Don’t Forget You Were Mad at People Like Romney
Mitt Romney, it turns out, is the perfect frontman for Wall Street’s greed revolution. He’s not a two-bit, shifty-eyed huckster like Lloyd Blankfein. He’s not a sighing, eye-rolling, arrogant jerkwad like Jamie Dimon. But Mitt believes the same things those guys believe: He’s been right with them on the front lines of the financialization revolution, a decades-long campaign in which the old, simple, let’s-make-stuff-and-sell-it manufacturing economy was replaced with a new, highly complex, let’s-take-stuff-and-trash-it financial economy. Instead of cars and airplanes, we built swaps, CDOs and other toxic financial products. Instead of building new companies from the ground up, we took out massive bank loans and used them to acquire existing firms, liquidating every asset in sight and leaving the target companies holding the note. The new borrow-and-conquer economy was morally sanctified by an almost religious faith in the grossly euphemistic concept of “creative destruction,” and amounted to a total abdication of collective responsibility by America’s rich, whose new thing was making assloads of money in ever-shorter campaigns of economic conquest, sending the proceeds offshore, and shrugging as the great towns and factories their parents and grandparents built were shuttered and boarded up, crushed by a true prairie fire of debt.
Remember when everyone was angry at Wall Street four years ago for creating a toxic culture of greed that put us on a direct path to a financial crisis? Rolling Stone would like to remind us that Mitt Romney was a part of that toxic culture.