Aggregator • Hyscience • ID=78641
Clearly happy to keep talking about Bain Capital!, Mitt Romney proudly rolled out Bain's investment history, in which their businesses succeeded in boosting profit and viability in 80% of the cases -- keeping in mind that private-equity firms and especially Bain tend to focus on already-troubled firms. Only 5% of their bets resulted in bankruptcy later, which is a rather remarkable record for a private-equity firm. In attacking that kind of success, Romney argued on Fox News this morning, Barack Obama has resorted to nothing less than an attack on capitalism itself. The best moment in the video comes at the 20-second mark when Romney scoffs at Obama's understanding of "productivity" in the economy. Romney pronounces himself "amazed" at Obama's ignorance on the topic after more than three years as President, and then patiently explains exactly what it means and why it matters (hat tip - Ed Morrissey):
The Hill reports that Romney argued on Fox News this morning, Barack Obama has resorted to nothing less than an attack on capitalism itself:
Mitt Romney accused President Obama of "attacking capitalism" and defended the record of Bain Capital as "solid" in a rebuttal Thursday to the president's critique of his tenure at the private-equity firm.
t Bain had an overall record of economic success and was an example of American capitalism at work.
"With regards to Bain Capital, they just put a report out about their record, the Bain Capital guys did, they noted they've made about 350 investments since the beginning of the firm, and of those investments, about 80 percent grew their revenues. So I'm pretty confident that the overall record of the enterprise I helped begin is pretty solid," Romney, the presumptive GOP presidential nominee, told Fox News.
In his comments, Romney was responding to three central criticisms advanced by the Obama campaign this week: that Romney's venture capital firm had exploited companies for the economic gain of executives, that Romney was advocating failed Bush-era economic policies and that Romney had equated productivity with personal income to suggest Americans weren't working hard enough.
... "There's no question but that he's attacking capitalism, in part, I think, because he doesn't understand how the free economy works. He's never had a job in the free economy; neither has Vice President Biden," Romney said. In answer to the question, 'Why Is Obama Attacking Capitalism?,' Andrew Kaczynski produces a flier (via Ed Morrissey) from an Obama appearance at a socialist rally in 1996, when Obama ran for the state legislature. And n even more revealing answer as to why Obama's attacking capitalism is this lengthy list of Barack Obama's communist connections.