The Coming Collapse of Another MBS (Mittster Backed Security)
We’ll be fighting in the streets
With our children at our feet
And the morals that they worship will be gone
And the men who spurred us on
Sit in judgement of all wrong
They decide and the shotgun sings the song
I’ll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
Then I’ll get on my knees and pray
We don’t get fooled again
- Won’t Get Fooled Again, by The Who (1971)
The gig may in fact be up on Wall Street’s MBS (Mittster Backed Security). The inevitable and somewhat predictable end may be coming for the once inevitable nominee of the Republican Party. The MBS = the worst ROI for Wall Street; $18.7 million invested in January with little return for investors. Wall Street reports a potential collapse in the MBS Market. Facing a collapsing market for the MBS, their once prime asset faces a severe downgrade by Moody’s on February 28th. It may be ‘game over’ if they cannot even unload the one that they have on the American public. Turns out that the MBS (Mittster Backed Security), like the mortgaged backed securities which led to the Subprime Meltdown and financial collapse of 2008 and the overall economic crisis, was secured by low quality assets; including an emotion deficit, a defective temperament, low grade or non-existent soul and unverifiable sincerity. There seems to be a rapidly diminishing market for this security in the heartland. Michigan voters ‘Won’t Get Fooled Again’ by this sub-prime candidate masquerading as something else, because they can see Behind Blue Eyes (even if his are actually brown), and just like I Can See for Miles beyond them, so can they.
As we fast forward to 2012, America is at a crossroads. The national psyche is wounded from the impact of globalization on the fortunes of the rapidly eroding middle class, especially in the heartland in places like Michigan. “America’s lower and middle classes are turning out to be the losers of globalization”, according to Der Spiegel. The decline of the middle class is further pronounced by the rise of the 1% economy and “the integrated system of banking, trade and taxation created by both parties over two decades that is at work on our country now” that is leading to America’s Vampiric extraction by the International Banking Cartel and political corruption, according to Dylan Rattigan. No wonder, American citizens are looking for authenticity and character. They do not know who to believe anymore. Unfortunately, what Mitt Romney offers is a clear and obvious charade, a deception and the soul less, heartless character and sincerity of a shape-shifting, political chameleon, a hollow man who will say anything to be President, including misrepresenting himself to those in his “home state”.
MICHIGAN’S CHOICE: A Battle in America’s Heartland Between A Man of Conviction (Santorum) vs. Man of Convenience (Romney)
Romney’s brand is all but shattered as he arrived back on his “home turf” in Michigan. And he faces a very real challenge, perhaps even a critical test in the Michigan Republican Primary. The stunning string of losses in Missouri, Minnesota and Colorado served upon him by a long shot candidate who is not heavily financed, is a stern reminder that the inevitable candidate is intolerable, clearly not invincible and may just in fact be unelectable. In the battle for America’s heartland, it has come down appropriately to a choice between a man of conviction (Rick Santorum) vs. a man of convenience (Mitt Romney). It is undeniable that Rick Santorum has an authenticity and a certitude that is very appealing. He can speak extremely eloquently – even inspirationally at times, without a script. Likewise, in contrast to Romney, whether voters love him or loathe some of his positions, they know precisely where he stands. Rick Santorum is thus a threat because of his core values, a bigger threat than most Democrats imagine and perhaps a bigger threat than most Republican Party leaders understand or appreciate. Maybe they will, if Santorum succeeds in putting a victory in Michigan out of reach for Romney. It appears even Romney now realizes what he is up against because he is now downplaying Michigan after previously declaring it a must win, along with Arizona where the race is also close. That says nothing about Santorum’s strength in Ohio, magnified perhaps by the recent defection of former Romney delegate, Ohio Attorney General Mike DeWine.
Michigan did not quite give their prodigal son the homecoming that he expected. Quite to the contrary, some even suggested that he ‘go away’. The ‘severely conservative’ Republican aspirant who hails from the Wolverine state returned trailing in the polls to the ‘true conservative’, the surging former Pennsylvania Senator Rick Santorum. The state which was supposed to be his midwestern firewall against all challengers just may end up being, at worst Romney’s Waterloo or perhaps merely the beginning of the end of the Tin Man or as postulated in the Atlantic maybe the bonfire for his hopes. Santorum despite leading in the polls is still an underdog and at a disadvantage because he is actually quite underfunded relative to Michigan native Mitt Romney. Stated another way, if money is the mothers milk of politics, Santorum is doing it while being severely undernourished, like an Ethiopian baby relative to a fat kid in Orange County. Santorum thus finds himself under a double barreled assault from the aspiring billionaire and his Super PAC’s attack machine. Romney’s Santorum problem is that there is no easy target for Romney’s attack machine. Nevertheless, lest there be be no doubt, ROMBO is on the loose in Michigan because even Romney and his team understand that it may very well be ‘his last stand’. A Santorum victory over Romney in Michigan and “all bets are off”. That Mitt Romney is in his home state at this juncture expending substantial financial resources in an effort to explain to Michigan voters that he is a ‘native son’, is in my estimation, cause for optimism for Santorum. That Romney did so while tooling around Detroit in a car made in Canada may in retrospect make this his Dukakis moment. The battle for the nomination in Santorum’s eyes runs right through Michigan. Reagan Democrats may push Santorum over Romney in the end. If so, maybe Newt Gingrich is right and “Romney Should Quit, If He Loses Michigan.”
How did we get here? Was this predictable? Did anything foreshadow this situation unraveling this way? Arguably yes. Mitt Romney, has been running for political office since George H.W. Bush was President. He barely got elected as Massachusetts Governor against a weak candidate. Romney never sought re-election, nor has he ever held any other elective office, but instead spent the last two years of his one term Governorship laying the groundwork for a Presidential run. Then before he left office, the Mormon Madoff had destroyed all of his administration’s computer files so nobody would ever have anything on him to define or discredit him or his legend or the one he hoped to craft. Romney has been a full time Presidential candidate since some where in about 2006. Otherwise, the former King of Bain has largely been a man of leisure consumed with managing his investments, collecting checks from Bain & Company, extending his number of home states and building mansions while never ending the run for President that began before Barack Obama, the man who is now President. Romney came to Michigan in 2008 and in the Republican Primary against John McCain promised to stand by Michigan. Then after losing the nomination to John McCain, the Man with Three Faces proclaimed in a powerful op-ed in the New York Times, “Let Detroit Go Bankrupt” and has been a harsh critic of the then bipartisan Auto Industry Bailout/Rescue coordinated under President Bush and President Obama, ever since. His ‘managed bankruptcy’ talk in yet a new op-ed in the Detroit News, is more double talk from the Mormon Madoff. After the success of the Detroit Bailout, Romney’s stand befuddles and perplexes even his business allies in Detroit, according to the New York Times. Forbes says that ‘Mitt Romney’s Auto Bailout Stand Could Cost Him Michigan.’
For all of Mitt Romney’s vaunted management skills, his rescue of the Winter Olympic Games in Utah was actually a federal bailout. Romney in effect, “earmarked his way through the Olympics.” Romney’s Big Problem is that his perceived political advantages were built on a house of cards. Romney’s candidacy was based upon being next, being the chosen one of Wall Street and the RNC establishment and having a war chest that most candidates can only dream of. His friends in the media and the RNC establishment stoked the inevitable nominee as an invincible man who would defeat Obama. But it is turning out that Romney’s inevitability is a gerrymandered fraud created by RNC Establishment, Wall Street Kingpins supported by hollow data & theory, much like some of the drek that comes out of Bain Consulting’s – House of Lies. It is now clear that some the elite in America got together & chose the Plastic Ken Doll from within their ranks as the most salable and bankable guy to protect their interests. And the folks who created the CDO and 2008’s House of Cards, were in fact wrong. They even tried to rig primaries for the Tin Man who to his credit seemed to forget that you actually need to try to make it close, get some real votes and make it somewhat easier for the puppeteers to help push over the line and steer you beyond the margins. Not even ‘vote fraud’ can help Romney apparently. Voters find him that repugnant.
If as I suspect Michigan voters won’t be fooled again, it may only a matter of time before establishment elites pull the plug on Mitt Romney. Romney has identity (branding) issues that he will not solve via an existential crisis on the national stage as a Presidential candidate. Americans will not buy that a man already exposed as a delusional, lying, elitist, aristocratic prick is in any way a veritable man of the people, regardless of how many Tattersall shirts the well dressed Romney he wears on campaign stumps. Romney cannot even pull off a Scott Brown by riding a pick-up truck because he would come off looking like Dukakis in a tank. Speaking of Dukakis moments, driving around your ‘home state’ of Michigan in a car manufactured in Canada reminding people at this late hour that you are from there, indicates to me a level of desperation for Romney. Before Romney’s political obituary is written by voters in Michigan, the only thing left for them to discern is whether Romney is actually a prick or a douche. Sometimes it’s just not that clear. In writing his epitaph, historians may some day find it useful to know.
While he has not baptized any dead people ‘recently’, Romney may have engaged in the posthumous baptism of Holocaust victims, but I suspect that after Super Tuesday, Romney many want to baptize his own campaign, because it too will be dead. I do not see how you can become President when you cannot get votes in the Midwest or the South. Losing Michigan will be the domino that sets off the chain reaction.