Diary

Attacks on Romney’s Bain are fair game

A lot of Romney supporters, rich republicans and “conservatives” who are bracing themselves to throw their support behind Romney are upset about Speaker Gingrich’s attacks on Romney’s business practices while leading Bain Capital.

They shouldn’t be upset.  Romney put his record into play.  We might have be having a different discussion had Romney based his run on all of his wonderful achievements as Governor of Massachusetts.  But he did not.  He is running as a free-market job creator.  His refrain is, “I know how to create jobs because I have done it in the private sector.”  Why shouldn’t other candidates then ask him if he really did create jobs?  Some of the facts seem to imply that he cut them.

Despite what Romney would have us believe, this question isn’t about putting “capitalism on trial.”  I haven’t heard any other candidates knock capitalism.  This is simply asking whether someone who no doubt acted within the law, acted morally and whether his own claim that he is a job creator is true.  There are many legal practices in which we do not agree.  There are things in society that while they must remain legal, we certainly don’t want our leaders participating in.  Making it your business to take down other businesses is not an endearing quality to most voters.

Just because republicans believe in capitalism, doesn’t mean we condone every act that it brings forth.  We realize that as Churchill might say, capitalism is at times, the worst economic system in the world — except for all of the others.

Mitt Romney has put his record in play by constantly relying on it.  But he wasn’t an innovator or a job creator.  The facts seem to indicate that much of what he involved Bain in, wasn’t even risk/reward, traditional venture capitalism.  Bain was a company started by a bunch of Harvard MBA’s who sought to make money, not by releasing a product or service that would be successful, not by risking it all on companies that could, but by buying up certain companies and throwing large amounts of debt onto them, thus creating winners and losers.

Mitt Romney wasn’t making money risking on success, he was making money risking on other people’s failures.  Better yet, taking an active role in ensuring other people’s failures.

Job loss and company closings are inevitable.  But they don’t have to be a desired outcome.  Putting the middle class workers out of work shown in the film, “King of Bain” is not the path to winning this year or toward getting the economy on track in the long term.  We need a president that knows how to create jobs, not destroy them.  Any questions on this subject or requesting Romney to show us how much money he actually has tied up all over the world is worth asking, sooner-or-later Romney will have to answer these questions — as his strength is looking more and more like a weakness, I would like to know sooner.