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Home🌌Off Topics🌌Off Topics News & Politics › Mitt Romney, 'You Killed Us Out Here’
07-28-2012 05:36 PM  8 years ago
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djinni

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Mitt Romney, 'You Killed Us Out Here’
Mitt Romney killed the American Dream for thousands of Americans, during his tenure at Bain Capital, here's what happened to several hundred hard working Americans.

Watch at YouTube

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07-28-2012 05:58 PM  8 years ago
Jerry K

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Right now I cannot watch the video. But is there any way this has to do with the goverment killing the steel industry with overburdened regulations and allowing cheeeeeep foreign steel to flood the markets without tarifs to protect the domestic market.
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07-28-2012 06:11 PM  8 years ago
Dennis (RIP)

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Right now I cannot watch the video. But is there any way this has to do with the goverment killing the steel industry with overburdened regulations and allowing cheeeeeep foreign steel to flood the markets without tarifs to protect the domestic market.
That and the unions with unreasonable demands shut the steel industry down in the USA.

It had 100% nothing to do with Romney.
Liberty once lost, is lost forever.
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07-28-2012 06:20 PM  8 years ago
es1co2bar3

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NO one need to talk about china, for there is not one leader now
or yet to come that is going to put a foot down on china neck,
we are wating now to see the china version of Runryder.
as they are now making and selling our product,
I was waiting on some honey but there aren't no Queen bee,
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07-29-2012 07:01 PM  8 years ago
djinni

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Chitown

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Dennis
That and the unions with unreasonable demands shut the steel industry down in the USA.
Yeah,, it's always the fault of the Unions. That must be why your Hobby Business failed, because of Unions. Hmmm,, what was the name of your business??? Oh yea,, Tweedle Dee Hobbies.
It had 100% nothing to do with Romney.
You've never heard of Vulture Capitalism as Rick Perry and Newt Gingrich put it. Mittens was a Corporate raider, you look for Companies that are in need of help that have a well funded Pension and are asset rich. You gain controlling share of the Company, sell off the assets drain the Pension, then dump the Company on the Taxpayer. Which is exactly what happened to GST Steel.
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07-29-2012 07:13 PM  8 years ago
Dennis (RIP)

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Yeah,, it's always the fault of the Unions. That must be why your Hobby Business failed, because of Unions. Hmmm,, what was the name of your business??? Oh yea,, Tweedle Dee Hobbies.
Actually that business was non union and it was totally and completely my own fault that it failed. No body else at all.
You've never heard of Vulture Capitalism as Rick Perry and Newt Gingrich put it. Mittens was a Corporate raider, you look for Companies that are in need of help that have a well funded Pension and are asset rich. You gain controlling share of the Company, sell off the assets drain the Pension, then dump the Company on the Taxpayer. Which is exactly what happened to GST Steel.
Venture Capitalism is just what the name implies. People go out and purchase companies that are on sale and fix their problems so that they can sell them at a PROFIT. Those same people put their own money at risk doing that. Its a VENTURE or "Speculative Investing". If they could not sell them at a PROFIT, they would loose money.

Some home builders will build whats called a "Spec Home" (Speculative Investing). They build that home without having a buyer, place it on the market and sell it as soon as possible. That helps to keeps them busy during their slow times. They either borrow the money form their bank to finance the new "Spec Home", or they put out their own money to build it. Most borrow that money for the "Spec Home". When they do that, they have to make payments on that home to the bank until its sold to a new owner, pay the bank for the "Spec Home" and take their "PROFIT".

If "Venture Capitalists" purchased companies and sold them at a loss, they they would go bankrupt rather quickly. Same with builders with "Spec Homes". If they did not sell those "Spec Homes" in a reasonable amount of time, they would go bankrupt.

Your mini lesson on venture capitalism is completed.

Liberty once lost, is lost forever.
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07-29-2012 07:31 PM  8 years ago
baby uh1

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St. James, Mo.

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"killed the American dream for thousands of Americans"?
What about the MILLIONS of Americans that Obama has put out of work?
Anything is possible if you don't know what you are talking about!
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07-29-2012 08:57 PM  8 years ago
Jerry K

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Houston Area

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Well I finally got to watch the video and find out I got suckered into watching an Obummer campain ad. I am sorry those people lost their jobs but did Mittens have anything to do with the market drying up? Look what is quoted below and read what is highlighted Does this suprise you? Did you learn this in school? This is not "rocket science" Does your family live by this principal?
In good economic times, industries race to keep up with demand. If new supply cannot keep up with new demand prices will tend to rise. Rising prices send positive signals to industry leaders prompting new investment in people, current production, and additional operating capacity. At some point the industry invests ample capital into new production, people, etc. and collectively, the industry can meet the prevailing demand with sufficient ease. Unfortunately, demand is not a one direction factor and, from time to time, is prone to decline. As demand wanes, inventory begins to build in the supply chain prompting prices to decrease. The implication of price declines is that the most uneconomic plants currently operating become unprofitable and, if prices persist at lower levels, these unprofitable plants will be shut down. While this generic business cycle tends to fit virtually every industry at different times, there is evidence that the steel industry may be entering an inflection point in the cycle.
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07-29-2012 09:08 PM  8 years ago
djinni

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Chitown

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Dennis
Actually that business was non union and it was totally and completely my own fault that it failed. No body else at all.
You really being honest with us? Don't want to admit there was a Union Organizer hanging around Intimidating you into hiring Unions Janitors.
Venture Capitalism is just what the name implies. People go out and purchase companies that are on sale and fix their problems so that they can sell them at a PROFIT. Those same people put their own money at risk doing that. Its a VENTURE or "Speculative Investing". If they could not sell them at a PROFIT, they would loose money.

-snip-

If "Venture Capitalists" purchased companies and sold them at a loss, they they would go bankrupt rather quickly. Same with builders with "Spec Homes". If they did not sell those "Spec Homes" in a reasonable amount of time, they would go bankrupt.

Your mini lesson on venture capitalism is completed.
Oh Gosh, a Business failure is giving me a business lecture,, I'll have to frame it and hang it on the wall right next to my picture of Sarah Palin.

I see part of the reason your business failed,, reading comprehension. I said "Vulture Capitalism as Rick Perry and Newt Gingrich put it"

Rick Perry: Big Difference Between Venture Capitalism and "Vulture Capitalism"

Watch at YouTube

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07-29-2012 09:12 PM  8 years ago
Dennis (RIP)

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Oregon

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You really being honest with us? Don't want to admit there was a Union Organizer hanging around Intimidating you into hiring Unions Janitors.
Hint:

I was the janitor as well.

Liberty once lost, is lost forever.
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07-29-2012 09:30 PM  8 years ago
Jerry K

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Houston Area

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Just keep one thing in mind I am not voting for Mittens

I AM VOTING AGAINST THE OBUMMER

It is a sorry state of affairs but that is the way it is!!!
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07-29-2012 09:37 PM  8 years ago
Dennis (RIP)

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Oregon

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I see part of the reason your business failed
YOU don't have a clue.
I said "Vulture Capitalism as Rick Perry and Newt Gingrich put it"

Rick Perry: Big Difference Between Venture Capitalism and "Vulture Capitalism"
Ask Rick Perry now if Romney is a vulture capitalist.

I doubt you will get the same answer my friend.

Besides, I would think a vulture capitalist would be a criminal. Romney ain't in jail, never has been.
Liberty once lost, is lost forever.
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07-30-2012 02:26 AM  8 years ago
djinni

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Dennis
Hint:

I was the janitor as well.
Fitting,,, Tweedle Dumb puts Tweedle Dee Hobbies in the toilet.

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07-30-2012 03:28 AM  8 years ago
Dennis (RIP)

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Oregon

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Fitting,,, Tweedle Dumb puts Tweedle Dee Hobbies in the toilet.
And Tweedledee dumb djinni gets on the Internet and makes a fool out of himself.

Liberty once lost, is lost forever.
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07-30-2012 03:33 AM  8 years ago
baby uh1

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St. James, Mo.

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I never believed that Obama knew how to be a good President and after three and three-quarters years of failure I don't know why anyone would still be fooled by this, well, massive failure!Anything is possible if you don't know what you are talking about!
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07-30-2012 03:37 AM  8 years ago
Jerry K

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Houston Area

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I don't know why anyone would still be fooled by this, well, massive failure!
djinni is
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07-30-2012 03:48 AM  8 years ago
Jerry K

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Houston Area

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I don't know why anyone would still be fooled by this, well, massive failure!
BTW it is only a massive failure if you are on the supply side of it.

It is a massive success if you are one of the many living off the goverment with your hand out waiting for your check to show up!!!

Look at the numbers, I recently saw 47% of the peps are on some type of goverment subsidy. If you had your hand out who would you vote(Pay off)for???
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07-30-2012 04:07 AM  8 years ago
pctomlin

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Texas

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Hate to sink your odumbo communist boat of lies, but here is the true story about GST. You need to get better info from David to post, Chitown crap don't flow good here.

GST is a tragic tale, though in a different way. The real story of GST is that of a private-equity firm trying to spark some life into a uncompetitive, over-unionized industry. Bain's crime here—if that's what you call it—was giving a dying steel plant an unexpected eight-year lease on life.

When Bain bought the Kansas City mill in 1993, steel was a scene of carnage. Global players were pouring out cheap products, and America's high-cost steel plants couldn't compete. The industry had lost 200,000 jobs in preceding years. In 1992 alone, the six largest U.S. steel mills had lost a combined $3 billion. Armco, the company Bain would buy the plant from, would lose $641 million in 1993.

The Kansas City plant was itself dying. At its 1970 height it employed 4,500; by the late 1980s it was down to 1,000. A year before acquisition, Armco had laid off another 75. Its equipment was old; it faced fierce competition at home and abroad.

B.C. Huselton, a vice president of the business at the time, tells that in 1990 the Armco CEO held a meeting. "He told us, 'Look, we either try to sell it, or we've got to shut it down.'" Armco had shut down another Kansas City facility, Union Wire Rope, only a few years before.

The Kansas City plant had two product lines—high-carbon rods and grinding media (used in mining)—that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.

The strategy worked for a time. The market firmed up and GSI became a U.S. leader in steel rods. In 1994 it felt confident enough to distribute a dividend to investors. In both 1996 and 1997, GSI would realize $1 billion in revenue.

And then came the tsunami. The late 1990s saw a new outpouring of cheap steel from elsewhere around the globe. The Asian financial crisis walloped the mining industry, cutting demand for GST products. The price of GST's electricity and natural gas skyrocketed. The union dug in, refusing to make concessions. By April 1997, it was on strike, shooting bottle rockets at guards. Labor costs spiked, and by 1999 GSI was reporting $53 million in net losses.

In 2001 it would become one of 31 steel companies that went bankrupt from 1993 to 2003. The steel crash was the economic drama du jour, with Congress railing about "dumping."

At the time, GST's union blamed the company's bankruptcy on the political class, for failing to hamstring imports. "We can't compete against the steel imports that are being sold under cost," said the president of GST's union in 2001. "Our pleas fell on deaf ears in the political arena." Who was in the White House during the 90s? The Bush administration would ultimately slap on giant tariffs.

The bankruptcies were led by unionized companies that, like airlines and textiles and Detroit, had negotiated pay and benefits that helped drive their employers under. GST's pension benefits would get passed on to the federal Pension Benefit Guaranty Corp., which in 2002 received $7.5 billion in claims from the steel industry alone. The PBGC covered GST's basic pension payouts.

The Obama ad doesn't note that the broader company, GS Industries, employed 3,500 and that the Kansas City plant (with 750 workers) was the only one shuttered. Other plants were bought and operate today. Nor does it mention Bain's other steel investment in the early 1990s, in an Indiana start-up called Steel Dynamics. The firm touts innovative technology and a nonunion workforce. It today reports $6.3 billion in revenue—25 times what it claimed in its 1996 IPO—and employs 6,000.
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07-30-2012 04:48 AM  8 years ago
GREYEAGLE

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Flat Land's

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If those UNION worker's were on top of their game - and dam sharp -

They as individual's, would of transferred their SHARES or cash asset's away from the UNION Coffer's into some form of protected security. Then they would NOT be flat busted.

Least they would have their OWN cash investment, and NOT a Promise or a ASSUMPTION it will be their.

Not only did they Lose the Collective - They lost Theirs - as a -individual - because it was attached !

Heck it was a PROMISE that they Assumed

They all fell !!!!
greyeagle
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07-30-2012 12:16 PM  8 years ago
baby uh1

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St. James, Mo.

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Trusting Union leadership with money is almost as foolish as trusting DC with it! In the end it turns out the same though.Anything is possible if you don't know what you are talking about!
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