Tuesday, July 31, 2012

Caterpillar Inc, Bain Capital, Banks, LIBOR and Mitt Romney: How Capitalism is just the new name for Imperalism

Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration. Abraham Lincoln
Mitt Romney wants to replace Presdient Obama as well as Abraham Lincoln, whose bust he wishes to remove from the Oval Office as a nod & a wink to his "Special Relationship" to the "Anglo-Saxon Heritage". What Mitt has been doing his entire life, through off-shoring and out-sourcing American Jobs and dismantling American Companies is to make Capital superior to Labor.
Caterpillar Inc. announced record-smashing quarterly earnings Wednesday, trouncing 2011 figures and previous projections by market analysts, even as a strike at its Joliet plant is nearing the three-month mark.

The industrial manufacturing giant posted sales and revenues of $17.37 billion – a 22 percent increase over the previous year – including a quarterly profit of nearly $1.7 billion. The company also raised its profit outlook to $9.60 per share.
That sure is great but while Caterpillar is posting back-to-back-to-back-to-back record quarterly profits they are working to lower the wages and pensions of their workers. Why isn't Caterpillar's CEO compensation and worker's salaries tied together?

Why would Caterpillar Inc. be focused on freezing workers pay and pensions? Because Capitalists see high labor prices as an unnecessary evil. Why pay American workers high salaries when with the help of Republican Party and Pro-Business Democrats you can off-shore jobs to slave wage nations and (via Mitt Romney's proposed plan) repatriate overseas profits as tax breaks.

In 2004, the Swiss Banking Giant UBS began approaching affluent Americans (in Banking terms affluent means net worth of $50 Million plus) with the idea of setting up dummy off-shore Corporations. By early 2009 at least 52,000 Americans had hid at least $20 Billion in those off-shore tax havens. UBS paid the IRS a $780 million fine for aiding these Rich Criminals in defrauding tax payments.

But, as Senator Jon Kyl pointed out those Rich Criminals are just better than you,
"President Barack Obama should stop talking about the middle class because it turns people against rich Americans, who should be embraced as the Michael Jordans of the U.S. economy," Senator Jon Kyl (R-Ariz.)

"Here's Jordan for three... Yes!!! Did you see that look? Michael, he can't believe it." - Marv Albert recalls Michael Jordan's retroactive shrug following his invocation by Senator Not Intended to be a Factual Statement Kyl.
As the right-wing universe spearheaded by Faux News tries to rebrand Mitt Romney's time at Bain Capital we see the old ploy of relabelling of concepts which Humanity correctly considers odious into fresh new terms. Hence the word Imperalism is no longer used by Imperalists, what they talk about today is Free Market Capitalism.

Free Market Capitalism and what Mitt Romney did at Bain Capital is nothing more than the new name for an old idea. Which is too steal labor, resources and lives of 99% of the world to enrich a very small cadre of Plutocrats, or Class Warfare.

Mitt Romney did the same thing as a "Venture" Capitalist. Buying up companies, loading them with debt to inflate their worth and selling them off to make a profit. Mitt did not invent the practice nor is he the worst example of it. But, his legacy of sending American Jobs overseas is alive and well at Bain Capital.
Sensata is owned by Bain Capital, the private equity investment firm that the Republican presidential candidate once led and that has been the subject of a campaign debate about jobs and outsourcing. Romney had long since left his leadership position at Bain when Sensata bought the plant in 2010, but the Freeport City Council recently passed a unanimous 8-0 resolution calling on him to come visit and help keep the jobs in town. The workers have written him directly.
And even while Mitt Romney, boating enthusiast, laughingly jets around Lake Winnipesaukee he ignores the pleas of the victims of his evil crimes.

And this doesn't even go into the giant LIBOR manipulation scandal of Barclay's and dozens of British and American banks. Or the evil, corrupt Bankers at HSBC who while gouging every decent hard-working person who might be late on a payment was busy laundering millions of dollars from Mexican Drug Cartels, FARC guerrillas and Al Qaida Terrorists. Barclay's LIBOR rate rigging is nothing new.

Imperialists have always sought new methods and tools to extract the wealth from the poor and transfer it to themselves. It's all legerdemain. A shell game designed to Steal.

But, when dealing with Theft of this magnitude. Theft of Generations. Theft of Lives. Theft of the Wealth of Nations. You can't call it what it is.


dedc79 said...

John Kyl is an embarassment. I don't know if he ever cared about being truthful in his statements, but over the last few years especially, he just seems to blurt out whatever pops into his mind.

the yellow fringe said...

Kyle may be right or wrong I don't know, but I do know that the method of taking all the profit for a few and pushing down the workers, cutting benefits when there is more and more profit, this is the goal of modern Republicans. They see the success of the nation through this outcome and this only. It will take longer, but one day even my poor religious republican cousin and his family are going to wake up and see what voting GOP gave them when they need medicare, their company has no health insurance for them, nor retirement, at the same time they (as if it is proof of something good they believe) they sneer Social Security will be broke when they need it. I see only one choice for them, they will have to steal to survive if they keep voting GOP, and they will one day, they have no pot to piss in yet believe these high taxes are killing them.

Grung_e_Gene said...

Mitt Romney hasn't paid Taxes in 10 years. Taxes, you see, are for the little people to pay, not for the Wealthy Industrialists and Vulture Capitalists.

A month or so ago, Senator Harry Reid said, a person who had invested with Bain Capital called his office.

"Harry, he didn't pay any taxes for 10 years," Reid recounted the person as saying.

"He didn't pay taxes for 10 years! Now, do I know that that's true? Well, I'm not certain," said Reid. "But obviously he can't release those tax returns. How would it look?

J.O.B. said...

I've driven past these men and women a few times. It really is appalling how Caterpillar has used management and scabs to break these workers' will. I stand firm with these hard working individuals.

Gene- Here's a good article from the Sun Times about two weeks ago.

J.O.B. said...