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Jamie Dupree Washington Insider

Obama Jumps on Romney

9:35 am January 13, 2012, by Jamie Dupree

As Newt Gingrich and Rick Perry attack Mitt Romney over his business record, the re-election campaign of President Obama is joining the fray with a jab that slams Romney's economic record as "Profit at any cost."

The memo, sent on Friday morning by the Obama campaign, echoes the attacks by a Super PAC linked to Newt Gingrich, as it accuses Romney of destroying companies and good-paying jobs in order to reap huge profits.

Here's the memo:

TO:                 Interested Parties

FROM:           Stephanie Cutter

RE:                 Free Enterprise

Romney's Economic Record:  Profit at Any Cost

Mitt Romney has staked his entire candidacy on one claim: that his “real world” experience in the private equity business uniquely qualifies him to lead our economy and the nation.

Much as he did when he ran for governor of Massachusetts, Romney argues that his business experience would translate to more jobs for Americans.  (In Massachusetts, it didn’t.  During his term there, the state fell to 47th in the nation in job creation.)

But in fairness, Romney’s objective in business was never job creation.  As one of his colleagues recently told the Los Angeles Times:

“I never thought of what I do for a living as job creation,” said Mark B. Walpow, a former managing partner at Bain, who worked closely with Romney for nine years before forming his own firm. “The primary goal of private equity is to create wealth for your investors.”

To achieve that end, Romney closed over a thousand plants, stores and offices, and cut employee wages, benefits and pensions. He laid off American workers and outsourced their jobs to other countries.  And he and his partners made hundreds of millions of dollars while taking companies to bankruptcy.

Although some of the businesses in which he took a stake undoubtedly added jobs, neither Romney’s campaign nor any independent fact checker has supported his claim of producing a net increase of 100,000 American jobs – or even anything close to it.

That is Romney’s record. His overwrought response to questions about it has been to insist that any criticism of his business record is an assault on “free enterprise” itself.

But this is just an attempt to evade legitimate scrutiny of the record on which he says he’s running.  “Free enterprise” isn’t running for President, Mitt Romney is.  And voters deserve straight answers about his record, so they can know how his perspective would influence his decisions and actions if he were President of the United States.

For instance, voters in South Carolina deserve to know about the millions Romney and his partners made off closing down the 114,000-square-foot Holson Burnes factory in Gaffney, where workers made photo albums and picture frames.  Just four years after the factory opened, Bain fired 150 workers and shipped some of the operation overseas. According to the Associated Press, Bain more than doubled the return on the original investment while “workers were left jobless just as the local economy began to slump.” 

Armed with the facts, the American people will determine whether Mitt Romney’s track record shows he believes our prosperity will come from an economy where the wealthy and powerful can rig the game at the expense of working Americans, or every American who works hard and acts responsibly will have a fair shot at success. Voters can judge for themselves whether his vision for the future is based on outsourcing and bubble economies that enrich speculators and corporate raiders, or an economy built to last in which the productivity of our workers is rewarded.

When asked by TIME Magazine whether Mitt Romney is a job creator or destroyer, Warren Buffett said that while businesses shouldn’t hang on to people they don’t need, “I don’t like what private-equity firms do in terms of taking out every dime they can and leveraging [companies] up so that they really aren't equipped, in some cases, for the future.”  Voters need to understand the kind of economy Mitt Romney’s experience entails – and it doesn’t sound like the kind of economy that’s built to last. 

President Obama’s Record

Mitt Romney boasts about understanding the “real economy,” but President Obama has worked alongside hardworking Americans in that “real economy.”  President Obama – who, like Mitt Romney, earned a degree from Harvard and all the opportunities that affords – began his career helping jobless workers in the shadow of a closed-down steel mill.  Mitt Romney, on the other hand, made millions closing down steel mills. 

When he began his presidency at the height of the worst economic crisis since the Great Depression, President Obama immediately addressed the economic crisis, put Americans back to work and held Wall Street accountable.

We’re at a make-or-break moment for the middle class and those fighting to join it. For decades, hardworking Americans lost their jobs as factories were shipped overseas where labor was cheap. That’s why the President has taken formidable, decisive steps to protect free enterprise, investors and consumers – and why he’s fighting for an economy that’s built to last, one that creates jobs of the future and makes things the rest of the world buys.  Here are some examples of his successes:

•           Wall Street Reform: More than anything else, a transparent system where everyone plays by the same rules is crucial to free enterprise and efficient markets.  That’s why the President championed Wall Street reform that requires more rigorous disclosure and tightens oversight of the kind of speculation that caused the market meltdown.

•           Supporting Small Businesses: The President has made a priority of letting our most crucial job creators – small businesses – thrive, grow and hire.  He has cut small businesses’ taxes 18 times, recognizing that they create two out of every three new jobs in America.  Because of the President’s support for businesses and entrepreneurs, the S&P 500 has increased nearly 90 percent since March 2009.

•           Encouraging Innovation and Competitiveness: The President streamlined the patent process to help small-business innovators more quickly move ideas from the lab to market, and protect those innovations abroad.  The Department of Energy has funded more than 180 projects, including 40 start-ups, to encourage the creation of breakthrough technologies.  During President Obama’s first term, investments from the Recovery Act will enable the United States to increase twentyfold our share of the world’s capacity for advanced battery manufacturing – from 2 percent in 2009 to 40 percent by 2015. President Obama has also made critical investments in groundbreaking clean-energy projects and research that bring together scientists and entrepreneurs from the private and public sectors.

•           Rescuing American Auto-making: When Mitt Romney and others suggested America should “let Detroit go bankrupt,” the President refused to turn his back on an iconic American industry and the jobs it supports. He extended emergency loans to America’s car companies, leadership that has saved more than 1.4 million jobs up and down the supply chain.  G.M., Ford and Chrysler have all seen their share of the U.S. sales market grow in the past two years, a sharp reversal from more than two decades of decline – and all taxpayer loans extended by President Obama have been paid back.

•           Reviving Manufacturing: Manufacturing, a proud and critical sector of our economy that produces good stamped “Made in America,” has seen a resurgence since President Obama reduced import costs and increased exports for U.S. manufacturers. Manufacturing employment hadn’t grown since 1997, so President Obama cut production costs and tariffs for American companies.  Now manufacturing production is increasing faster than it has in more than a decade, and private-sector manufacturing businesses have added jobs for 29 straight months – including 334,000 jobs in the past two years.

•           Promoting International Trade: To level the playing field for American businesses and workers and to expand the market for U.S. goods, President Obama signed trade agreements with South Korea, Colombia, and Panama that will support more than 70,000 American jobs. He’s helping American businesses compete in the global marketplace and set a goal of doubling our nation’s exports by the end of 2014 – a goal the United States is ahead of schedule to meet.

•           Freeing Business from Burdensome Regulations: The President ordered an across-the-board review of the federal government to eliminate “absurd and unnecessary” regulations that waste time and money and hinder free enterprise.  As a result, his administration is stripping hundreds of rules, saving businesses $10 billion over the next five years.  Four out of five business economists now say the current regulatory environment is “good” for businesses and the economy as a whole.

•           Bringing Jobs Back to America: Because he knows our country has the most productive workers, best universities, and most creative and innovative entrepreneurs in the world, the President is calling on American companies to “insource” jobs and bring their investments back home.  He’s providing tax incentives that reward companies for returning jobs to our shores and eliminating tax breaks for companies that move American jobs overseas.

President Obama knows that business is the engine of our economy.  Making sure our economy provides opportunity for ordinary people and a supportive environment for entrepreneurs, small businesses, and manufacturers is the President’s chief objective.

He also understands that the most important step to growing the economy right now is to spur demand, which is why he cut taxes for 95 percent of working families, fought relentlessly against Republican opposition to prevent a $1,000 tax increase on middle-class families, and continues to fight for a jobs plan that will put people back to work and let families keep – and, in turn, spend – more of what they earn.

Conclusion

The New York Times observed that the Republicans’ economic ideas “not only are inadequate for [reviving the economy] but were instrumental in creating the nation’s current economic problems.”  Mitt Romney’s record and proposals exemplify this more than most.  With the devastation he left in his wake, Romney’s business record doesn’t reflect the virtues of free enterprise so much as the worst exploitation of it.

Our economic crisis and endemic income inequality were caused in large part by a few who put profits over people.  Taking advantage of an uneven playing field, where there was one rulebook for those at the top and another for everyone else, Mitt Romney and his friends made money hand over fist while working families lost their grip on the middle-class lifestyle they earned.

Between now and November the American people will decide whether to respond to this crisis by electing a corporate raider who profited from – and promises to restore – the conditions that caused it, or re-electing a President fighting to level the playing field for American businesses, restore fairness for consumers and help the middle class reclaim a sense of economic security that will benefit the entire economy.   That’s what’s on trial, not “free enterprise.”

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249 comments Add your comment

Vulture Capitalism

January 13th, 2012
9:51 am

During Romeny’s term in Mass, the state fell to 47th in the nation in job creation.

Enough said? No. There’s much more:

“I never thought of what I do for a living as job creation,” said Mark B. Walpow, a former managing partner at Bain, who worked closely with Romney for nine years before forming his own firm. “The primary goal of private equity is to create wealth for your investors.”

From the horse’s mouth to God’s ear..

Romney should NEVER be president of the United States.

I question his reasons – Power and money.

Vulture Capitalism

January 13th, 2012
9:52 am

CORRECTION:

During Romney’s term in Mass, the state fell to 47th in the nation in job creation.

Corey

January 13th, 2012
10:14 am

Consider this: “President Obama gets blamed for economic disappointments on his watch. By the same token, he gets to crow when things go well — whether he deserves credit or not. So he was entitled on Wednesday to trumpet the fact that U.S. manufacturing employment grew by 334,000 jobs over the last two years — the strongest two-year growth since the late 1990s. That’s good news for Mr. Obama’s reelection campaign, for the people who got jobs — and for the country, which had been shedding manufacturing jobs even before the Great Recession.

But let’s put the celebration in context. U.S. manufacturing is hardly as weak as it is sometimes portrayed. In 2009, U.S. manufacturing output was equal to that of Germany, Italy, France, Russia, the United Kingdom, Brazil and Canada combined, according to the United Nations. In 2010, U.S. manufacturers produced nearly $1.8 trillion in goods (in constant 2005 dollars), about $100 billion more than China did.”

Pessimism is contagious. All it takes is a few talking heads on talk radio to poison the entire well.

reebok

January 13th, 2012
10:15 am

Poor Mitt. He’s been running for President for 6 years now, and the more people know about him, the less they like him. Obama is going to rooll in the General Election.

reebok

January 13th, 2012
10:16 am

Roll, not rooll. I am a poor typist.

Kevin Groenhagen

January 13th, 2012
10:31 am

“Poor Mitt. He’s been running for President for 6 years now, and the more people know about him, the less they like him.”

If that’s the case why did he do better than expected in Iowa (he was not expected to win there)? Why did he receive nearly 40% of the vote in New Hampshire, and why is he ahead in South Carolina and Florida. You should think before you type.

anon

January 13th, 2012
10:34 am

Oh yeah, President Obama is gonna roll for sure! Why his lead over ANY Republican challenger is much higher then Carters lead was over Reagan during the same time frame.

NOT!

Notice how the Obama ‘brain trust’ is backing away from its bragging about how it was going to raise $1BILLION dollars for his re-election. The rats are leaving the sinking ship.

Kaitian

January 13th, 2012
10:34 am

Corey, don’t forget to add the million workers that dropped out of the workforce. Out of all recessions that Presidents had to manage through, Obama is the first president to actually lose workers.

Mr Bill

January 13th, 2012
10:37 am

Romney is a far cry better than obama.
When obama is gone I will try to expand my business. He is no friend to business and therefore no friend of America.
That is all.

Chris H

January 13th, 2012
10:38 am

This may mark the first time in almost four years when Obama is blaming someone other than Bush.

NeverSurrender

January 13th, 2012
10:38 am

“He’s providing tax incentives that reward companies for returning jobs to our shores”

I do not remember ever being vindicated so quickly. It was announced two days ago that our leader was going to ask Congress for a pitance of $12 mill to beg companies saving billions of dollars to bring those jobs back. On this site I said this was an election gag and was then dragged across cybersapce for daring to speak against our Leader. Well how about that NOW? Our Leader announced something of a Wednesday then of Friday states that he is providing it already. If that’s not an election gag then what is?

Krimchik

January 13th, 2012
10:48 am

Seems to me like Romney did exactly what he was hired to do at Bain – make money. And he did so very effectively! In the process he was able to create jobs. Then there were the Olympics, and again he was able to turn that disaster around and make it a success. After all, seem like Mitt accomplishes what he sets out to do. So there is actually a valid reason to think that his successful track record will accompany him to the White House.

Karen

January 13th, 2012
10:51 am

First NH is a tiny state… you could hardly COMPARE it with NYC NJ Ca Florida Ga Ohio Mi ect..
so you are not comparing correctly.

Secondly….. Bill Clinton Signed NAFTA and sent 100’s of thousands of jobs over sea’s
Here are companies gone out of the USA just the ABC’s….. but just these represent thousands…

NAFAT was TRULY a Demoncrat BILL that was the BIG JOB KILLER…… signed into law by
BILL CLINTON.

What happened at Bain was one rain drop compared to what the Democrats have done over the past yeasr.

A
Accenture Adaptec ADC Adobe Systems Advanced Energy Industries Aetna Affiliated Computer Services A.G. Edwards Agere Systems Agilent Tech AIG Alamo Rent A Car Albertson’s Allen Systems Group Alliance Semiconductor Allstate Alpha Thought Global Amazon.com AMD American Express American Household American Management Systems American Standard Amphenol Corp. Analog Devices Andrew Corp. Anheuser-Busch AOL Apple Applied Materials A.T. Cross Company AT&T AT&T Wireless A.T. Kearney Automatic Data Processing Avanade Avery Dennison

B
Bank of America Bank of New York Bank One BearingPoint Bear Stearns Bechtel BellSouth Best Buy Black & Decker BMC Software Boeing Brocade Bumble Bee

C
Cadence Design Systems Capital One Carrier Cendant Cerner Corporation Charles Schwab ChevronTexaco CIBER Ciena Cigna Circuit City, Inc. Cisco Systems Citigroup CNA Coca-Cola Cognizant Technology Solutions Columbia House Comcast Holdings Computer Associates Computer Sciences Corporation Continental Airlines Convergys Cooper Tire & Rubber Cooper Tools Countrywide Financial COVAD Comm. CSX Cummins Cypress

Juan

January 13th, 2012
10:57 am

“He’s providing tax incentives that reward companies for returning jobs to our shores” , Wait… those same companies that the occupier in cheat said were “greedy” for moving the jobs overseas and that he vilified in his quest to pit the “have against the have not”? I guess the republicans are right after all,”incentives” to create jobs, who would have thought it would work hah?

Jim

January 13th, 2012
10:59 am

Obama has already proven that he has no ideas on how to help private businesses create jobs. It is one regulation after another. The EPA needs to re reigned in big time too. they are a bunch of loads living off us taxpayers and creating havoc wth our businesses.

Dave

January 13th, 2012
11:08 am

Romney = Success, in any managerial or business type setting he’s been set to preside over. Bain, Olympics, Mass. State Budget, etc. Mitt 2012!

Jim

January 13th, 2012
11:11 am

Mitt should be commended on his record of helping business create over 100,000 jobs in his tenure with Bain. Many of the companies are still thriving – like Staples and Sports Authoity. If Obama put 1/10 of the effort into helping businesses create jobs, that he is putting into his effort to bash Romney for actaully helping business create oevr 100,000 jobs – then he too could put his name on actually being a job creator. He talks about it constantly – however over the last 3 years we have not left the 8-9 % officcialy unemployed numbers. It’s actually more like 10% after you add in people that have given up ;looking. Over Obamas 3 year tenure he has actually lost 1.2 millon jobs on his watch. Facts don’t lie – look it up. – - it’s all part of the official record.

Arturo

January 13th, 2012
11:12 am

Ron Paul has said that Mitt Romney’s history as the CEO at Bain Capital is an example of the free market.
“You save companies, you save jobs when you reorganize companies that are going bankrupt,” said Ron Paul.

Cutter's Lover

January 13th, 2012
11:14 am

Well done Stephanie! You truly demonstrate your inability to grasp even the remote concept of “free enterprise”.

Jim

January 13th, 2012
11:14 am

One other thing Black unemployment is an astounding 25 % and Hispanics around 18% !! How can they actually support Obama at this point????????

Juan

January 13th, 2012
11:22 am

My relatives in Cuba say that the private sector was Castro’s first enemy. Those where the engine of labor,goods and services who left,because they could, and left behind the population with no option to “obey or be made to obey” at all cost and by any means. Socialism has failed every where it has been tried and will continue to do so,just look at the “new” Europe. Do we need to say more! Entitlement societies are doomed to fail from their inception, we are seeing that even today. It is even worse when the supposed leadership divide by groups and looks to use them against each other so they(the leaders, that is) stay in power.That is why when my relatives heard Obama talk about “fundamentally” changing our great foundation,echoes from the past came flashing in and told me “we’ve heard this before” and it does not look good for us.Sad,but this comes from people who have experience this kind of demagoguery before and the results we can clearly see a mere 90 miles from our shores.

Red Burton

January 13th, 2012
11:26 am

Right now it looks like a week old meatloaf should be able to beat the rigidly ideological and overmatched Barry Hussein Barack Soetoro Obama. I’ve held off on buying a new car and hiring workers to remodel my home until a new and different President is sworn in after the 2012 election. If for some crazy reason the sociopathic, narcissistic street hustler from Chitown is reelected I will wait for the next election cycle to invest my money. The unofficial boycott continues.

tureley

January 13th, 2012
11:30 am

Romney balances budgets and makes companies profitable. He did that with the Olympics, and didn’t do a bad job in Mass. considering the liberal lawmakers he was working with. He will do the same with this country. Oh, I know, it’s HARD to make tough decisions and Difficult when there’s change, but this country needs it…BAD. If that means letting a few thousand lazy or unproductive gov. workers find another job, then FINE. They’ll deal with it… and probably be happier when they get into a job where they’re challenged and then rewarded for hard work. They’ll find that personal fulfillment that you get when you accomplish something, much how Mitt’s probably felt his entire life.

NOTU

January 13th, 2012
11:33 am

Mitt Rom­ney launched Bain Cap­it­al in 1984 and left in 1999. A pro­spect­us from that era re­veals the firm’s in­vest­ments.
Published: Jan. 8, 2012 1/1 200 per page Name of acquisition, line of business Amount invested (in millions) Return (in millions) Employment and growth
Domino’s, pizza chain 188.8 NA The number of pizza stores grew from 6,100 to more than 9,500 around the world today. Published reports said Bain investors received a fivefold return on the original investment.
Experian, credit ratings 87.6 251.9 Bain held the company for seven weeks in the fall of 1996. Experian now operates independently and has about 15,000 employees.
ICON Health & Fitness 45.5 13.4 * Icon has about 2,000 employees today, the same number as in 1994, when Bain and related parties invested.
DDi, printed circuit boards 40.6 69.8 * The company began shedding 2,000 jobs under Bain’s ownership. It declared bankruptcy in 2003. It has reorganized and has about 1,600 workers.
Sealy Mattress, retailer 40.1 40.1 * Employment increased in the seven years Bain held the company, almost entirely overseas. It now has about 4,200 employees worldwide.
Dade International, medical diagnostics 26.7 229.9 * The company began shedding 1,700 jobs under Bain, and filed for bankruptcy in 2002. The company emerged from bankruptcy later that year.
Waters, laboratory technologies 26.6 204.5 In the fifteen months Bain held Waters, the head count was reduced by about 70. Since then, it has added approximately 3,500 jobs.
Alliance Entertainment, music distribution 25.1 10.0 Alliance closed a number of distribution facilities and laid off workers before it filed for bankruptcy in 1997. It operates today as a major CD and DVD distributor.
Epoch Senior Living, senior care and nursing homes 24.6 NA Bain stayed with the company as it weathered changes in Medicare reimbursement and saw a healthy return: $125 million, according to Chief Executive Laurence Gerber. While under Bain’s ownership, Epoch grew from several hundred employees to about 2,500 today.
GS Industries, steel 24.5 58.4 * The company shed jobs during the late 1990s, capped by the layoff of 750 employees during the company’s 2001 bankruptcy. Bain received dividends and fees and profited on the deal. By one account, Bain doubled its initial investment, even after bankruptcy.
(Charles Bradford, an analyst at Bradford Research, blames the union, in part, for the failure of GS Industries to survive in the new global marketplace.“If you look at the steel companies that went under at the time, all of them were unionized,” he said. “I’m not saying this was the only factor — these firms faced other headwinds such as cheap labor and a strong dollar … but the unions held them back.”)

* Estimates

Sources: 2000 prospectus prepared by Deutsche Banc Alex.Brown, listing Bain investments (Bain declined to confirm the accuracy of the information), company interviews, SEC filings and “The Buyout of America” by Josh Kosman. Photo: Romney in 1993 (David L. Ryan, Boston Globe / Getty Images)
Credits: W. Ramirez, Soo Oh

Bill

January 13th, 2012
11:33 am

If the companies being cut up into pieces and sold for any profit left, that’s business. People know when their jobs are in jeopardy, budget cutting laying off people. The government workers are scared to death because they all know there is a lot of dead weight in government workers. All politicians promise to loose all the dead wood, they never do and the government grows. Romney cuts DEAD wood and has a history of it. Complain all you want people knew the ax was headed their way and chose to wait for it rather than finding another job or a better one.

Sigmonde

January 13th, 2012
11:40 am

Apply for a job at a company going bankrupt and see how many job offers you receive. Without companies like Bain, companies would close their doors.When businesses are profitable, they grow, add employees and investors invest. Money doesn’t grow on trees as many liberal like to think.

Jim

January 13th, 2012
11:41 am

Juan why do you think Hispanics still support Obama after his terrible job creation tenure. Will you be able to persuade them how bad he really is?

Winston

January 13th, 2012
11:43 am

Why can’t Steve Forbes look more presidential because he “gets it”?
After spending 4 years in MA i must ask who would want to work there. You are taxed to death at all levels… They may have had a republican at the helm but it is still a democrat run state and destine to fail. Look at CA, businesses are scrambling to leave.
Be very clear, I do NOT like Mitt however people do not understand basic economics. How many jobs did the internet destroy (i.e. e-mail), then ask yourself how many jobs did it create. Attack him with something of substance not on others ignorance.

Jim

January 13th, 2012
11:43 am

Juan – after Obamas terrible job creation tenure – why do you think Hispanics still support him. An scan you get them to see the light, and elect a real president?

janis

January 13th, 2012
11:46 am

What has she been smoking?

Jim In Frankfort

January 13th, 2012
11:47 am

So what if he is a “hard-ass” profiteer … isn’t that what this country needs anyway? We need someone who will at least make this country solvent again, if not “profitable”.

Mitt Romney makes the tough choices to maximize productivity … just like all of us have to make (or should make) some tough decisions that benefit us in the long run.

James

January 13th, 2012
11:49 am

Romney was a corporate raider … call it what you want, but the fact is corporate raiders look for undervalued companies and pick them up on leveraged buy outs and then take the company apart, stripping out and selling assets, letting workers go and writing off any losses … accruing their profits not from restoring prosperity to those businesses, but by liquidating the businesses .. which is a job killer.

Romney is such a huge target, look at this article.. the left has him dialed in, they WANT Romney to run against Obama, because they believe Romney can be beaten. He is not the sharpest knife in the drawer and the left believes they can overcome him with their lying, deceiving, machine.

Romney is also not popular with conservatives…

If Romney emerges as the nominee, we are in trouble in many ways.

Having said that, I would not Choose Romney, he doesn’t impress me as the right man for the job, but whatever happens, I’ll support as much as I can, and keep fighting on.

Lisa

January 13th, 2012
11:58 am

Blah Blah Blah. ANYBODY is better than our current president. I’m totally for Romney.

Jim

January 13th, 2012
12:00 pm

If you have not lived through the 1970’s with Jimmy Carter at the helm – I could almost understand people voting for Obama the first time. Unfortunately for me – the 70’s were a nightmare decade I hoped we would never see again. Help – it is happening again under Obama because he has instituted Keynesian Economics which have been tried and failed several times in the past. Under Jimmy Carter in the 70’s, it prolonged the Great Depression with the New Deal, and niow under Obama. It is a failed policy – please stop falling for it. Why don’t we learn from our mistakes?

The 1970’s were a nightmare with Jimmy Carter at the helm. He used a lot of the Keynesian ecoomic theories that have been proven not to be viable in this country. We had gas lines in order to deal with the Arab oil embargo brought on by Carters inability, the Iranian hostages were held for 444 days, until the day Reagan got into office. They were then immediately released. We had a prime rate of 21% – which meant no-one was lending and mortgages were 18%. if you could get a loan. It was the worst time I can ever remember living through. Unemployment around 10% or higher. They used the same theories back after the Great Depression, and all they did was prolong the suffering to the people for many more years. Ask someone who was ther what they remembers about the Carter and Reagan years.

Reagan came in and got the ecomoomy roaring around 5% GDP, unemployment fell precipitioisly, we beat communism, and poverty rate went down. The economy roared forward in a Bull market for 25 years! What else can I say. Just to mention a few good things.

Dan

January 13th, 2012
12:05 pm

“I never thought of what I do for a living as job creation,” said Mark B. Walpow, a former managing partner at Bain, who worked closely with Romney for nine years before forming his own firm. “The primary goal of private equity is to create wealth for your investors.”

What is wrong with that? I’m taking a Financial Management Course and the first chapter in the text teaches that the goal of a financial manager is to “Maximize the market value of the existing owners’ equity’. This is what businesses do. They make the owners more money. If the owner makes money, then people keep their jobs. If owners make their money, plants and factories don’t shut down.

Quit attacking Capitalism! If you attack capitalism, the only ones who win are in Washington!

Cdub

January 13th, 2012
12:06 pm

If Romney is truly what has been portrayed by the left, and his desperate republican rivals, then he is exactly what we need for President.
We need someone to slash and burn many federal depatments – Education, EPA, Commerse, Homeland Security, ….. Maybe he can save our country like he saved Staples.

Winston

January 13th, 2012
12:09 pm

LMAO Dan,
Everyone should be required to read “How Capitalism Will Save Us” before they are allowed to vote. Just say no to the Dem bs machine.

ShortRound

January 13th, 2012
12:12 pm

Hmmmm, maybe that train will just run right over BO!

Jim

January 13th, 2012
12:16 pm

Stephanie you need to get a life. This is total BS. All he does is talk about creating jobs?? Obama’s tenure has reigned over the loss of 1.5 million jobs so far. This is a fact that is a matter of public record. Look it up ! And if you can’t find it – it is in Forbes 1/12/2012 entitled:
The Worst Economic Recovery Since The Great Depression

pmxpilot

January 13th, 2012
12:17 pm

Corruption, thy first name is Obama, followed by Pelosi, Reid, Frank, Holder, Soros … and plenty more Democrats, even some Republicans. Time to throw out those rotten apples…

Macon Sense

January 13th, 2012
12:20 pm

Do unprofitable companies sustain employment and expand hiring?

Of course not, you foolish anti-profiteers!

Top Headlines 1-13-12 — Headline Digest

January 13th, 2012
12:27 pm

[...] Obama Feels The Heat: Starts Attacks On Romney [...]

Rahm E.

January 13th, 2012
12:48 pm

obama is a LIAR. Remember that Muslims believe it is alright to lie in order to further
their agenda and Islam. He is no more a Christian than Lucifer. In fact obama has
a prearranged date with the devil. Don’t believe a word out of his lying mouth.
He is only saying these things because he wants to be reelected. Just remember
all the lies he told during the 2008 campaign.

Jim

January 13th, 2012
12:51 pm

Stephanie you need to get a life. All he does is talk about creating jobs?? Obama’s tenure has reigned over the loss of 1.5 million jobs so far. This is a fact that is a matter of public record. Look it up ! And if you can’t find it – it is in Forbes 1/12/2012 entitled:
The Worst Economic Recovery Since The Great Depression!

Jim

January 13th, 2012
12:54 pm

Rahm are you a muslim? Are you speaking from experience? I agree with you.

jlfloyd

January 13th, 2012
12:58 pm

“The primary goal of private equity is to create wealth for your investors.”
The primary goal of free enterprise is to create wealth for investors. Every start-up, every mom & pop business, any business venture has to have at least 1 investor.

Joe Johnson

January 13th, 2012
1:01 pm

such journalistic integrity, demanding answers about Romney’s background, oh the irony of the Obama supporters…… Did you ever dig through Obama’s past like this? No, you took his “auto-biography” and ran with it as your Bible, you hypocrites! Can you at least unearth the connection between Newt and the Democrat machine? Whatever, its probably too late now, were in a growing tyranny, this email is being monitored by Big Sis, and the nation is too distracted with their drugs and entertainment to notice anything beneath the marketed hype.

Jeff

January 13th, 2012
1:15 pm

I agree with Jack Welch, Romney is more qualified to lead the country than any president of the last 40 years. Easily more qualified than Obama…

http://www.youtube.com/watch?v=Du96lOkKblU&feature=player_detailpage

Gerry

January 13th, 2012
1:20 pm

I will vote for Romney or another Republican candidate over Obama. But if Romney, or anyone else in office, cannot create jobs then all Hell should break loose to get them removed and get this country back on track!

Testicles

January 13th, 2012
1:23 pm

The only thing that Republicans agree on is that any of them is better than Obama.

Joke’s on you.

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