Mitt Romney's entire campaign is built around debt—he once described the nation's debt as a "prairie fire" getting "closer to the homes and children we love." Which makes the whole affair "a shimmering pearl of perfect political hypocrisy," writes Matt Taibbi for Rolling Stone, because "Mitt Romney is one of the greatest and most irresponsible debt creators of all time." Romney literally got rich by creating debt that other people had to pay back through leveraged buyouts, Taibbi explains.
"Romney the businessman built his career on two things that Romney the candidate decries: massive debt and dumb federal giveaways." Bain Capital would buy firms by taking out huge loans, then saddle those companies with the debt, forcing them to cut jobs. The kicker? The whole scheme is made possible by a federal tax deduction on the loan interest. "By making debt the centerpiece of his campaign, Romney was making a calculated bluff of historic dimensions," Taibbi writes. "No one in history has ever successfully run for president riding this big of a lie. A takeover artist all his life, Romney is now trying to take over America itself." For much more, including how Romney's first buyout was financed with "dirty money," read the full article. (More Mitt Romney stories.)
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