David Stockman, former OMB Director for President Reagan, slams the current GOP presidential line-up on business and economics. Stockman is very conservative and could be called a libertarian.
But he is realistic and has worked on Wall St. He knows how LBO firms like Bain Capital really work, and clearly states they are not set up to create jobs or develop new businesses. They are meant solely to increase shareholder and company profits at the expense of both the business being bought and the employees of that business. He also scoffs at Gingrich’s claim regarding Freddie Mac. He says no company gives a historian or an adviser millions of dollars in fees without expecting something valuable in return, such as inside influence.
Watch the entire segment here.
It’s well past time to clean up financial businesses and all of the banks as Simon Johnson, former IMF chief, former Deleware Sen. Ted Kaufman, and Ohio Sharrod Brown have all argued.
Listen carefully to David Stockman.
