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Reagan Advisor's thoughts on Ryan and Romney

Discussion in 'Political Discussion' started by DocHoliday, Aug 14, 2012.

  1. DocHoliday

    DocHoliday Rookie

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  2. khayos

    khayos Rookie

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    Sooo much credibility...

    David Stockman - Wikipedia, the free encyclopedia

    Business career
    Having left government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the now very successful New York–based private equity company, the Blackstone Group.[10] His record was mixed at Blackstone, with some very good investments, such as American Axle, but also several large failures, including Haynes International and Republic Technologies.[11] During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman's role in managing the investments he had developed,[12] Stockman resigned Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[13]

    On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman's guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million-plus of equity it had invested in the business.[14]

    Collins & Aikman Corp.

    During August 2003, Stockman installed himself as CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before a Chapter 11 filing on May 17, 2005.

    Criminal and civil charges

    On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in "a scheme ... to defraud [Collins & Aikman]'s investors, banks and creditors by manipulating C&A's reported revenues and earnings." At the same time, the Securities and Exchange Commission brought civil charges against Stockman related to actions he performed while CEO of Collins & Aikman.[15] Stockman suffered a personal financial loss, estimated at $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide. Stockman said in a statement posted on his law company's website that the company's end was the consequence of an industry decline, not fraud.[16] On January 9, 2009, the U.S. Attorney's Office announced that it did not intend to prosecute Stockman for this case.
  3. JackBauer

    JackBauer On the Roster

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    So nothing of substance to add?
  4. khayos

    khayos Rookie

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    LOL what substance is there to add to an opinion piece other than look at whose opinion it is?

    So more snarky fail comments?
  5. JackBauer

    JackBauer On the Roster

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    Uh, you could at least make an attempt to argue the substance of the article. Which points made by the author do you agree/disagree with, and why?

    I know that's a little out of your wheelhouse, but you could at least give it the ole' college try.
  6. patsfaninpittsburgh

    patsfaninpittsburgh Banned

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    He doesn't need to.

    If you have zero clue who David Stockman is......you might want to actually give it the "ole' college try" and figure out who the cretin is.

    Obviously, the guy tells you what you want to hear. Outside of that, there is zero point in reading the guy's work.
  7. JackBauer

    JackBauer On the Roster

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    I'm well aware who David Stockman is. It's not like he's the first or last person to make these and related criticisms of the Ryan plan.

    It is pretty amusing to see how difficult it is for you guys to muster up a defense of your golden boy's work.
  8. DocHoliday

    DocHoliday Rookie

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    Can't believe how some people equate business record with ability to comment on politics and economics.

    We've had captains of industry be treasury and fed chiefs and **** up constantly.

    Anyway if his advice was so bad why did Reagan keep him?
  9. Wolfpack

    Wolfpack Banned

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  10. JackBauer

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  11. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Some of his comments have merit. Based on his objections to the Ryan plan he would be even more critical of the Current policies of the Obama Administration. See Obama is even spending more than Ryan on almost all of the items Stockman is critical of Ryan on (with the exception of Defense).

    As I have said here a number of times the Ryan budget is a start and certainly not perfect. However in fairness looking at the political freakout and demagoguery by the left it is hard to see how a politician could propose something stronger at this time.
  12. DocHoliday

    DocHoliday Rookie

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    I've never heard of him and I think there's a liberal conspiracy to silence my views in the world's most respected paper.

    He doesn't agree with me therefore I will ignore him.

    If you only acknowledge sources you already agree with wolfpack, why do you bother debating? Seems like you already know everything.
  13. Hebeill

    Hebeill Rookie

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    Stockman has thought supply side/reagon economics was a failure for years now. But corporations and the wealthy love it because it lines their pockets.

    [​IMG]
  14. scout

    scout Rookie

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    #15 Jersey

    That is the second time I have heard about the Glass-Steagall Act. It makes sense that commercial and investing banking should be separated. Interestingly, it was Clinton who repealed it. That is a question I would like to have put forth in the next Presidential debate.
  15. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Stockman was against the Laffer/Kemp fans in the Reagan administration, was forced out and has been trashing conservatives ever since.
  16. DocHoliday

    DocHoliday Rookie

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    You can thank Larry Summers for killing Glass Steagall.

    Fortunately, after making his profits and learning some ethics in his old age he's come around and supported reinstating it.
  17. Triumph

    Triumph Rookie

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    #32 Jersey

    Yeah, that lousy old supply side economics that helped Reagan served 2 terms and his VP GWB become POTUS. When GWB raised taxes (read my lips) he lost to Clinton.
  18. Hebeill

    Hebeill Rookie

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    Do you remember a president by the name of george hw bush? He called it vodoo economics, it has never worked. No matter how many times you put lipsick on a pig its still a pig.
  19. khayos

    khayos Rookie

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    Yeah the economy under Reagan sucked!
  20. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Were you alive in the 70's and 80's?


    :rolleyes:


    Bush raised taxes at the behest of George Mitchell with the promise of spending cuts triggered a recession and lost to Clinton.

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