The Republican Nominee Depresses Me, Too

Matt Taibbi, in comparing Mitt Romney's address to the NAACP and later to a "friendlier audience" in Montana:

So now this is the message: I tried to reason with the blacks, I really did, but it turns out they just want a free lunch.

How’s that for bridging the racial divide? Time to wake up the Nobel committee in Oslo!

As far as free lunches go, we of course just witnessed the biggest government handout in history, one that Romney himself endorsed. Four and a half trillion dollars in bailout money already disbursed, trillions more still at risk in guarantees and loans, sixteen trillion dollars in emergency lending from the Federal Reserve, two trillion in quantitative easing, etc. etc. All of this money went to Romney’s pals in the Wall Street banks that for years helped Romney take over companies with mountains of borrowed cash. Now, after these banks crashed, executives at those same firms used those public funds to pay themselves massive salaries, which is exactly the opposite of “helping those who need help,” if you’re keeping score.

That set of facts alone made the “free stuff” speech shockingly offensive. But the problem isn’t just that Romney’s wrong, and a hypocrite, and cynically furthering dangerous and irresponsible stereotypes in order to advance some harebrained electoral ploy involving white conservative voters. What makes it gross is the way he did it.

Romney can’t even be mean with any honesty. Even when he’s pandering to viciousness, ignorance and racism, it comes across like a scaly calculation. A guy who feels like he has to take a dump on the N.A.A.C.P. in Houston in order to connect with frustrated white yahoos everywhere else is a guy who has absolutely no social instincts at all. Someone like Jesse Helms at least had a genuine emotional connection with his crazy-mean-stupid audiences. But Mitt Romney has to think his way to the lowest common denominator, which is somehow so much worse. [Matt Taibbi, "Romney's 'Free Stuff' Speech is a New Low," 13 July 2012]

Corporate Welfare

Jamie Dimon, CEO of JPMorgan Chase & Co., who received such love from Senators, especially Republican senators, in a recent Senate hearing, owes some of his fortune to taxpayers. According to Bloomberg and research by the International Money Fund, JPMorgan "receives a government subsidy worth about $14 billion a year....[which] helps the bank pay big salaries and bonuses...[and] distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy." Read the entire article at: "Dear Mr. Dimon, Is Your Bank Getting Corporate Welfare?," to get a step-by-step discussion of how corporate welfare affects us all. (h/t Think Progress: Economy)

According to the Center for Responsive Politics, "the financial sector is far and away the largest source of campaign contributions to federal candidates and parties." In the 2011-2012 cycle so far, Mitt Romney has received far more contributions than any other presidential candidate: $19, 222, 965 to Obama's $8, 414, 629. Of the top 20 recipients of the financial industry's largesse, 14 are Republicans and 6 are Democrats. Insurance heads the financial industry PACs in contributions, with 62% of its contributions going to Republicans this year, compared to 38% to Democrats.

The financial industry is hedging its bets, of course, but it looks as if the Republicans are the favored horse in this year's race. Wonder what the industry will expect in return. Not.