Bain Capital did NOT create wealth. It moved it. (x-post) [View all]

[bleever]

Watching these poor folks on Ed Schultz from Freeport, Illinois, who are losing their jobs because Bain management is closing their plant and moving the production to China really drives home a point for me:

We are told that Bain Capital created wealth. It's more accurate to say that Bain specializes in moving wealth.

Yes, some people (overwhelmingly people who were already wealthy) got wealthier. But what about the wealth of the workers whose jobs go overseas? Their loss of employment and their meager wealth is exactly what turned into the wealth that flowed up to Bain investors.

All the dollars that cascade into the accounts of Bain investors directly corresponds to wealth and opportunity lost by "overpaid" U.S. workers, and to their lost equity in homes they can't afford, and lost opportunities for a decent and dignified retirement, and lost opportunities for their children and grandchildren.

And don't forget that the U.S. government, through tax incentives, pension guarantees, etc. also contributed to the flow of wealth from taxpayers to the fortunes of Romney and his cohorts.

So let's stop letting them get away with saying, "At least Romney was successful at creating wealth in his business career". He wasn't; he specialized in moving it from other, weaker people and institutions to those with the money and power to make the system work in their favor, at the cost to the rest of us.