over at City Beat chimed in by pointing out that DeMaio “gave LGBT community plenty to be pissed off about by courting support of Charles LiMandri” and posting a link to an article about that controversy the paper had run. SDGLN tweeted back, saying “when @SDCityBeat covers Pride a stellar as the UT did this year, THEN we’ll take your opinions on LGBT issues seriously.”   [Read more…]

Pacific Beach Planning Board Resists City Builders’ Plans for Beach Development

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For the moment, city plans to develop the coastal cliff beach at Law St. in North Pacific Beach, with another new live-in lifeguard tower and garages, have met with an equally divided planning board, 7-7, with the tie vote cast by the board president, in a heated debate at the last PB Planning Board meeting, July 25, 2012, at the PB library community room.

Planning Board members, trying to balance the needs of the lifeguards and public safety, and city contractor jobs, with the obvious coastal erosion and rising ocean level concerns evident at this beach, decided to delay consideration of this project until more information can be provided. Questions as to the true nature and need of the project before a site could be chosen were at the forefront of the dilemma.   [Read more…]

Brief History of OB Grassroots Activism – Part 2

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This first appeared at the OB Rag.

This is Part 2 of my “brief” history of modern OB activism. Here’s Part 1. It is taken from a talk I gave at the Open House of the Green Store on July 14th.

The Eighties

The 1980s were a period of accommodation. Hippie businessmen and women emerged on the scene in OB and were accepted. The projects of the hippie radicals of the late Sixties and Seventies had all but faded away – many of the hippies remained however, buying homes in OB or Point Loma, getting married, and having careers and children. But the radical pioneers had paved the way for a new wave of hippies – it was the coming of age of the “hip-oisie”, a type of hip petite-bourgeoisie.

Young, hip businesspeople not only emerged and opened up shops within OB’s business centers, but they became the leaders on Newport Avenue, breathing new life into a older, moribund business elite that had grown out of touch with the residents of the community.

The new hip-oisie ushered in a new type of activism, an activism that resulted in such mainstays that they are taken for granted today : the OB Christmas-then-Holiday Parade, the Christmas Tree, the OB Geriatric Surf Team, the annual OB Street Fair. In essence, then, over the decade, there had been a re-making of the main commercial street in the village. Newport Ave had experienced an overhaul.
  [Read more…]

Filner Under Fire for Saying He Would Follow the Law

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Mayoral candidate says he would negotiate with unions on pay freeze.

San Diego mayoral candidate Bob Filner came under fire last night for comments he made in an interview with the UT San Diego, saying that “he would push for the freeze even if the courts ruled Prop B illegal because two-thirds of city voters favored the plan.” The UT San Diego headline reads “New backer of SD pension overhaul: Bob Filner.” The Voice of San Diego’s Scott Lewis took to Twitter, more or less accusing Filner of flip-flopping on Prop B.

Filner was among the plan’s most vehement opponents during the primary election, and he still is. However, Filner also said during the final mayoral debate before the primary election that should Prop B be passed by the voters, it would become the law of the city, and therefore he would be obligated to implement it as mayor. He said he would follow the law and the will of the voters. And the voters have spoken.   [Read more…]

The Starting Line — Drinking the Right Wing Kool-Aid in Mission Valley; UT-SD’s Quest to Demonize President Obama

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How low will the UT-San Diego’s editorial board go in its quest to demonize President Obama?  Will they manufacture or twist history to portray him as the worst chief executive in history? You betcha!, as they did in an editorial profile (Presidential busts: The worst of all: Barack Obama...) this weekend. Will they cry “wolf” when one of contender Mitt Romney’s financial backers’ activities gets scrutinized by the federal government after years of investigations by state governments? Oh, yes!, they will.   [Read more…]

Brits mock the hell out of Mittens over “Anglo-Saxon” remarks. Do shut the hell up like a good chap

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by MinistryOfTruth / Daily Kos

A few notes from our friends across the pond on what Mitt Romney should support if he was really hell bent on rebuilding bonds with our Anglo-Saxon roots.

In short order, thanks to the The Guardian for this. . .

Want to be more like the Anglo-Saxons?

  [Read more…]

A (Brief) History of Ocean Beach Grassroots Activism

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The following is based on a talk I gave at the Green Store’s Open House on Saturday, July 14th.

This is an outline of the history – the modern history – of OB grassroots activism – which began in the late Sixties with the development and growth of the hippie sub-culture, the counter-culture.

By 1967, Ocean Beach had become the Haight-Ashbury of San Diego. OB was the San Diego equivalent of that fabled and iconic San Francisco neighborhood that had become synonymous with “hippie-ism”. If you were a hippie or a hippie-wannabe during this time somewhere in San Diego, you ended up in OB.

Of course, other factors contributed to the incubation in Ocean Beach of a community sympathetic and supportive of the new emerging counter-counter: before there were long-haired hippies in OB, there were long-haired surfers – as this community had been a center of surf-culture for years by time OB had morphed into a hippie haven. And, more in general, OB had been a classic southern California beach-college town, where students and young people made up a huge proportion of the residents. There were no colleges right in OB, but there were plenty close by. Cal-Western (now Nazarene) was just up the hill in Point Loma. Plus OB was a bedroom community for USD – also not too far away, but especially for San Diego State, and Mesa, City, UCSD.
  [Read more…]

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