This morning I’m faced with two competing stories on Governor Mitt Romney and his campaign for the Presidency.
Cha-Ching
Mitt Romney will be in Orange County today to hit the Orange County GOP ATM. He is here for his fourth withdrawal since March with an event at the Segrestrom Hall in Costa Mesa. More than 1,000 people are expected to attend the event with ticket prices from $1,000 to $25,000 per person. But really, Romney raising money in Orange County, no matter what quantity, isn’t news. It is well overshadowed by his hypocrisy on “being tough on China.”
China Hypocrisy
The facts are clear: While Mitt Romney’s shifting stances on China show he will say whatever he can to score cheap political points, President Obama has a proven record of standing up to China and safeguarding American jobs.
Unsurprisingly, that isn’t stopping Romney from continuing to falsely claim that President Obama has failed to stand up to China’s unfair trade practices. But Romney’s attacks aren’t just false; they’re hypocritical. As the Boston Globe revealed, Romney has actually invested in Chinese manufacturing companies that use the same unfair trade practices he is falsely accusing President Obama of failing to combat:
“When Romney was in charge of Bain Capital, for example, the firm invested millions in a company that manufactured household appliances using cheaper labor in Dongguan, China…
“Romney also has between $500,000 and $1 million invested in a Bain Capital fund that has been used to purchase shares of GOME, a Chinese electronics company, according to the financial disclosure form Romney filed in June. That company—in which Bain has been one of the largest outside shareholders—is being sued by Microsoft Corp. for selling computers with pirated versions of its Windows and Office software…
“When Romney was at Bain, the firm also invested in a Chinese company called Global Tech Appliances Inc., which manufactured washing machines and other products at Chinese factories to export to US consumers…
“A French appliance manufacturer called SEB successfully sued Global Tech in the United States for copying its patented deep-fat fryers, winning $2.65 million in a decision upheld by the Supreme Court in 2010.”
Ben LaBolt, the National Press Secretary for the Obama campaign, issued the following statement in response to Romney’s false, hypocritical attacks:
“As Mitt Romney tries to convince Americans he is a modern day trade warrior, it’s clear that his hypocrisy knows no bounds. Before Mitt Romney started claiming he’d stand up to China and its unfair trade practices, he was profiting off of them. Governor Romney even maintained his investment in a Chinese manufacturing company that relied on outsourcing American jobs after seeing its poor work conditions, which he described as surrounded by barbed wire and packed with 12 women per dormitory room. When our competitors started a global race to the bottom, rather than placing a premium on creating American jobs and lifting the middle class, Mitt Romney dove in head first.”
Obama for America Deputy Campaign Manager Stephanie Cutter clears things up below:
What do you people think your brokers are doing with your investments do you think that they only invest in fair trade companies. No if they did they would be out on the street. Even Obama has money vested in these same companies can you say GE. That’s why companies move there that and regulation may not like it but this is reality. I’ve been screaming about this bogus free trade agreements for years. It’s free but not fair.
The Obama/Romney Get Tough with China Charade
Obama and Romney both know that the World Trade Organization, WTO, has the final say.
Example #1
In July 2012, Washington filed a WTO case against China for imposing tariffs on American automobiles. China imposed the tariffs arguing that it was an ‘anti-subsidy’ tariff; because the Washington bailout of General Motors was, (according to China), a ‘subsidy’. The WTO will rule. Obama, Romney, and Congress are irrelevant.
Example #2
1) A U.S. Court reversed anti-dumping duties imposed on China. 2) Congress passes a law that retroactively gave the Commerce Department power to impose anti-dumping duties on Chinese goods. 3) China complains to the WTO. The WTO decides, the Democrat vs. Republican posturing is irrelevant.
“China files trade case against Washington” http://www.usnews.com/news/business/articles/2012/09/17/china-files-trade-case-against-washington
It’s Going to Get Worse
http://www.jbs.org/issues-pages/trade-agreements
http://www.jbs.org/the-john-birch-society/u-s-lawmakers-demand-transparency-in-secret-trans-pacific-partnership-talks