Thursday, January 12, 2012

"Vulture Capitalism"

It's kind of amazing to me that someone of the intellectual caliber of Rick Perry would be smart enough to wack Romney with what I had assumed would have to wait until the general election: the hypocrisy that is Romney's claim that his time spent heading Leveraged-buyout layoff specialist Bain Capital somehow qualifies him as an expert on the economy, as if financial success equals sound economic strategy. Romney's job at Bain was basically to find companies that had assets (debt being considered an asset in this circumstance), find ways to restructure (ie, cut wages, trim payroll, shed labor) and squeeze every ounce of cash or value out of the company before selling it off piecemeal or just straight up shutting it down. Now I'm no economics whiz nor do I claim to be but I have always thought Romney was getting a free pass on his economic track record. The guy bankrupted companies. That sounds remarkably like another W to me. Not somebody I want to throw in charge of an already fragile economy. Now to backtrack a little bit here, I don't want to give Perry too much credit for this. This may be more gaffe than sound strategy. Gingrich has hopped on the criticism caravan on this one as well. These guys are RIPPING into Romney. And it looks like the establishment Republicans are trying to reel them back in line. I'm a little torn because while this is most certainly an issue that will come up in the general election campaign, I wonder if the republicans think but somehow waging this battle now they are taking some of the air out of the balloon? I'd be interested to hear some thoughts about this. Check out this video that one of Newt Gingrich's PAC's has released, entitled "When Mitt Romney Came To Town":

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