“The Obama Bankruptcy” and food for thought (EB)


ADVANCE EDITORIAL from the August 17, 2012 issue.

12:00 AM, AUG 17, 2012 • BY IRWIN M. STELZER

There you have it: Obama, bankruptcy, and an unpleasant, forced end to entitlements as we know them, or Romney-Ryan and the preservation of entitlements that protect the elderly and disadvantaged, and that are sustainable for generations to come. Like Walter Matthau, Barack Obama is out of money, and has no plan to cut spending or to raise more without throwing us into another recession or worse. Unless he plans to find the equivalent of a rich widow, he should leash his attack dogs and offer some positive alternative to what Romney and Ryan are offering, rather than more of the policies that have brought us so close to financial disaster. Negative ads and squabbles over details are diversions from a debate over how to enable entitlements to accommodate our changing demographics and straitened finances, and a discussion of who would take the nation in the right direction. That is our real entitlement: to a debate on the relative merits of Obama’s “plan” to do nothing and Paul Ryan’s plan for reform.

—Irwin M. Stelzer”

Is this attack ad accurate?

This ad,  released by the Obama campaign attempts to paint Mitt Romney as having destroyed the two men’s lives and the lives of their families, Mitt Romney not caring about the ‘fallout.’  Mitt Romney was the CEO of Bain capital, the private equity firm hired to trim the excess of a business and restructure if necessary. These men were caught in the restructure and lost their jobs.  So, therefore the person in charge of Bain Capital is at fault for their misfortune.

There is one large inaccuracy in the ad: it misrepresents historical fact. Mitt Romney was NOT working for Bain Capital when these 2 gentlemen lost their jobs: he had left Bain Capital 2 years prior, to quite successfully bring about the Salt Lake City, Utah Olympics. The ad cast him as ‘guilty’ by association.

In business, there are companies that make money and thrive. Unfortunately, there are companies that don’t do well and workers lose their jobs. That is not the ‘fault’ of private equity firms which are hired to ‘turn a failing company around, if possible. That is their job. That is what they do. That is the free market. The alternative is that we ALL have equal paying jobs, run by the government, with no room for competition.


Private Equity Can Do Good, Says Clinton on Romney’s Bain Career (dailyfinance.com)

Rattner Unloads on Romney (politicalwire.com)