President Barack Obama and his campaign are doing their best to make Mitt Romney out to be a villain for his time at Bain Capital, a private equity company. They have launched a new set of campaign ads that paint Romney as being a job destroyer.
Newark, New Jersey Mayor Cory Booker, a Democrat, said that when he saw the ad attacking private equity that it made him uncomfortable and nauseated. Booker explained that he is close to the White House and talks to them almost daily and that he is a surrogate for the Obama campaign. On NBC’s Meet the Press, Booker said,
“[A]s far as that stuff, I have to say from a very personal level, I’m not about to sit here and indict private equity. It’s just, to me, we’re getting to a ridiculous point in America. Especially, I know — I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of the record of Bain Capital, they’ve done a lot to support businesses, to grow businesses. This to me, I’m very uncomfortable with…”
“The last point I’ll make is this kind of stuff is nauseating to me on both sides. It’s nauseating to the American public. Enough is enough. Stop attacking private equity. Stop attacking Jeremiah Wright. This stuff has got to stop because what it does is it undermines to me what this country should be focused on. It’s a distraction from the real issues. It’s going to be a small campaign about this crap, or a big campaign in my opinion about the issues the American public cares about.”
When I read Booker’s comments about private equity, it reminded me of the article Defending Romney where it’s due by Nathaniel Davidson posted back in January on Patriot Update on Romney and his record at Bain Capital. In that article, Davidson quotes historian Dr Burt Folsom,
“Americans have understood this capitalist process for years, and it’s odd that in a time when we need to encourage risk and innovation that some would be critical of Romney for doing what needed to be done to run a profitable enterprise. Put another way, Romney at Bain Capital was so successful that he made three times as much money as President Obama lost with taxpayer dollars invested in Solyndra. Solyndra made solar panels and sold them at a loss. Romney would have shut such a company down, but President Obama kept it alive for years. Let’s put aside Solyndra’s giving contributions to Obama and the Democrats. The larger point is that the business was a bad risk. When Romney was investing with his own money, he fired people who ran companies like Solyndra. When President Obama was using other people’s money, he kept Solyndra alive and hoped for the best. Which of these two men is most likely to make the moves necessary to pull the U.S. out of its economic slump?”
I highly recommend that all of you read Davidson’s entire article as it may just open your eyes as to what Romney accomplished at Bain and how that experience may be just what the American economy needs. We don’t need another four years of Obama’s economic failures. We need someone with a successful business background to help steer the economy back on course.
Not only do I agree with Mayor Booker that Obama’s ads attacking Romney and private equity are nauseating and crap, but I would go further to say that it is a gross distortion of the truth. But distorting the truth and re-writing facts and history has been one of Obama’s trademarks for the past five years. Obama has to take these unethical measures because he knows that his actual economical record cannot stand up to Romney’s.
Four more years of Obama means certain death for America. Four years of Romney may offer some hope of recovery. Take your pick, but I hope and pray that you choose wisely.