Most people remember Mitt Romney's disastrous 47% speech during the 2012 election. One portion of the speech garnered little attention.
Sadly, it speaks directly toward the current business mentality in America (and China) although Romney was too clueless to know it did. How did the GOP candidate explained to an audience what happened when he visited China a few years prior to purchase a factory. What did Mitt see when he journeyed deep into the heart of a communist land, hoping Bain Capital could pile up a tidy bundle?
Transcript by Mother Jones magazine:
"And, I remember going to, ah, uh. Sorry to bore you with stories. When I was back in my private equity days, we went to China to buy a factory there. It employed about 20,000 people. And they were almost all young women between the ages of about 18 and 22 or 23. They were saving for potentially becoming married. And they were in these huge factories, they made various, uh, small appliances. And, uh, we were walking through this facility, seeing them work, the number of hours they worked per day, the pittance they earned, living in dormitories, with, uh, with little bathrooms at the end of maybe 10, 10 room, rooms. And the rooms they have 12 girls per room. Three bunks on top of each other. You've seen you've seen them."
(Someone in the audience: "Oh...yeah, yeah.")
And, and, and around this factory was a fence, a huge fence with barbed wire and guard towers. And, and, we said Gosh! I can't believe that you, you keep these girls in! They said, no, no, no. This is to keep other people from coming in. Because people want so badly to come work in this factory that we have to keep them out. Or they will just come in here and start working and, and try and get compensated. So we, this is to keep people out. And they said, actually Chinese New Year as the girls go home, sometimes they decide they've saved enough money and they don't come back to the factory. And he said, So on the weekend after Chinese New Year there will be a line of people hundreds long, outside the factory, hoping that some girls don't come back. And they can come to the factory. And, and so as we were experiencing this for the first time, going to see a factory like this in China some years ago. The Bain Partner I was with turned to me and said, You know, ninety-five percent of life is settled if you are born in America. This is, uh, this is an amazing land [the USA, he means] and what we have is unique and fortunately it is so special we are sharing it with the world."
If you prefer to listen to the tape, the discussion of China comes around the 6:52 mark: