Viewpoint with Eliot Spitzer, 8/31/12
Once upon a time, when I was a department head at a large company, one of my employees was badgering me about why we were going to lose our jobs after we merged with another company. "We make money for them, if you just tell them, they'll keep us on," she said.
I said that the whole point of the merger was to make money for the stockholders, not to reward us for doing a good job. She told me how unfair that was. Finally I said, "I hear you on the phone every week, moving the money around in your 401K because you expect to make 13 percent interest. Don't you get it? It's people like you who cost us our jobs. Everyone in the stock market who expects to make a killing, instead of a reasonable return. Every time you move your money, you make it more likely someone else is going to lose their job."
She simply didn't believe me. I thought of her when I read this from Matt Taibbi:
Are you kidding? Mitt Romney was the guy that fired you from that $22.50 an hour job, and helped you replace it with two $9 an hour jobs! He was a pioneer in the area of eliminating the well-paying job with benefits and replacing it with the McJob that offered no benefits at all. One of the things that killed him in the Senate race against Ted Kennedy were Kennedy ads that reminded voters that Mitt’s takeovers resulted in slashed wages and lost benefits. He was exactly the guy that eliminated that classic $22.50 manufacturing job, like in the case of GST Steel, where Bain took over with an initial investment of $8 million, paid itself a $36 million dividend, ended up walking away with $50 million, and left GST saddled with over $500 million in debt. 750 of those well-paying jobs were lost.
What kinds of jobs were left for those fired workers to look for? Well, in the best-case scenario, you might have found one at Ampad, another Bain takeover target, where workers had their pay slashed from $10.22 to $7.88 an hour, tripled co-pays, and eliminated the retirement plan.
So a guy who eliminated hundreds of $22 an hour jobs and slashed hundreds more jobs to below $9 an hour blasts Barack Obama for not giving you the better life you deserved, after you lost your $22/hour job and had to take two $9/hour jobs. Are we all high or something? Did that really just happen?