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Out of touch and out of time
Monty Newman
President Obama has been too wedded to the old-school liberalism of more regulation, more government control and higher taxes to keep his promises to the American people.
The Obama campaign has, at times, verged on the surreal. The campaign has touted an economic recovery that nobody in middle America sees in their everyday lives. At the same time, they have launched attacks on job creators in an effort to discredit Mitt Romney’s record as a businessman, a record that even Bill Clinton has praised as “sterling.”
It’s been a risky strategy, and it is not entirely surprising that it came crashing down on the Chicago operation’s head recently when the May jobs report confirmed what everyone else already knew — President Obama’s economic policies have failed. GDP growth is stalling and the unemployment rate is back on the rise. Even President Obama’s most ardent supporters are dismayed.
“The president who started off with such dazzle now seems incapable of stimulating either the economy or the voters. His campaign is offering Obama 2012 car magnets for a donation of $10; cat collars reading ‘I Meow for Michelle’ for $12; an Obama grill spatula for $40, and discounted hoodies and T-shirts. How the mighty have fallen.”
That is Maureen Dowd of the New York Times, and she concludes that President Obama is simply out of touch, “still finding himself, too absorbed to see what’s not working.”
One has to wonder how much the average, unemployed American cares about President Obama’s midlife crisis. He may need to “find himself,” but Americans want to find jobs. They don’t have time for President Obama’s existential journey.
Simply put, Obama economics has failed. President Obama has been too wedded to the old-school liberalism of more regulation, more government control and higher taxes to keep his promises to the American people. President Obama is out of time and out of touch.
Fortunately, Mitt Romney may get a chance to set things right. He’s taken over failing enterprises and turned them around. That’s how he got that “sterling” reputation, and it’s just what this country needs.
Newman is chairman of the Republican Party of New Mexico.
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Basically, Obama and Romney are Tweedledum and Tweedledee when it comes to representing American workers and small business. Can we honestly expect for Mitt Romney to do anything differently? No, absolutely not.
Gary Johnson or Ron Paul or Bernie Sanders or Ralph Nader may stand for American patriotism and loyalty.
http://www.huffingtonpost.com/2012/06/13/obama-trade-document-leak_n_1592593.html
“The newly leaked document is one of the most controversial of the Trans-Pacific Partnership trade pact. It addresses a broad sweep of regulations governing international investment and reveals the Obama administration’s advocacy for policies that environmental activists, financial reform advocates and labor unions have long rejected for eroding key protections currently in domestic laws.
Under the agreement currently being advocated by the Obama administration, American corporations would continue to be subject to domestic laws and regulations on the environment, banking and other issues. But foreign corporations operating within the U.S. would be permitted to appeal key American legal or regulatory rulings to an international tribunal. That international tribunal would be granted the power to overrule American law and impose trade sanctions on the United States for failing to abide by its rulings.”
Mr. Newman’s and the Republican electoral strategy is a colossal con game funded by the Super PAC’s. Its strategy is to convince voters that the bad economy is all big spending! Then these guys wants to enact the same policies that have already failed and led to the Great Recession – unbelievable.
So the Republican economic future is the past — and it has already failed!!!!!!!
“You know, a year from now, I think people are going to see that we’re starting to make some progress but there is still going to be some pain out there. If I don’t have this done in three years, then there’s going to be a one-term proposition.”
President Barack Obama to Bob Schieffer, early 2009.
Meant to say, “unintelligible“, but my point stands.
Here is the context of Clinton’s ‘sterling’ comment:
“There’s no question that in terms of getting up and going to the office and, you know, basically performing the essential functions of the office, the man who has been governor and had a sterling business career crosses the qualification threshold.”
Geez… given that grueling criteria, I qualify for the job!
We are living through the Great Recession that is global. One of the fundamental causes of the financial collapse is the UNREGULATED use of derivative securities. It played a major pivotal role in collapse. I bet that Mr. Newman has on idea about derivative securities.
This $596 trillion world-wide derivatives market paved the way for the financial institutions to become aggressive about investing in sub-prime mortgages. This has led directly to our present crisis. Mr. Newman – as they say – “wake up and smell the coffee.”
I guess Mr. Newman wants to jump-start another recession and maybe a depression by deregulation. If elected President Mr. Romney would turn back the clock to create another boom and bust cycle. That would be a true disaster for America!
This is the most short-sighted, weak, intelligible and unsupported commentary that I have seen in some time. I’m not sure Mr. Newman knows who he is really speaking about regarding being “out of touch”, “old school”, and needing to “find himself”. Where’s the beef Mr. Newman?
Bishop Mitt Romey ( I think that is proper) is totally out of touch. Mr. Newman fails to mention the strategic bankruptcies engineered by Bain Capital. Mr. Mitt Romney led the purchase of Worldwide Grinding Systems. So what did he do to the company? He loaded the company with hundreds of millions of dollars of debt. Then Bain paid itself a $36 million dividend. Where new jobs created? No the company went bankrupt after being sucked dry of cash. The creditors lost a lot of money. The jobs of 750 workers were terminated, and the pension obligations of the company were shifted to the federal government. This is the modus opernadi of Bain Capital under the leadership of Mr. Romney – sad! Now republicans want him to be President – unbelievable.
New Mexicans should not forgot that it was Mr. Romney’s Bain Capital LLC that drove KB Toys Inc. into the ground. In 2004 all the stores were closed in New Mexico. After its buyout of KB Toys, Bain paid itself $85 million.
http://www.bizjournals.com/albuquerque/stories/2004/01/26/daily14.html
http://online.wsj.com/article/SB122901585422798605.html?mod=googlenews_wsj
Finally Mr. Romney and his partners have been taking advantage of the unfair carried interest that is a share of a partnership’s profits that have been taxed as a capital gain as opposed to ordinary income. It is a great deal for private equity firms: The top rate on gains held longer than a year is 15%, so the tax on carried interest is usually less than half the top 35% rate on ordinary income. There isn’t any FICA or Medicare taxes, either.
Here is how carried interest has worked in Bain Capital : Romney and his partners set up a private-equity fund known as Bain Capital . They organized it as a partnership in which they are “general partners” who managed the fund,and their investors were “limited partners.” (“Limited” means the investors can’t lose more than they put in and aren’t in charge – great deal.) There wasn’t any layer of corporate taxes, so profits and losses flow directly through to all partners’ personal tax returns. “The typical fees charged by these funds are known as “2 and 20″—an amount equal to 2% of the fund’s assets plus 20% of its profits.”
Mr. Romney and partners claimed the 2% fee as compensation, so it is subject to ordinary-income and payroll taxes. However they classified the 20% share of profits—where the big money was—as an investment that produced a capital gain or loss.This is a joke. Anyone with common sense can see that carried interest is not an investment. It should have been compensation to partners in exchange for their services. This is a big travesty of justice. That is why Romney made big money with creative destruction.
Mr. Romney will be a disaster for America! By the way when will he share his income tax returns – after the election. America should obviously stick with President Obama.
Paul Eichorn – I completely agree with your comment. Truth rules.
Monty Newman – have you been living in the United States during any part of the last ten years?
Republicans wrecked this economy and have fought every measure President Obama has put forth to try to fix it. So they still bear the entire blame. There are two ways in which lies get propagated: stupidity and evil. On the bright side, really bright people make the best idiots. They can justify any position based on selfishness and greed. I feel fairly sure Monty Newman is not stupid, but his readers may be when they swallow the whopper that Barrack Obama is any sort of Liberal.What is indeed stupid is the belief that supply side economics and tax cuts for the rich is any sort of solution for jobs in a recessionary time. If that were true, George Bush’s administration would have been awash in jobs. It wasn’t. It is a lie repeated so often it is presented as fact.Regulation is your friend. Particularly in the financial markets. The reason a foreign mogul decided in the past to invest in America was that a dollar was a dollar. You may lose a little bit of money on your investment, but the great majority of the time you made a nice return. Wall Street should not be a Vegas casino. Foreign moguls have no shortage of risky investments all over the world to pick from. If they keep on getting burned while investing here, they will go some place like Germany for investment.
“June 13, 2012 808 MT
Silver now $28.94
The breakout level for spot silver is 31. Ultimate target of $599.
Dow now 12524
The breakdown level for dow jones is 12000. Ultimate target of zero.”
https://sites.google.com/site/erikhawkes/Home/alarming-markets-outlook
Sorry for a couple of typos – I have a bit of neuropathy. I meant to put a % sign after the 100.
Mr. Newman’s column is chock-full of misleading statements; i.e., touting Romney’s record as a “job creator” when in fact his Bain group was a job destroyer. He bought companies, then fired employees – that’s not a job creator. Your Republican Party, Mr. Newman, has a huge blind spot when talking about the recession and that blind spot is named the G.W. Bush administration. The CBO reported today that the Bush administration’s policies are what have caused this country’s budget deficit, not 3-1/2 years of Obama in the White House. Obama has had to fight an avowed Republican mission to make him a one term president. The GOP says “No” to any tax increase, “No” to jobs bills, infrastructure repair, “No” to letting Bush tax cuts die, “No” to the Fair Pay Act, etc. Instead they focus on telling out and out liesfor which they receive incredible sums of money from secretive Super PACS. These actions contradict 100 any of their claims of patriotism and so-called family values.
The ‘old school’ mantra of ”lowering taxes on the rich will create jobs for the rest of you” hasn’t gone anywhere in the 30 years of chanting it, and deregulation of the banks has brought financial disaster. Come out of that reality-free zone and open your eyes to the truth.
Some good point Mr. Newman, but Mitt is not the man who can beat Obama. I do find it comical Obama is offering such silly trinkets for donations, and the frequent raffles to raise money in small donations by offering dinner with him and famous stars is just ridiculous. But that is the kind of person we have for Prez these days. His Freudian slip about how private enterprise is “doing just fine”, and his incredible failure to recognize most people think teachers, firemen, and policemen should be paid by local government taxing authorities, not us federal taxpayers, is just appalling and shows his left wing, big government ideals very clearly.
“People voted for Obama in 2008 because they wanted the opposite of Bush. Obama has in turn been more Bush than Bush. With both parties now having betrayed the interests of the people, the establishment needs a new party to blame. Enter the T party – a republican operation run by Dick Armey and http://www.freedomworks.org/. Every T party candidate has the risk of having the rug pulled out from under them at any moment; and I expect it will be. The people’s interests have not changed; their government no longer represents their interests. What happens following the third betrayal?”
https://sites.google.com/site/erikhawkes/Home/the-third-betrayal
Did Ron and Rand Paul just provide the Third Betrayal?
“Public-Private Partnerships – when private industry provides public services for profit. The original taxes for the services remain in place, but a duplicative “service for FEE” structure is added. It is FASCISM, and it should NOT be considered as a solution to the State’s budget woes. It promotes monopolies and destroys small business. If the stakeholder is not a shareholder, he has no voice.”
https://sites.google.com/site/erikhawkes/Home/ppp