NVDAILY.COM | Opinion
Posted November 4, 2012 | 5 Comments
Letter to the Editor: Reforms are needed
Mitt Romney bills himself as a job creator in his career as a businessman. Romney's business was as a financial speculator (gambler of sorts) in the leveraged buyouts (LBOs). Briefly and simplistically, LBOs involve buying companies, taking the money out of the company, loading the company up with debt, and then selling the company as if it is a good deal. Some of Romney's companies went bankrupt because of this process. That means workers lost their jobs. It is the nature of that business to run high risks for job destruction.
If you cannot believe the people who experienced that under Romney's Bain, then would you believe David Stockman, Ronald Reagan's budget director? Stockman fell out of favor with Republicans for telling the truth about the financial management during the Reagan years. Stockman also went into the LBO business, then tells the truth about how that business works.
Stockman's explanation of Romney's career with its results can be found on the Daily Beast at Newsweek. I have no objection to anyone getting rich, but by LBOs, no. The story reveals character without any cause to engender trust that our society is protected, much less about to graduate to a better class of problems through Romney.
In fairness to all, however, the system is rigged for people to become rich and destroy jobs. Reforms are needed yet, sad to say, the election does not appear to relate to truth about issues, plans and programs for reform or job qualifications.
Linda J. Allen, Front Royal