we want to present. something else. oh i'm so are going to washington d.c. and here's what's coming up tonight the big picture conservatives are now calling president obama's ads against mitt romney and bain capital attacks against capitalism so is american capitalism really about destroying businesses and laying off thousands of workers also are republicans letting our economy suffer just to sabotage president obama's reelection hopes that and more in tonight's lone liberal rumble and occupy protesters are taking to a golf course in michigan this weekend what are they protesting and can they help save michigan before democracy there is totally destroyed.

you need to know this conservatives are now calling president obama's ads against mitt romney and bain capital attacks against capitalism in a press conference on tuesday senate minority leader mitch mcconnell gave his take on the administration's criticism of bain capital by saying this i do think that it's interesting to note that the whole notion of our success of capitalism seems to be under attack by this administration across the board not just in the campaign but through the actions of government so that on tuesday i was majority leader eric cantor went on fox so-called news and had this little discussion among capitals. to denigrate success in business to denigrate the launching of a new business or the turnaround of existing business is i think just absolutely reflects a disconnect with what america is about but why why would representative clive and

the president do this why would they attack capitalism as you said america is a free enterprise country always has been that is the american tradition but it's big capitalism seems to be attacked by the president so since republicans are quick to defend private equity or pirate equity firms like bank capital even going so far as to argue that an attack on bain is an attack on capitalism maybe we should take a step back and explain what it is that a pyre equity firm like bain capital does and then ask the question whether or not this is really american capitalism at its finest by the way you can find a great explanation of what private equity or pirate equity is that former labor secretary robert reich has website robert reich dot org but for now let's see what happens when pirate equity firms are allowed to run roughshod over an american city like our little democracy bill. the old fashioned capitalism you know venture

capitalism is where somebody puts up for example fifteen thousand dollars to start facebook and ends up with stock worth billions it's a true story it's called venture capitalism or being an angel investor it has a history that goes all the way back to us or francis drake six position in the golden hind only fifteen hundreds of queen elizabeth put up the money for the person putting up the money is quite literally the capitalist is very few capitalists in america they're the people who put up the money and they make their money just waiting for that money to make money but private equity what used to be called leveraged buyouts before the industry changed its name because it had gotten such a bad reputation in the eighty's and ninety's and i call pirate equity now that's a whole different animal from venture capital. here's how pirate equity works in democracy ville here we have the residential area of the you know where the folks live we've got main street with fire department police department hospital school grocery store pet stores steel plant the bank where the banks there's work bain

capital and the mansion where the rich people live ok the investor so here's the steel plant that bain has got its eyes on so first they get some money from some of their investors it could be people who work at bain or could be people outside and they use it to buy the steel plant ok now bain owns the steel plant so how do they make up more profitable well first of all they fire a couple of people send them back to their homes in the suburbs in the you know here in the residential area and then they take you know other people and give them part time jobs and strip them of their health care benefits and do away with their pensions and things and you know just kind of basically throw them back in here so they're stripping out the the main expenses most the major expense of most companies is payroll get rid of that so then bain wants to make even more money so they put up the steel plant as collateral they go to the bank and they ask for

a pile of money so the bank gives them a pile of money with the bank with the company as collateral and with that money they pay back the investors so they no longer have to worry about the investors anymore and anything that they make for forward from this point is gravy and when they take that loan bain takes a commission and when they pay back the investors bain takes a commission. the steel plant now has a massive debt but the the interesting thing is under our tax code see pirate equity is all about profiting off of loopholes tax loopholes under our tax code when a company makes payments on interest on debt that's tax deductible so the company actually looks more profitable on paper never mind the fact that it's now wiped out saddled with debt next bain sucks borrowed money out of money out of the borrowed money to pay back the original investors i pointed that out to you and and then here's the steel plant now cut bare to the bone a shelf of its former self bain then sells the steel plant or bankruptcy it and

pockets twenty percent of the profits so they get basically all the money and here's the kicker people a bank they pay a maximum fifteen percent income tax the the good this is why it's organized as a partnership rather than a corporation so that all the partners they take the money and they pay a maximum fifteen percent income tax is a great deal so they do it again to the local grocery store so you know it's just you know rinse wash repeat and they fire a couple of people and send them back to the to the suburbs you know lay off some more people in and off on on it goes with the company and and the steel plant is pretty much dead and now the grocery store is in a crisis meanwhile in the suburbs and being is taking their money out of the grocery store by this point more money for mr romney now back here in the suburbs you've got all these people who don't have jobs don't have benefits don't have

money and so they're not spending money anymore at the pet store or at the grocery store for them at. the pet store. a couple of people and eventually goes out of business throwing people back here into their into their into their homes which causes now these people to me money so all of a sudden their homes are up for sale there they were being foreclosed on so we have all these foreclosures democracy bill is being wiped out now because there foreclosed their homes are wiped out they don't have any income they're not paying taxes anymore so the school has to fire some teachers who also end up with their homes being foreclosed and get rid of the school bus. the school ceases to be functional hospital really can't provide much services the police department has to layoff some of their people who again are no longer buying things

the fire department they privatized it they're in the ron paul and boom this is what you get here's democracy bill now completely destroyed by pirate equity but a bain capital everyone is rich this is what republicans think is american capitalism this is what they're defending this is what mitt romney thinks qualifies him to be president it's not actually capitalism it's pirate equity it's exploitation of loopholes in the tax code pure and simple and let president obama speak for himself on this issue. i think my view of private equity is that it is it is set up to maximize profits on a calling card for why you think you should be. is his business experience he's not going out there touting his experience in massachusetts he's saying i'm a business guy i'm not a fixer and this is his business and when you're president as opposed to the

head of a private sector reform for then your job is not simply to maximize profits your job is to figure out how everybody in the country has a fair shot. your job is to think about those workers who get laid off and how are we paying for their retraining your job is to. is one zero you ready to rumble joining me for tonight's long liberal ramble are horace cooper conservative writer and legal commentator and neil munro white house correspondent for the daily caller thank you thank to you both for joining us tonight at a meeting in washington. topic to just say yeah . let me let me you but actually i want to play another clip of periods.

where he's not. if your main argument for how to grow the economy is i knew how to make a lot of money for investors then you're missing. what this job is about does mitt romney not know what the job of being president is all about well i don't think that's the issue i mean mitt romney's been a governor he's had some executive leadership up yeah he brought us all romney care and me also has had some private sector experience i think the president over the dangerous i think the president overstates the consequences of bain capital's impact on american jobs and employment and i think the president is intentionally doing that as part of a fear four way to try to talk about our hybrid equity neal is something that pretty much didn't exist before the reagan administration the first big l.b.o. was in one thousand eight hundred point this is a vast huge economy what you describe is power to a tiny percentage cleaning out and sometimes painfully tiny little corners of it

now as they're cleaning out it is taking small businesses that can't defend themselves and wiping them out the vast majority of general motors in the ways of the station went in and remaster majority of the businesses that bain took were companies that were healthy small healthy companies they couldn't go up against general motors they were going to go out and start out and all the bain capital's relationships were voluntary the kinds of interactions that bain capital had with companies were those not to they were user should not of that we got through that may be true that there were some people there always winners and losers in any kind of a negotiation so here's the question go to buy a house here people want to have a muslim's produces winners and losers and you guys are like gung ho for capitalism it let's set aside pirate equity for a moment. what would the republican party do about the losers well what did the democratic party and the president do about the losers in general motors they want billions of dollars in equity last there were billions of dollars in private

interests that were taken away that were prevented from being able to be effectual . hearty due for the ages yet it was a republican party would say would lower your taxes would improve your donation those are people out of work yes but the republicans say we're going to go over their taxes republicans are going to lower taxes for business so they're going to do more jobs will produce more jobs this is not an argument that president obama can bring very effective you don't relax on president not produce more jobs and the only way we're doing more peroration is in the united states we're contributing thirty five percent of the total income to this to this country in the one nine hundred fifty s. now it's seven percent why don't we have that if i have those dealers and all of those cells and all of the servicemen who worked at those dealerships that were just wiped away by the u.s. senate why are all of them and that's not true at all imo that i don't know some of those at all now i don't know how to use his head was telling you let detroit go bankrupt bankruptcy is a formal process where you go is there a link that would have backed him up that is not true at all actually they have i'm

going to leave you with the last word on that more romo coming up after the break. wealthy british style. markets why not. come to. find out what's really happening to the global economy with max conjure for a no holds barred look at the global financial headlines tune into cars a report on r g. download the official antti up location on the phone oh i pod touch from the i choose ops to. watch on t.v. life on the go. video on demand on t.v.'s mine gold

costs and feeds now in the palm of your. question.

joining me tonight horoscope are conservative writer and legal commentator and neil munro white house correspondent for the daily caller welcome back at a meeting in washington chamber president tom donohue u.s. chamber of commerce told his members of the organization is planning on having a good year they're going to drop thirty million bucks in this election cycle and so far they've done three point four million in only a few million that's now well actually i'm guessing that it's going to be over one hundred million when all the hundred million. dollars strategy is to protect the pro-business majority in the house and senate this is basically the same campaign that warren harding ran on in one nine hundred twenty when his his campaign slogan was more and more it was let me get this right more business in government and less government in business nine years after that the economy crashed george w. bush came in and said i'm going to be the m.b.a. president nine years after that the economy crash or republicans go at the chamber

crashing you know to me again even in the chamber spent one hundred million that's actually only ten percent of all the money that obama has personally raids for his own races over his career he's raised a billion dollars for his personal career so one hundred million from the entire chamber of commerce across the entire country in a fifteen trillion economy is very little and as for the true one of those that have to do with anything even if the chamber of commerce for you know what i want to do you know if you knew of any kind of an ad buy that would be for procter and nobody would want the chamber of commerce to have on power influence republican party going to get out of the republican the concerns he has this year means the problem is chamber of commerce this is the tea party distrust from the libertarians distrust of social conservatives trust him ok well this is not a cure in the chamber and i do believe that they are a positive force in america and if we're going to have a dynamic growing economy that i believe that we're capable of having you're going to have to get government out of the. they are

a great organization with twenty's didn't i will tell you what as hundred twenty nine i much more comfortable with what mr harding did than i am with what mr f.d.r. did to try to get us out of the problem so you would prefer the great depression and i think it would have been that much weaker if we had not had such government involvement in the stimulus on the part of the government right here for two and a half years he didn't know he likes and he tried to raise greater than you know these are these are myths common myths that liberals grew up on that hoover was a tight fisted scrooge not true started he want to start regulating he start spending and it was as if your that that blow up and ran all the way to thirty seven when the economy choked on because the story of the republicans got to tell the actor are there any reducing their ambitions and really when they kind of back home or to go to so that you're not going to ever be able to make doesn't let me just emphasize the word to get us out of the great depression if you. know why don't you and world war two helped in the context of taking their eyes away from regulation and world war two was the most massive government stimulus program and

he said i don't agree that that's the case ok i will tell you how to so there are really took over where government and its efforts to restrain income stream was that one could not continue eisenhower started spending on the national highway system and schools all across the tiny the economy had already started growing before this time the one nine hundred twenty s. when the governor was growing gang with us. i don't think we're going to have any success rate mitigating the twenty's and thirty's and most people don't remember them the question in my mind is how how is it possibly a good thing that a company that basically or an organization to basically represents a couple hundred companies very very large companies many of them not even american companies is deciding the outcome or having a voice is citing the obvious voice don't have the idea why don't you believe in diversity no i don't know but not a variety of. words i do not believe that corporations are. diversity a whole load and i don't believe the corporation will be making no solutions i

don't really want to they are leading. for growth and i believe that we're wanting to lower unemployment numbers that for wanting to get this economy going then we going to unleash these kinds of cutting drives of economy people who want to invest in people who don't they and people who know what exactly ambition people who want to be a. new opportunity as ambitious as you want if there's nobody out there who has money to buy your products here because it's not just going to hell in a handbag that's not true you know you don't have money again i don't know where i'm money acquired and grew over the decades and centuries because of ambition and i limited my freedom and a certain amount of standards. to spend they didn't have a nice for the money would be to demand the party actually go along with your when you let ambitious people take up that unity's and run with it all in favor of that i'm an entrepreneur i've started eight businesses of my own and seven that is going to success you know why is this administration's point is that every one of those

businesses was successful because there were people who had money in their pockets ready to buy hard if you no matter how much mark no i didn't i didn't create that wealth i didn't create those jobs even if the customers have lots of money and they want to spend it on less ambitious people come along and offer them stuff they like they will react they won't spend but i'm not disagreeing with that my point is you've got to start out with demand and you're trying to cut demand on sundays law is the supply creates its own demand which is nonsense and it's been over time it's been tried it's it has actually you can look at the lady in the eighty's and you can see a. period you can see a day writing about where we had to unparalleled growth this and speaking of tax cuts the economy could be had headed for a fiscal cliff according to the congressional budget office they said we could see a one point three percent diminishing shrinkage of the economy in two thousand and thirteen if the bush tax cuts on all americans including middle class or. americans if the tax rates go up and if all of the spending that's supposed to kick in it

goes down now on the other hand the budget will shrink by six hundred seven billion dollars which is exactly what cantor and boehner and all these of paul ryan are saying that they want but it's going to tank the economy democrats have proposed letting the tax cuts expire for everybody except the super rich and so you know which means not going over a cliff it's going into a wall that government has created by delaying decisions one after the other on to lay many things and everyone whom related one does the obama tax cuts of two thousand and ten that were extended the bush tax cuts only ran out till the end of this year that's when the that is and that is the whole wall that is a wall of shooting because i wanted to start and good with it why is it that when george w. bush came into office when he gave his first state of the union address he famously said in famously said we are going to pay off one hundred percent of all the debt that can be paid off that is all the debt that's not helped by the government

itself within the next ten years which would have been last year he said we you know we're on target we're on path to have such a surplus we can pay a hundred percent of the federal debt he said this in his state of the union address and he was precisely because he was going to follow clinton's policy and that's what clinton area where you know he left you know i guess correct as obama has said he was going to cut half the debt if they are geniuses of modern politics each is right as the other now but then they said about her is george w. bush came into office there was only aspire to have six trillion dollar debt and he said and it was it could have easily been paid off if he had just maintained bill clinton's policies george w. bush cut taxes elbows in this country into debt to george w. bush almost as much as barack obama created the tea party the group of americans who are sick and tired already which is the reason why they can say about the koch brothers army sanity that was created by all the unparalleled spending that has occurred under those two presidents do you know. and that's what there was you see

on your brother's create the tea party that was actually growing demand for the tea party in the form of many americans who wanted to restrict out of control spending and have drug coverage and they were clear why are you. here when the first ever because president because of all these are people are half republicans and half conservative they wouldn't they weren't organized to go up against bush it was much easier for them to go up against obama you will note i'm not even a so famous and. it is so easy to dismiss the arguments and assertions of people by throwing out the race card the truth of the matter is there are hundreds of thousands of not millions of americans who look at the fiscal insanity that we've engaged in the last ten years and they were horrified. to mclean wished to change because he pietersen has spent about four hundred seventy million dollars over the last decade or so pounding this idea that the united states is about to go off a cliff when we're actually the richest country in the world and if we simply went back to the most tax debt is the country in the world and we wouldn't be if we'd

simply maintain bill clinton's tax cut now if we had simply maintain some kind of fiscal sanity with three hours physical saying we had it to reality by just saying we cannot promise every entitlement to every single group we had a surplus and to nobody suggesting we should then yes that's a strong you ministration. as pursue group after group after group as a means of buying them off creating appliances you know you guys have been saying that concern has been saying that ever since f.d.r. came up with social security oh it's just bribery to the people if the people are getting what they want and if there is an end to it social security we pay into social security also because it's too hot isn't this game ever to play is that i believe really until the impediment let out why it is not a flat out lie is going to lead to the impoverishment it is millions of seniors who have all of the flow through surgery has more is going to provide for early on there is no money there there's nobody there are two point seven truly. dollar hits go somewhere here in washington d.c.

and see it's there is will help you sooner i stood in the exact same thing that. i was to learn very have more money than we do in social security you think that when george w. bush was born with millions of dollars in treasury bill and his dress the money he had no money. but you know what we've got to go to the regular lines going very far after the secretary of state of arizona threaten to take president obama's name off the ballot and also why provides proof that the president is indeed born in the united states hawaii handed over more proof today so once again state officials arizona look stupid namely secretary of state can bet sheriff joe arpaio so the question is this now that hawaii has again given more proof that president obama is indeed an american citizen will the birth of his go away yes they are they are not going away they are turning around and say you know the surprising thing is the first birth there was apparently the president himself do you not notice the recent revelation that it was on his bio in one thousand nine hundred one by his literary agent that he was born in kenya now which i have nothing to do love yes or no knowledge at all of i'm going to perish the thought is. simply impossible my little

boy is would be promoting me and would know any information that i didn't have this was a first draft. first draft last for the same year so how do you mean for your date so it was actually when he was born and can you know have you all were get we didn't find that very soon the forms were there it was already going on and so it was we were getting to the body and it looks like the president let's say like elizabeth warren may have been his safe environment is really wonderful work man i say they're not going away because this is how they create the other this is how they make him something other than an american i think this president i would love to have us talk about that rather than his stewardship and this economy by the way you can borrow horace cooper no neil munro thank you for joining thanks for having us on.

crazy alert a man a zebra an apparent walk into a bar girl writer a resident of cascade iowa stopped outside a local bar this week it was similar to what passengers in the backseat of his truck a zebra and a parrot the fifty six year old man stopped in the park. lot of the doghouse bar began letting patrons take pictures of the unusual animals corridor the says zebra and parrot were pets and they loved riding in the truck rider it even taken his portable zoo into the bar before although unfortunately zebras and parents fall into the bars no pets allowed policy place for a call to the scene arrested right or writer and after he failed a field sobriety test after being arrested he told police that he had planned to let a passenger in the truck drive him home but i'm not sure if a parent or a zebra are good choices for a designated driver rumor has it the writer is also in the process of building a dry an ark in his backyard.

no news today violence is once again flared up. these are the images seen from the streets of canada. for ation to rule the day.