Monday, September 03, 2012

Romney and the GOP have sold their sole to Billionaire Donors

And good government and clean streams is not what they expect for their money.

I'm late to this article.  Tim Dickinson published an excellent article in Rolling Stone last may outlining the Republican parties billionaire donors and what they want for their money.

There is no such thing as a free lunch.
Presidential politics has always been a rich man's game. But now, thanks to the Supreme Court ruling in Citizens United that upended decades of limits on campaign donations, financing a presidential race is the exclusive domain of the kind of megadonor whose portfolios make Mitt Romney look middle-class. "I have lots of money, and can give it legally now," Texas billionaire and top GOP moneyman Harold Simmons recently bragged to The Wall Street Journal. "Just never to Democrats"....

The undisputed master of Super PAC money is Mitt Romney. In the primary season alone, Romney's rich friends invested $52 million in his Super PAC, Restore Our Future – a number that's expected to more than double in the coming months. This unprecedented infusion of money from America's monied elites underscores the radical transformation of the Republican Party, which has made defending the interests of 0.0001 percent the basis of its entire platform.... In short, the political polarization and gridlock in Washington are a direct result of the GOP's capitulation to Big Money.

That capitulation is evident in Romney's campaign. Most of the megadonors backing his candidacy are elderly billionaires: Their median age is 66, and their median wealth is $1 billion. Each is looking for a payoff that will benefit his business interests, and they will all profit from Romney's pledge to eliminate inheritance taxes, extend the Bush tax cuts for the superwealthy – and then slash the top tax rate by another 20 percent. Romney has firmly joined the ranks of the economic nutcases who spout the lie of trickle-down economics. "Support from billionaires has always been the main thing keeping those charlatans and cranks in business," [Paul] Krugman noted. "And now the same people effectively own a whole political party."
Dickinson goes on to report on 16 megadonors and what they want for their money. These men are investors who expect a financial return on all their investments.   Mitt Romney is no exception.

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