January 10, 2012

Barack Obama would Slaughter Mitt Romney in an Election

Wikipedia: Bain Capital
Reuters: Romney's Steel Skeleton in Bain's Closet
Wall Street Journal: Romney at Bain Capital

Mitt Romney made his first fortune as the CEO and co-founder of Bain Capital, a private equity firm that invested in failing companies. Their stated purpose, of course, was to use their consulting and managerial expertise to transform failing companies into profitable enterprises. In a large number of cases, they succeeded. In some cases, however, they failed. When they failed, they drew on federal relief funds, drained employee pension funds, and took out huge commercial loans in order to pay themselves a healthy dividend and insure they turned a profit even when the company they'd invested in went bankrupt.

In short, Mitt Romney's "job-creation" experience in private industry provides exactly the kind of fodder Barack Obama uses to motivate his supporters to knock on doors and make phone calls. A presidential campaign between Mitt Romney and Barack Obama would be based on class warfare with Obama's team painting Romney as a predatory capitalist vulture who drained pension plans and vaccuumed up federal funds in order to make himself rich. This is exactly the kind of scenario Barack Obama excels at. If Mitt Romney wins the Republican primary he will provide Barack Obama with the perfect opponent to set up another four years in the Whitehouse. If by some miracle Mitt Romney wins the presidency, he will extend the bailouts and other taxpayer-funded rescues of private industry because those are exactly the sources he himself drew upon when he was unable to turn around a failing company.

A Mitt Romney presidency would be no different than a Barack Obama presidency: big government, astronomical debt, and private businesses getting rich off Treasury loans our grandchildren will still be paying taxes for just to cover the interest payments.

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