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grantcart
grantcart's Journal
grantcart's Journal
January 20, 2012
Introducing the magical toasters of the Cayman Islands (8th in a series)
Watching Mitt Romney throw away a sure thing is a thing of joy.
Today the media is showing clips of Romney making a quick statement about Perry and running away from reporters.
Making a quick statement about Iowa and running into the car.
It is clear after yesterday's terrible ordeal where he mashed multiple gaffes into a single sentence (15%, hardly any speaking fees, an awkward laugh) no more off script.
Give a prepared statement and run for the car.
But how are we going to get the answers to the real questions?
For example Romney is saying that putting his money into Cayman Island Banks doesn't offer ANY tax advantage, that he pays exactly the same taxes he would here.
This raises two questions;
1) If you don't do it for the taxes then why are you putting your money in the Cayman Islands? For the magical toasters? Tell us, Mitt, tell us about the magical toasters you get in the Cayman Islands when you open an account there.
2) No magical toasters? Then why Mitt, why do you HATE American banks? Why put your money offshore?
Seventh in a series showing how Mitt Romney is throwing away a sure nomination;
First Four: http://www.democraticunderground.com/100252986
#5 Why Romney's father's campaign brainwashed him into being anal retentive
http://www.democraticunderground.com/1002128939
# 6 How Bain Capital is worse than Vulture Capitalism
http://www.democraticunderground.com/12511407
# 7 Romney's Cayman Island Problems
http://www.democraticunderground.com/12512191
January 19, 2012
Progressive alternative Darcy Richardson who received some support at DU as an alternative to the President may have peaked to early as he was unable to stay within the top 10 spots in the NH primary.
Analysts think that his support was undermined by the more credible campaign of Vermin Supreme who pulled in 4 times Richardson's number with 833 votes.
Mr. Supreme's stump speach:
Mr. Supreme answers real questions by real experts
Official NH results; Darcy Richardson 264 votes, 14th place
http://www.sos.nh.gov/presprim2012/DemSummaryPres.htmProgressive alternative Darcy Richardson who received some support at DU as an alternative to the President may have peaked to early as he was unable to stay within the top 10 spots in the NH primary.
Analysts think that his support was undermined by the more credible campaign of Vermin Supreme who pulled in 4 times Richardson's number with 833 votes.
Mr. Supreme's stump speach:
Mr. Supreme answers real questions by real experts
January 19, 2012
NEW YORK — ABC News interviewed Republican presidential contender Newt Gingrich’s second wife — with whom he’s said he has no relationship — and is likely to air the segment Thursday on “Nightline,” an ABC News executive told The Associated Press.
That’s two days before the South Carolina primary, where the former House speaker is trying to topple GOP front-runner Mitt Romney by casting himself as the more conservative option.
The ABC News executive did not indicate what the ex-wife, Marianne Gingrich, said in the interview. The executive spoke on the condition of anonymity because the plans for airing the interview were tentative.
The interview, should it air before Saturday’s primary, would shine a spotlight on a part of Gingrich’s past that could turn off Republican voters in a state filled with religious and cultural conservatives who may cringe at Gingrich’s two divorces and acknowledged infidelity.
The former Ms. Gingrich has famously stated that she could give an interview that would end his career.
AP source: ABC interviewed Gingrich ex-wife, likely to air segment 2 nights before SC primary
http://www.washingtonpost.com/national/ap-source-abc-interviewed-gingrich-ex-wife-likely-to-air-segment-a-night-before-sc-primary/2012/01/18/gIQAJFqI9P_story.htmlNEW YORK — ABC News interviewed Republican presidential contender Newt Gingrich’s second wife — with whom he’s said he has no relationship — and is likely to air the segment Thursday on “Nightline,” an ABC News executive told The Associated Press.
That’s two days before the South Carolina primary, where the former House speaker is trying to topple GOP front-runner Mitt Romney by casting himself as the more conservative option.
The ABC News executive did not indicate what the ex-wife, Marianne Gingrich, said in the interview. The executive spoke on the condition of anonymity because the plans for airing the interview were tentative.
The interview, should it air before Saturday’s primary, would shine a spotlight on a part of Gingrich’s past that could turn off Republican voters in a state filled with religious and cultural conservatives who may cringe at Gingrich’s two divorces and acknowledged infidelity.
The former Ms. Gingrich has famously stated that she could give an interview that would end his career.
January 19, 2012
Romney doesn't just have extraordinary wealth in which he pays low taxes but uses accounts in the Cayman Islands to further lower his tax rate. Even without the tax records there exists enough facts in the public record to raise substantial questions about Romney's financial largess and Bain Capital holding 138 'secretive' investment accounts in the Cayman Islands. How will this play in Peoria, or South Carolina?
Edited to add
Down thread thelordofhell asks if the Mormon Church will be upset that they will not get their share. It turns out that Romney used donations of stock to get a double dip benefit to further reduce his tax liability. Article below.
Romney Parks Millions in Cayman Islands
ABC Report with video (very effective)
http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566#.TxdHq10WXQ6
Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.
. . .
As the race for the Republican nomination heats up, Mitt Romney is finding it increasingly difficult to maintain a shroud of secrecy around the details about his vast personal wealth, including, as ABC News has discovered, his investment in funds located offshore and his ability to pay a lower tax rate.
. . .
But tax experts tell ABC News there are other reasons Romney may not want the public viewing his returns. As one of the wealthiest candidates to run for president in recent times, Romney has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune. In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans. Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.
. . .
Tax experts agree that Romney remains subject to American taxes. But they say the offshore accounts have provided him -- and Bain -- with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury. Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens. Blum, the D.C. tax lawyer, said working through an offshore investment vehicle allows the investor to "avoid a whole series of small traps in the tax code that ordinary people would face if they paid tax on an onshore basis."
Wilkins agreed, saying the "primary advantage to setting those funds up in an offshore jurisdiction like the Cayman Islands or Bermuda is it helps the investors avoid tax."
Romney's campaign has responded with "everything Romney has done is legal" which sounds like a non-denial response to the facts. The experts cited explain that even though the rates on income will be the same as the US, Romney may be using other aspects of the Cayman Islands to further reduce tax liabilities, even though it may be legal.
Edited to add that Romney also used stock donations to the Mormon Church to further reduce tax liability
In Bain deals, Romney gave stock to Mormon church
http://www.reuters.com/article/2012/01/19/us-usa-campaign-romney-donations-idUSTRE80H28B20120119?feedType=RSS&feedName=topNews&rpc=71
(Reuters) - Using a practice that made him eligible for large tax deductions, Mitt Romney gave the Mormon church substantial stock holdings that he obtained through his private equity firm, according to documents filed with the government and to Romney associates.
The tactic used by Romney to help meet his Mormon obligation of "tithing" - in which members donate 10 percent of their income to the church - is a common way for wealthy Americans to make large donations to charities, tax specialists say.
But against the backdrop of a Republican presidential campaign in which Romney is being pressured to reveal his tax returns and further details on his vast wealth, the donations shed light on the tax strategies of Romney and others at Bain Capital, the private equity firm he co-founded in 1984.
The analysts said that if Romney and others at Bain got a stock cheap and eventually donated it to a church or charity without cashing in the stock, then they could get two tax benefits. First, they would not have to pay capital gains tax on the appreciated value of the stock, which they would have to do if they sold the stock and either pocketed or donated the proceeds. Second, they might be able to deduct all, or at least part of, the value of the donated stock from their taxable income.
Gamechanger? ABC News Reports on Romney's extensive holdings in Cayman Islands.
What will happen to the Republican primary campaign when Newt Gingrich gets his hands on this report just filed by ABC News?Romney doesn't just have extraordinary wealth in which he pays low taxes but uses accounts in the Cayman Islands to further lower his tax rate. Even without the tax records there exists enough facts in the public record to raise substantial questions about Romney's financial largess and Bain Capital holding 138 'secretive' investment accounts in the Cayman Islands. How will this play in Peoria, or South Carolina?
Edited to add
Down thread thelordofhell asks if the Mormon Church will be upset that they will not get their share. It turns out that Romney used donations of stock to get a double dip benefit to further reduce his tax liability. Article below.
Romney Parks Millions in Cayman Islands
ABC Report with video (very effective)
http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566#.TxdHq10WXQ6
Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.
. . .
As the race for the Republican nomination heats up, Mitt Romney is finding it increasingly difficult to maintain a shroud of secrecy around the details about his vast personal wealth, including, as ABC News has discovered, his investment in funds located offshore and his ability to pay a lower tax rate.
. . .
But tax experts tell ABC News there are other reasons Romney may not want the public viewing his returns. As one of the wealthiest candidates to run for president in recent times, Romney has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune. In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans. Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.
. . .
Tax experts agree that Romney remains subject to American taxes. But they say the offshore accounts have provided him -- and Bain -- with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury. Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens. Blum, the D.C. tax lawyer, said working through an offshore investment vehicle allows the investor to "avoid a whole series of small traps in the tax code that ordinary people would face if they paid tax on an onshore basis."
Wilkins agreed, saying the "primary advantage to setting those funds up in an offshore jurisdiction like the Cayman Islands or Bermuda is it helps the investors avoid tax."
Romney's campaign has responded with "everything Romney has done is legal" which sounds like a non-denial response to the facts. The experts cited explain that even though the rates on income will be the same as the US, Romney may be using other aspects of the Cayman Islands to further reduce tax liabilities, even though it may be legal.
Edited to add that Romney also used stock donations to the Mormon Church to further reduce tax liability
In Bain deals, Romney gave stock to Mormon church
http://www.reuters.com/article/2012/01/19/us-usa-campaign-romney-donations-idUSTRE80H28B20120119?feedType=RSS&feedName=topNews&rpc=71
(Reuters) - Using a practice that made him eligible for large tax deductions, Mitt Romney gave the Mormon church substantial stock holdings that he obtained through his private equity firm, according to documents filed with the government and to Romney associates.
The tactic used by Romney to help meet his Mormon obligation of "tithing" - in which members donate 10 percent of their income to the church - is a common way for wealthy Americans to make large donations to charities, tax specialists say.
But against the backdrop of a Republican presidential campaign in which Romney is being pressured to reveal his tax returns and further details on his vast wealth, the donations shed light on the tax strategies of Romney and others at Bain Capital, the private equity firm he co-founded in 1984.
The analysts said that if Romney and others at Bain got a stock cheap and eventually donated it to a church or charity without cashing in the stock, then they could get two tax benefits. First, they would not have to pay capital gains tax on the appreciated value of the stock, which they would have to do if they sold the stock and either pocketed or donated the proceeds. Second, they might be able to deduct all, or at least part of, the value of the donated stock from their taxable income.
January 15, 2012
http://www.fundinguniverse.com/company-histories/KB-Toys-Company-History.html
In 1999, KBkids.com received top points from an e-commerce market research firm, the Gomez Advisors, in the categories of customer confidence, overall cost, and bargain shopping. Softletter named the site one of the 'Ten Best Online Software Stores of 1999' in its October 15th issue. Even the Wall Street Journal dubbed the site the 'best overall' online toy retailer. In a little more than four months online, KBkids.com increased its business more than 400 percent and twice ranked among the five biggest gainers on the NextCard eCommerce Movers index.
It seemed nothing could stop KB Toys from challenging its rivals in the toy industry. Operating profit for 1999 was up 51 percent from 1998. The company, seeking to capitalize on its growth, decided to hold an initial public offering in the spring of 2000, then postponed trading due to unfavorable market conditions. Notwithstanding this delay, KB was more focused than ever on fine-tuning its position in the very fashion-forward toy industry. With relatively small stores and a knack for innovation and creativity in marketing, KB was ready as ever to make quick adjustments to changing customer and merchandise trends.
2. KB Toys was a company that made money and exercised social responsibility
After a 13 year old boy in NYC was shot and killed while holding a realistic toy gun (not from KB Toys) KB Toys destroyed 300,000 toys in inventory and never again carried realistic toy guns. They also gave toys for guns.
The company also participated in New York's 'Goods for Guns' program, which offered gift certificates to people who surrendered real firearms. Although Ann Iverson left as chairman in 1994, her policy of not selling look-alike guns was continued by her successor, Alan Fine, who had been senior vice-president before becoming president and CEO.
3. Bain Capital 'purchased' KB for the respectable price of $ 305 million dollars on December 8, 2000.
http://en.wikipedia.org/wiki/KB_Toys
4. Bain Capital only offered $ 18 million in cash, the rest was leaveraged debt put on the company.
5. "Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002."
6. "January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores."
7. Three years later the rest of the 156 stores were closed down.
But there is a little more to the story. KB Stores had already gone through a tough restructuring in 1996. At that time a private equity bought the company, closed unprofitable stores, and increased profits.
So here is the objective reality of what Bain did.
Bain engineered a private equity purchase of a profitable company that had already gone through 'creative destruction' eliminating unprofitable legacy operations and saddled the company with hundreds of millions of dollars of debt. The company was not just profitable but an example of the kind of companies that demonstrate a wider social conscious for its customers and the larger community. Sixteen months after purchasing the company with only 6% cash of the value Bain takes out dividends at over 400% of their investment. Significantly this was done during the time of the attacks on 9/11 when the country as a whole was undergoing a hightened sense of patriotism, sacrifice and social duty. Less than 2 years after saddling KB Toys with massive debt and taking out astronomical dividends, K-B Toys faces Chapter 11 bankruptcy and closes 354 previously profitable stores.
Vultures take meat that is already dead and complete the final loop in the cycle of life.
Bain took a company that had already been restructured and was surging in profits and cash. There was never any interest by Bain to restructure KB Toys, that had already been done.
Bain purchased KB Toys simply to raid its cash, and they did so during a time when the rest of the country was undergoing a period of reviewing the founding principles of the country.
To call what Bain did to KB Toys as 'Vulture' Capitalism is an insult to Vultures.
They were pirates and this is why there is so much interest to change the subject and not let the real facts of Bain Capital come to the surface during the Republican Primary.
Here are the facts about Bain and KB Toys, much worse than 'Vulture' Capitalism
There is good private equity and there is bad private equity firms.
My company at the time tried to find a partner in the 1990s and I was impressed by some of the people we talked with. They look at 100 companies pare it down to 10 and recommend one.
Here are the facts about KB Toys.
1. At the time it was purchased KB Toys was an industry leader, it was not in trouble.
http://www.fundinguniverse.com/company-histories/KB-Toys-Company-History.html
In 1999, KBkids.com received top points from an e-commerce market research firm, the Gomez Advisors, in the categories of customer confidence, overall cost, and bargain shopping. Softletter named the site one of the 'Ten Best Online Software Stores of 1999' in its October 15th issue. Even the Wall Street Journal dubbed the site the 'best overall' online toy retailer. In a little more than four months online, KBkids.com increased its business more than 400 percent and twice ranked among the five biggest gainers on the NextCard eCommerce Movers index.
It seemed nothing could stop KB Toys from challenging its rivals in the toy industry. Operating profit for 1999 was up 51 percent from 1998. The company, seeking to capitalize on its growth, decided to hold an initial public offering in the spring of 2000, then postponed trading due to unfavorable market conditions. Notwithstanding this delay, KB was more focused than ever on fine-tuning its position in the very fashion-forward toy industry. With relatively small stores and a knack for innovation and creativity in marketing, KB was ready as ever to make quick adjustments to changing customer and merchandise trends.
2. KB Toys was a company that made money and exercised social responsibility
After a 13 year old boy in NYC was shot and killed while holding a realistic toy gun (not from KB Toys) KB Toys destroyed 300,000 toys in inventory and never again carried realistic toy guns. They also gave toys for guns.
The company also participated in New York's 'Goods for Guns' program, which offered gift certificates to people who surrendered real firearms. Although Ann Iverson left as chairman in 1994, her policy of not selling look-alike guns was continued by her successor, Alan Fine, who had been senior vice-president before becoming president and CEO.
3. Bain Capital 'purchased' KB for the respectable price of $ 305 million dollars on December 8, 2000.
http://en.wikipedia.org/wiki/KB_Toys
4. Bain Capital only offered $ 18 million in cash, the rest was leaveraged debt put on the company.
5. "Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002."
6. "January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores."
7. Three years later the rest of the 156 stores were closed down.
But there is a little more to the story. KB Stores had already gone through a tough restructuring in 1996. At that time a private equity bought the company, closed unprofitable stores, and increased profits.
So here is the objective reality of what Bain did.
Bain engineered a private equity purchase of a profitable company that had already gone through 'creative destruction' eliminating unprofitable legacy operations and saddled the company with hundreds of millions of dollars of debt. The company was not just profitable but an example of the kind of companies that demonstrate a wider social conscious for its customers and the larger community. Sixteen months after purchasing the company with only 6% cash of the value Bain takes out dividends at over 400% of their investment. Significantly this was done during the time of the attacks on 9/11 when the country as a whole was undergoing a hightened sense of patriotism, sacrifice and social duty. Less than 2 years after saddling KB Toys with massive debt and taking out astronomical dividends, K-B Toys faces Chapter 11 bankruptcy and closes 354 previously profitable stores.
Vultures take meat that is already dead and complete the final loop in the cycle of life.
Bain took a company that had already been restructured and was surging in profits and cash. There was never any interest by Bain to restructure KB Toys, that had already been done.
Bain purchased KB Toys simply to raid its cash, and they did so during a time when the rest of the country was undergoing a period of reviewing the founding principles of the country.
To call what Bain did to KB Toys as 'Vulture' Capitalism is an insult to Vultures.
They were pirates and this is why there is so much interest to change the subject and not let the real facts of Bain Capital come to the surface during the Republican Primary.
January 13, 2012
NEW YORK (CNNMoney) -- Get those orange aprons ready for the spring cleaning rush.
Home Depot announced Thursday it plans to hire 70,000 temporary workers at its U.S. stores to handle its spring selling season, the busiest time of the year for the home improvement chain.
How do you like them numbers Mitt?
Yes its temporary but still a good good sign.
I wonder what Intrade will do with this news.
Republicans having heart failure all over the country with this good news.
Home Depot to hire 70,000
http://money.cnn.com/2012/01/12/news/companies/home_depot_hiring/index.htm?iid=HP_Highlight&hpt=hp_t1NEW YORK (CNNMoney) -- Get those orange aprons ready for the spring cleaning rush.
Home Depot announced Thursday it plans to hire 70,000 temporary workers at its U.S. stores to handle its spring selling season, the busiest time of the year for the home improvement chain.
How do you like them numbers Mitt?
Yes its temporary but still a good good sign.
I wonder what Intrade will do with this news.
Republicans having heart failure all over the country with this good news.
January 12, 2012
Edited to add that PPP is tweeting that SC Santorum supporters are leaving for Gingrich.
@Nate_Cohn SC voters are now dropping Santorum for Newt. Earlier polling had suggested the reverse.
If the latest polling is correct then Romney is in big trouble.
His lead in South Carolina is gone and he is running third place in North Carolina
http://www.huffingtonpost.com/2012/01/11/nc-2012-primary-25-gingri_n_1199950.html
2012 President: Republican Primary
25% Gingrich
24% Santorum
22% Romney
9% Paul
4% Huntsman
4% Perry
1% Roemer
Given that Romney's only compelling argument is that he is inevitable and can win elections he will have to come up with something big if these polls are correct.
If they are correct they will prove my long standing prediction that this will not be decided during the pre convention period but will be decided at the convention, even though almost no one else thinks that this is even remotely possible. This civil war is going to go on and on and on.
“This is not good news for Mitt Romney,” (with up dated confirming data re SC)
Edited to add that PPP is tweeting that SC Santorum supporters are leaving for Gingrich.
@Nate_Cohn SC voters are now dropping Santorum for Newt. Earlier polling had suggested the reverse.
If the latest polling is correct then Romney is in big trouble.
His lead in South Carolina is gone and he is running third place in North Carolina
http://chronicle.augusta.com/news/aiken/2012-01-11/sc-poll-mitt-romney-has-small-lead-over-newt-gingrich
As the GOP presidential nomination race settles into South Carolina, Mitt Romney isn’t enjoying the double-digit lead he held in New Hampshire, according to a survey conducted Wednesday night.
The former Massachusetts governor’s lead is so small in the Palmetto State that he’s essentially tied with Newt Gingrich, according to a poll conducted for The Augusta Chronicle by InsiderAdvantage/Majority Opinion Research.
Romney’s 23 percent and Gingrich’s 21 percent fall within the 3.6 percent margin of error. Former Pennsylvania Sen. Rick Santorum, who came in second in the Iowa caucuses is in third place in South Carolina with 14 percent, while Texas Congressman Ron Paul, the runner-up in New Hampshire, is effectively tied with him at 13 percent.
. . . .
“This is not good news for Mitt Romney,” said Towery, who chaired several of Gingrich’s congressional campaigns before becoming a nonpartisan pollster. “There is no other way to put it. This means it is a dead-even race. South Carolinians couldn’t care less about New Hampshire or Iowa.”
http://www.huffingtonpost.com/2012/01/11/nc-2012-primary-25-gingri_n_1199950.html
2012 President: Republican Primary
25% Gingrich
24% Santorum
22% Romney
9% Paul
4% Huntsman
4% Perry
1% Roemer
Given that Romney's only compelling argument is that he is inevitable and can win elections he will have to come up with something big if these polls are correct.
If they are correct they will prove my long standing prediction that this will not be decided during the pre convention period but will be decided at the convention, even though almost no one else thinks that this is even remotely possible. This civil war is going to go on and on and on.
January 11, 2012
Darcy raising eyebrows with a surprising 9th place showing in early returns.
Numerous DU posters have been keeping DU appraised of progressive Merrill Lynch stockbroker Darcy Richardson as a symbolic alternative to President Obama.
Many of us who thought that Darcy wouldn't get any votes have been proven wrong as Darcy is showing 49 votes with 16% in and could break 500 votes at this pace.
By comparison Vermin Supreme pictured here
who ran on a platform of mandatory tooth brushing already has already gotten 143.
Watch the results here and see if Darcy can move into 8th place.
http://www.wmur.com/r/30132728/detail.html
January 6, 2012
U.S. Navy rescues Iranian sailors
(CNN) -- U.S. sailors from a carrier strike group whose recent presence in the Persian Gulf drew the ire of Iranian military officials have rescued 13 of the Middle Eastern country's sailors from a hijacked fishing boat, a military spokesman said Friday.
The destroyer USS Kidd came to the aid of the ship Thursday in the North Arabian sea, near the crucial Strait of Hormuz, according to the Navy.
The rescue prompted the captain of the freed ship to offer his "sincere gratitude," according to Josh Schminky, a Navy Criminal Investigative Service agent aboard the Kidd.
"He was afraid that without our help, they could have been there for months," said Schminky
With video here:
http://www.cnn.com/2012/01/06/world/meast/iran-us-navy-rescue/index.html?npt=NP1
January 6, 2012
http://en.wikipedia.org/wiki/George_Romney_presidential_campaign,_1968
The wide margin of victory in Romney's November 1966 gubernatorial re-election in Michigan cast him to the forefront of national Republicans.[4] In addition to his political record, the tall, handsome, graying Romney looked like a president.[5][6][7] Republican governors were determined not to let the 1964 Barry Goldwater disaster recur, and neither fellow governors Nelson Rockefeller nor Bill Scranton wanted to run again; the governors quickly settled on Romney as their favorite for the Republican presidential nomination in the 1968 U.S. presidential election.[2] Former Congressman and Republican National Committee chair Leonard W. Hall became Romney's informal campaign manager.[2] A Gallup Poll after the November elections showed Romney as favored among Republicans over former Vice President Richard Nixon for the Republican nomination, 39 percent to 31 percent,[8] and a Harris Poll showed Romney besting President Johnson among all voters by 54 percent to 46 percent.[9]
snip
However before his campaign had officially began, Governor Romney made a statement that practically ruined his chances of getting the nomination. In a taped interview with Lou Gordon of WKBD-TV in Detroit on August 31 1967, Romney stated, "When I came back from Viet Nam [in November 1965], I'd just had the greatest brainwashing that anybody can get." He then shifted to opposing the war: "I no longer believe that it was necessary for us to get involved in South Vietnam to stop Communist aggression in Southeast Asia," he declared. Decrying the "tragic" conflict, he urged "a sound peace in South Vietnam at an early time." Thus Romney disavowed the war and reversed himself from his earlier stated belief that the war was "morally right and necessary."
The "brainwashing" reference had been an offhand, unplanned remark that came at the end of a long, behind-schedule day of campaigning.[25] By September 7 it had found its way into prominence at The New York Times.[15] Eight other governors who had been on the same 1965 trip as Romney said no such activity had taken place, with one of them, Philip H. Hoff of Vermont, saying Romney's remarks were "outrageous, kind of stinking ... Either he's a most naïve man or he lacks judgment."[26] The connotations of brainwashing, following the experiences of American prisoners of war (highlighted by the 1962 film The Manchurian Candidate), made Romney's comments devastating,[8] especially as it reinforced the negative image of Romney's abilities that had already developed.[13] The topic of brainwashing quickly became newspaper editorial and television talk show fodder, with Romney bearing the brunt of the topical humor.[8] Senator Eugene McCarthy, running against Johnson for the Democratic nomination, said that in Romney's case, "a light rinse would have been sufficient."[15] Republican Congressman Robert T. Stafford of Vermont sounded a common concern: "If you're running for the presidency, you are supposed to have too much on the ball to be brainwashed."[8][26]
Why Mitt Romney is so anal retentive - yet another father-son GOP story.
There is a very clear reason why Mitt Romney appears to check everything he does and says with an internal voice and tries to mimic a charachter from 'Leave it to Beaver'.
In 1968 Mitts father was Governor of Michigan and was an affable centrist politician, a Republican who supported civil rights and was against the Vietnam war. Polls showed that he was 8 points ahead of Nixon and if he went to the GE 8 points ahead of Johnson.
And then a comment got out that he said that he thought he had been 'brainwashed' by the military on a tour there. This comment, made a year before, crippled his campaign. It probably cost his father the White House.
At 21 Mitt learned that lesson very well and has endeavored never to slip and let an offhand remark keep him from the WH. That is why he is wound so tight and appears so plastic. It has made him into the most insincere appearing candidate ever to have a chance of becoming President in recent years. And the deeper he goes the more wound he appears until he now offers cringe worthy recitations of America the Beautiful.
Ironically George Romney's offhand comment about being 'brainwashed' could end up costing his son the WhiteHouse too.
For DUers under 55 here is the wikipedia version of George Romney's implosion.
http://en.wikipedia.org/wiki/George_Romney_presidential_campaign,_1968
The wide margin of victory in Romney's November 1966 gubernatorial re-election in Michigan cast him to the forefront of national Republicans.[4] In addition to his political record, the tall, handsome, graying Romney looked like a president.[5][6][7] Republican governors were determined not to let the 1964 Barry Goldwater disaster recur, and neither fellow governors Nelson Rockefeller nor Bill Scranton wanted to run again; the governors quickly settled on Romney as their favorite for the Republican presidential nomination in the 1968 U.S. presidential election.[2] Former Congressman and Republican National Committee chair Leonard W. Hall became Romney's informal campaign manager.[2] A Gallup Poll after the November elections showed Romney as favored among Republicans over former Vice President Richard Nixon for the Republican nomination, 39 percent to 31 percent,[8] and a Harris Poll showed Romney besting President Johnson among all voters by 54 percent to 46 percent.[9]
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However before his campaign had officially began, Governor Romney made a statement that practically ruined his chances of getting the nomination. In a taped interview with Lou Gordon of WKBD-TV in Detroit on August 31 1967, Romney stated, "When I came back from Viet Nam [in November 1965], I'd just had the greatest brainwashing that anybody can get." He then shifted to opposing the war: "I no longer believe that it was necessary for us to get involved in South Vietnam to stop Communist aggression in Southeast Asia," he declared. Decrying the "tragic" conflict, he urged "a sound peace in South Vietnam at an early time." Thus Romney disavowed the war and reversed himself from his earlier stated belief that the war was "morally right and necessary."
The "brainwashing" reference had been an offhand, unplanned remark that came at the end of a long, behind-schedule day of campaigning.[25] By September 7 it had found its way into prominence at The New York Times.[15] Eight other governors who had been on the same 1965 trip as Romney said no such activity had taken place, with one of them, Philip H. Hoff of Vermont, saying Romney's remarks were "outrageous, kind of stinking ... Either he's a most naïve man or he lacks judgment."[26] The connotations of brainwashing, following the experiences of American prisoners of war (highlighted by the 1962 film The Manchurian Candidate), made Romney's comments devastating,[8] especially as it reinforced the negative image of Romney's abilities that had already developed.[13] The topic of brainwashing quickly became newspaper editorial and television talk show fodder, with Romney bearing the brunt of the topical humor.[8] Senator Eugene McCarthy, running against Johnson for the Democratic nomination, said that in Romney's case, "a light rinse would have been sufficient."[15] Republican Congressman Robert T. Stafford of Vermont sounded a common concern: "If you're running for the presidency, you are supposed to have too much on the ball to be brainwashed."[8][26]
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