Steel - The Latest Obama "Vote for ME" Commercial

[youtube:36xv1475][/youtube:36xv1475]

Sad story right? Romney should be strung up by his thumbs right? Looks like someone on Barry's fact checking team failed to check all of the facts:

Obama’s New Attack Ad, Already Debunked
By Jim Geraghty
May 14, 2012 9:33 A.M.
Comments 5

The new Obama ad hits Mitt Romney for the closure of GST Steel after its purchase by Bain Capital, Romney’s former financial firm.

Romney’s departure from Bain: 1999.

GST Bankruptcy Filing and layoffs: 2001. (Dan Margolies, “Shutdown Is End Of An Era,” The Kansas City Star, 2/8/01)

http://www.nationalreview.com/campaign-spot/299850/obamas-new-attack-ad-already-debunked#

I can hear it now, "Romney planned the whole thing and knew back in 1998 that there was money to be made. Romney knew this business would fail and took advantage of the workers, we must unite and rise up against this evil man for destroying jobs..."

I find this attempt at making Romney look like a job destroyer laughable at best given Barry's record on job creation and unemployment figures over the last three plus years!

I have to giggle at the thread title...who else would an Obama commercial be asking you to vote for?

Kansas City's GST Steel had been making steel rods for 105 years when Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.

So for 6 years Romney and Bain sucked the life out of this company and then he leaves Bain while GST is circling the drain. Saying that Romney’s former company was just part of the trend that killed the American steel industry helps him how, exactly?

America jumped the shark on steel production back in the late 1970's, thank Jimmy Carter and the EPA for that. Stack on a labor force that is entirely composed of union members (and the highly increased cost associated with employing them) and then figure out how a business that cannot compete in the global steel industry will continue to be profitable, pay wages, pensions, and board members. When the cost of operations exceeds the cost of doing business it's time to have a hard look at spending and either reduce costs and increase profits or get out of the business.

Let's also not forget Romney had partners but suddenly in 2012 it's as if Romney acted on his own to destroy GST Steel. I could pull the standard liberal line "provide me a credible link to your proof" but why bother, the ship is sinking and Barry knows he is on his way out. Do I care what you believe? Only if you are changing your mind and voting for anyone except Barry.

No matter how much lipstick they try to put on the pig Romney is still a vampire capitalist who makes money for himself and his partners while screwing the workers and killing more jobs tha he creates ...And saddles the Federal Government with tens-of-millions in costs to make good on the pension plans that they sucked dry. He's a well dressed parasite--nothing more.

LadyJazzer wrote: No matter how much lipstick they try to put on the pig Romney is still a vampire capitalist who makes money for himself and his partners while screwing the workers and killing more jobs tha he creates ...And saddles the Federal Government with tens-of-millions in costs to make good on the pension plans that they sucked dry. He's a well dressed parasite--nothing more.

Hmmmm... seems that this ad is full of lies...

But even one of President Barack Obama’s chief advisers is not buying it. On MSNBC’s “Morning Joe” on Monday, former Obama administration “car czar” Steve Rattner called the ad “unfair” and said that it wasn’t Bain’s responsibility to create or save jobs.[/size[/i]

“Morning Joe” host Joe Scarborough had a similar reaction, but was more critical of the ad creators’ perceptions of the middle class.

Read more: http://dailycaller.com/2012/05/14/forme ... z1uvqqhIdF

First of all, the investment was one of many done by Bain under Romney’s leadership, which the Wall Street Journal documented was a record mainly of success, not failure.

In any case, Romney had left day-to-day management of Bain in February 1999 to help organize the Salt Lake City Olympics. So he was running Bain when GS Industries settled the 1997 strike with workers by promising guarantees on their pensions, but he was not there when the company used the bankruptcy process to break those promises and slash those benefits. [/i] (The U.S. Pension Benefit Guaranty Corp. later determined that the company underfunded the pension plan by $44 million.)

http://www.washingtonpost.com/blogs/fac ... _blog.html

This ad is more crap from our liar in chief Obama.

Steve Rattner wrote: and said that it wasn’t Bain’s responsibility to create or save jobs

He is right. Their responsibility was to make a profit for themselves at any cost. And they did. But it took down a company and almost an industry.

So for 6 years Romney and Bain sucked the life out of this company and then he leaves Bain while GST is circling the drain. Saying that Romney’s former company was just part of the trend that killed the American steel industry helps him how, exactly?

When an industry is not able to export its product because they are not cost competitive globally, their market shrinks to the much smaller domestic market. When that occurs, the number of companies in that industry will shrink. When the productivity increases of technology are added, the number of companies will shrink even further. If the productivity increases of technology are not added, then imported steel becomes less expensive than domestic steel and even the domestic market is surrendered.

Reminds me of the character played by Danny DeVito in 'Other People's Money" and his speech on Buggy Whips - worth refreshing your memory if you don't remember it.
http://youtu.be/MfL7STmWZ1c

Bain's mission was to "create profits"...Jobs were secondary, and/or irrelevant. Bain was in it to make money, and the way the game was rigged, if they made a certain "bet" and it was successful, Bain made money, and maybe some jobs got saved, or even a few "created." If they made a certain "bet" and it was unsuccessful, Bain made money...and jobs-be-damned.

In the case of the steel company, Bain had negotiated with the labor force to continue the company's obligations, pensions, health-care, etc. Then Bain put them all on the street, and reneged on what they had negotiated, and the folks without jobs got screwed. THEN guess what... The FEDERAL GOVERNMENT had to step in and use $44 million of TAXPAYERS money to make good on the pensions and federally-backed obligations that Romney and his vultures walked away from. (How's THAT strike you?!...You okay with $44million of your tax-dollars covering Bain/Romney's foul business practices...while Bain walked away with approximately $16 million in profits?)

That's not "capitalism"... That's obscene wealth-creation, and jobs-be-damned.....

LadyJazzer wrote: How's THAT strike you?!...You okay with $44million of your tax-dollars covering Bain/Romney's foul business practices...while Bain walked away with approximately $16 million in profits?

There's an easy solution to that problem - get the federal government out of pension programs, including the one it created. Makes a big difference to both unions and corporations when negotiating the terms of the contract knowing that there is a GSE standing by to make good on the promises that are being demanded and agreed to regardless of whether or not the contract is fiscally sound.