Israeli prime minister Benjamin Netanyahu was really hoping his “homeboy” Mitt Romney would have won the presidential election. Benjamin Netanyahu’s comments were recorded in September and he was talking about Iran. This comes as the Palestinian death toll rises as Israel intensifies onslaught.
The Rush Limbaugh effect is very real and the backlash from his attack on Sandra Fluke has seen his first place position evaporate and his audience decrease by nearly 50 percent, according to the Daily Kos. The Rush Limbaugh Show is syndicated by privately-held Premiere Networks, which is owned by Clear Channel (connected to Mitt Romney via Bain Capital). Equally important and bears some attention is the fact that Cumulus Media and Dial Global, which play a role in distributing the show to 600 radio stations, are both slowly imploding, possibly as a result of the backlash against Limbaugh. Dial Global took an enormous financial hit on Friday, November 16, 2012, when it voluntarily de-listed from NASDAQ. The stock price nose-dived nearly 77 percent. Dial Global identified three causes for its headaches, including “advertisers’ response to the controversial statements by a certain nationally syndicated talk radio personality March 2012″ contributed to financial troubles that raise “substantial doubt about the Company’s ability to continue as a going concern.” Fill in the blanks. You know exactly who they are referring to — Rush Limbaugh.
Deadline Hollywood: But Limbaugh appears to be the least of Dial’s problems: Its stock is down nearly 77% today, to about 47 cents, after it said that it may not be able to meet its debt covenants and will voluntarily leave NASDAQ to just trade over the counter. The company reported a Q3 net loss of $71.2M, up from a $5.2M loss in the period last year, on revenues of $58.2M, +132.7%. In addition to the Limbaugh controversy, Dial attributes its losses to late cancellations of ad buys (which it says were due to “the election and renewed economic uncertainty”), and growing competition from digital ad platforms and major radio companies.
Cumulus seems to be a dire straits too and has publicly blamed Rush Limbaugh for its woes. The company had been outperforming the S&P 500 prior to Rush Limbaugh’s disgusting attack on Sandra Fluke after she appeared on Capitol Hill to testify about contraceptive rights, calling her a slut. The advertiser backlash was fierce and swift. Cumulus has underperformed ever since:
Morning Star: Cumulus Media is the eighth-largest terrestrial radio operator in the United States by revenue and the second-largest in terms of number of stations owned. The company operates 314 stations in 59 markets, primarily in small to midsize cities. Through its private-equity partnership, the company operates an additional 33 stations in larger cities such as Atlanta and San Francisco. Local and regional advertising accounts for 90% of company revenue.
Here’s Cumulus stock chart from March 1, 2012 to November 16, 2012. It shows a steady and steep decline over nine months:
The company received more bad news when it was downgraded by Moody’s Investor Service, though it received some favorable news on this 3rd Quarter:
Moody’s Investor Service: Moody’s Investors Service likes a lot of what Cumulus is doing to reduce leverage, but says uncertainties associated with the radio business as a whole and the acknowledged difficulties the company is encountering turning around 10 key stations are cause for caution, and a downgrade.Moody’s Investors Service changed the rating outlook of Cumulus Media Inc. (“Cumulus”) to negative from stable following the company’s 3rd quarter 2012 earnings call. The negative outlook reflects the potential for delays in achieving the collective turnaround of 10 underperforming stations and weakened liquidity given limited access to its revolver facility. Moody’s affirmed the B1 Corporate Family Rating and Probability of Default Rating, but downgraded the Speculative Grade Liquidity (SGL) Rating to SGL — 3 from SGL — 2 to reflect reduced liquidity.
Clear Channel, which is the parent company of Premiere Networks is $21 billion in debt and quietly trimming its staff. Here’s an excerpt from the Toledo Blade:
Clear Channel has been strategically firing employees in small numbers so it doesn’t appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel’s workers en masse.
It’s not clear how much money Premiere Networks lost in revenue as a result of the advertising backlash, but one thing is clear, there is strength in numbers when people let their voices be heard. The same grassroots movement can force companies threatening to cut their employees’ hours and impose a surcharge on diners as in the case of Denny’s, to rethink their positions.
Carlos Gutierrez, the Hispanic Outreach adviser for Mitt Romney’s campaign, expressed outrage over the former presidential candidate’s comments that President Obama won reelection because he bribed black, Hispanic and young voters with gifts. Carlos Gutierrez, who appeared on CNN’s “State of the Union,” said he was “shocked” over the comments but believe Romney lost the election because of the far right has taken the Republican Party to “a place that it doesn’t belong.” Gutierrez told Candy Crowley, “I don’t know if he understood that he was saying something that was insulting. The language, the attitude, the body language, that’s what Latinos watch.”
Carlos Gutierrez is the latest Republican to voice outrage over Romney’s comments. Last week Louisiana Gov. Bobby Jindal and New Jersey Gov. Chris Christie repudiated the comments. Sen. Marco Rubio, widely expected to throw his hat in the ring in the 2016 presidential election, sought to distance himself from Romney’s comments. Former presidential candidate Newt Gingrich said the comments were “insulting and profoundly wrong.”
The Mitt Romney purge is underway at record speed. There’s nothing about Mitt Romney’s failed presidential campaign that any potential candidates on either side of the aisle would like to emulate and with good reason. The man was a walking disaster area that we would be best served to erase from memory. He ran on nothing and seriously misjudged the majority of American voters.
Ben Smith: “There appears to be no Romney Republicanism to propagate. No Romney strategy to emulate. No Romney technology to ape. No generation shaped by his failed effort. And no Romney infrastructure to inherit, though he may still be asked to write and bundle quite a few checks…”
“Romney is being erased with record speed from his party’s books for three reasons. First, many Republicans backed him because they thought he had a good chance of winning; that appeal, obviously, is gone. Second, Romney had shallow roots, and few friends, in the national Republican Party. And those shallow roots have allowed Republicans to give him a new role: As a sort of bad partisan bank, freighted with all the generational positions and postures that they are looking to dump.”
Mitt Romney won’t be remembered for running a technologically driven campaign but one that managed to insult and alienate a big chunk of Americans, including blacks, Hispanics, women, the gay community and young voters. He will be the butt of jokes in the near future and dismissed as a man whose only ambition was to ascend the presidency. He will be mocked for his attack on Big Bird, binders full of women, dismissing 47 percent of Americans as deadbeats, shameful lie about Chrysler outsourcing Jeep jobs to China, refusing to release more than a year and one-half of tax returns, stashing a big chunk of his money in offshore bank accounts, claiming President Obama won reelection because of gifts to blacks, Hispanics and young voters, his wife owning a couple Cadillacs and many more memorable lines and lies from the campaign trail.
He’s baaaack! Newt Gingrich that is. The former presidential candidate lacerated Mitt Romney on his comment about Obama won because he gave gifts to blacks, Hispanics and young voters. Gingrich zinged Romney, telling Evan Smith that his explanation was “insulting and profoundly wrong.” Gingrich said,
“He had enough billionaire supporters that if buying the electorate was the key, he could have got all of his super PAC friends together and said, ‘Don’t buy ads, give gifts.'”
If you live in Pinetop, AZ, and you voted for President Obama, don’t bother going to Southwest Shooting Authority gun shop to purchase a gun, your’re not welcome, according to the White Mountain Independent. The shop is owned by Cope Reynolds, who is also a card-carrying member of the secessionist movement.
From Ammo Land:
Effective immediately, if you voted for Obama, your money is no good here. You have proven beyond a doubt that you are not responsible enough to own a firearm. We have just put a sign up on the front door to save you the trouble of walking all the way in here….
Rev. Franklin Graham, like Mitt Romney, is wearing out his welcome. He is now saying Mitt Romney lost the presidential election because the majority of Christians didn’t go out to vote. Um, really? I’m a Christian and I voted for Barack Obama.
Franklin Graham told David Brody: “We know that from of the statistics that I’ve heard that the majority of Christians in this country just did not vote for whatever reason. The vast majority of evangelicals did not go to the polls. God is in control, and if Christians are upset, they need to be upset at themselves. We need to do a better job of getting our people- the church to vote. Now, I’m not trying to tell you how to vote, you can vote, but vote, my goodness, and vote for candidates that stand for Biblical values.”
First Read: “But Graham’s assertion — and implication that had white Christian evangelicals just showed up in bigger numbers, President Obama would have lost — is off base. In fact, white evangelicals/born-again Christians made up the same percentage of the electorate as they did in 2008 – 26%. They voted for Mitt Romney, a devout Mormon, by a wider margin than they did for Sen. John McCain four years ago.”
Louisiana Gov. Bobby Jindal repudiates Mitt Romney’s claims that he lost the presidential election because of gifts President Obama doled out to blacks, Hispanics and young voters. Um, where’s my gift Mr. President? This just plays right into Mitt Romney’s 47 percent of Americans are deadbeats comments. Just shows he really meant what he said. Here’s Bobby Jindal’s take:
Politico: Gov. Jindal: “No, I think that’s absolutely wrong. Two points on that: One, we have got to stop dividing the American voters. We need to go after 100 percent of the votes, not 53 percent. We need to go after every single vote.”
“And, secondly, we need to continue to show how our policies help every voter out there achieve the American Dream, which is to be in the middle class, which is to be able to give their children an opportunity to be able to get a great education. … So, I absolutely reject that notion, that description. I think that’s absolutely wrong.”
When Bobby Jindal is the voice of reason, you know the Republican Party is in bigger trouble than it cares to admit. Where are all the black Republicans? Are you going to sit there and allow Mitt Romney and the GOP clown car to continue to insult us as a people?
I can’t even put this into words, so I will just excerpt the Los Angeles Times article on Mitt Romney’s comments that President Obama won reelection because of the “gifts” he gave blacks, Hispanic and young voters during his first term:
Mitt Romney told his top donors Wednesday that his loss to President Obama was a disappointing result that neither he or his top aides had expected, but said he believed his team ran a “superb” campaign with “no drama,” and attributed his rival’s victory to “the gifts” the administration had given to blacks, Hispanics and young voters during Obama’s first term.
Obama, Romney argued, had been “very generous” to blacks, Hispanics and young voters. He cited as motivating factors to young voters the administration’s plan for partial forgiveness of college loan interest and the extension of health coverage for students on their parents’ insurance plans well into their 20s. Free contraception coverage under Obama’s healthcare plan, he added, gave an extra incentive to college-aged women to back the president.
Well, he had better call Cornel West, Tavis Smiley and Boyce Watkins up, because they would beg to differ on those gifts Obama gave blacks.