In this episode, I take Mitt Romney to task on what he said last night in the debate about how he’ll be tough on China.
Mitt Romney brags about how he co-founded Bain Capital. At Bain Capitral, Romney built his fortune on closing down American manufacturing plants and shipping jobs off to China. Romney even admits to doing this. If you watch the entire 47% video of Romney speaking in front of a bunch of rich millionaires who paid $50,000 a plate to hear Romney speak, he stated that he was in China buying a manufacturing plant! I strongly encourage you to listen to the entire 47% Romney video here.
Mitt Romney got up in front of America and lied to everyone about his role with outsourcing jobs to China. In fact, as Romney lied to America and tried to paint himself as the candidate that would be tough on China, Bain Capital, the company that he founded and that pays his multi-million dollar pension, is in the process of closing down the Sensata plant in Illinois. Sensata has record profits last year but Bain Capital is all about maximizing profit for rich shareholders and the top 3% at the expense of the 97%. This is nothing new. This is what Bain Capital has always done. Yet we are suppose to magically believe that Romney is going to get tough on China? What a joke.
The market is in a trading channel and we may not get a 4th quarter rally because of the coming Fiscal Cliff. I think the Fiscal Cliff is going to be BIG news after the elections.