Yesterday Rachel Maddow presented a news piece on her TV program on MSNBC that was truly informative about Mitt Romney and how he and Bain made their money. To illustrate, she used a Florida company making medical devices in the Miami area with a branch plant in Puerto Rico. After a series of restructuring moves, the Puerto Rico plant was closed and jobs totaling $30 million annually in salaries and wages were lost in Florida. Bain insisted on repayment for their investment by local governments and pocketed nearly $250 million dollars. Three years later, the restructured Florida company went bankrupt, in part because Bain left the company top-heavy in debt. Mitt still receives remuneration from Bain from that deal and others like it.
Then Rachel introduced a clip from the Daily Show with Jon Stewart. Jon proceeded to explain how Mitt Romney, Bain Capital and other private equity firms lobbied Congress to preserve their low 15% tax rate which Mitt enjoys to this day on his annual income of approximately $20 million. Mitt claims to be unemployed although he does not need unemployment compensation or food stamps as many of us do.
In two short segments, Rachel and Jon were able to make crystal clear how Mitt made his money and why he pays a lower rate in federal taxes than most of us. The mainstream media should be ashamed of itself for not providing this information which I deem vital to the voters selecting a candidate for president. To remedy the network failings, I would suggest replacing the three network anchors, ABC, NBC and CBS, with Rachel Maddow at one network, Jon Stewart at another and Fareed Zakaria at the third. It is time for some REAL news. At the very least, the three networks could invite the three to appear as regular guests. The Right has begun to take notice of Rachel Maddow as I am now beginning to find posts ridiculing her on some of their websites.