Listen to David Stockman, former Republican Budget Director for Ronald Reagan, tell the truth about what Romney did at Bain Capital on the Fox Business Channel. This is a 5 minute piece, listen to Davidís words 4 minutes in.
David Stockman: On the other hand, I donít think Mitt Romney can legitimately say that he learned anything about how to create jobs in the LBO business. The LBO business is about how to strip cash out of old, long-in-the-tooth companies and how to make short-term profits.
[Then all the Fox commentators freak out and start talking over him]
[Finally one asks a "question" that is actually a pro-Romney line]: But he had so many new jobs created for all the jobs that were lost, it was a net gain, no?
David Stockman: I donít think so. All the jobs that he talks about came from Staples. That was a very early venture stage deal that they got out of long before it got to its current size.
The term LBO means Leveraged Buy Out.
Romney stripped companies of cash to make his fortune and the workers be damned was his life-time philosophy. He was not in the business of creating jobs; he was in the business of looting companies to enrich himself.