By: Jeffrey Klein
Political Buzz Examiner
President Barack Obama made his second pilgrimage to Iowa in a month and has already spent $2.6 million airing anti-Romney and evil-Bain Capital TV ads there, as aggressively as in any other battleground state, “seeking to rekindle the all-but-faded Iowa magic that launched him in 2008,” according to Ken Thomas in his Associated Press article yesterday.
President Obama has been stepping up his attacks on Gov. Mitt Romney, lately labeling him as a “vampire” venture capitalist, which he claims isn’t adequate preparation for the presidency.
In his first sentence, Obama confessed that private equity firms ‘can sometimes create jobs.’
This solo positive and true statement must have been in an apparent nod to his large, private-equity firm “bundlers,” like Jonathan Lavine, a current managing director at Bain Capital, who has raised between $100,000 and $200,000 for Obama’s re-election effort, according to the Center for Responsive Politics; and Blackstone Group president Tony James, who held a fund raiser for Obama at his New York apartment just the week before, as reported in Hans Nichols’ May 16, 2012 Bloomberg article.
Nonetheless, Obama quickly resumed his bristling attack by barking … “But when maximizing short-term gains for your investors rather than building companies that last is your goal, then sometimes it goes the other way. Workers get laid off. Benefits disappear. Pensions are cut. Factories go dark.”
Obama concluded, saying “There may be value for that kind of experience, but it’s not in the White House.”
First, Obama’s last statement is a tremendous irony, considering that the only thing Obama had experience “running” prior to being elected president was a classroom for 2 or 3 hours, a few days per week–with no personal equity investment, risk or responsibility for the outcomes.
Second, Barack Obama’s indictment of private equity in general, and Bain Capital in particular, has been virtually “neutralized,” as Romney revealed in a FOXNews interview earlier this week, Bain Capital portfolio companies were successful 80 percent of the time, with only 5 percent having filed for bankruptcy–which is a stellar performance by any reasonable measure.
And it certainly trounces President Obama’s dismal taxpayer-funded venture capital record, gambling on alternative energy companies that are falling like dominos, and where in just the instance of Solyndra Solar he lost $535 million…in just 18 months
In just one throw of the dice Barack Obama lost twice the net worth of his opponent, which took Romney a lifetime to earn and accumulate.
Barack Obama has no business being involved with such enterprises because he has absolutely no personal experience with risk/return Capitalism–and is, as observed by Rush Limbaugh during his show today, actually campaigning against Capitalism.
Taking another swipe, Obama rolled out another weathered bumper-sticker attack on Romney, saying he would ‘roll back regulations and return to policies that … helped create the recession and would increase government deficits.’
While Gov. Mitt Romney owns a well-documented, 25 year continuous history for doing the exact opposite, President Barack Obama “owns” an equally well-documented 40 month record-breaking history of sustained high unemployment, a four year record-breaking streak of trillion plus dollar annual budget deficits, which resulted in adding more to the national debt in just his first term of office than all the past presidents combined.
And finally, in a rebuttal to Gov. Romney’s clever and locally meaningful depiction of President Obama as having created “a prairie fire of debt,” Obama countered that Romney’s tax plan is “like trying to put out a prairie fire with some gasoline.”
This type of vacuous teenage retort may have drawn laughter from some college students there, but their ‘youthful’ innocence will swiftly transform into ‘adult’ outrage, once they realize that the joke is on them–because the burden of paying off that debt will rest with their generation.
Romney spokesman Ryan Williams bottom-lined it this way…
“A president who broke his promise to cut the deficit in half by the end of his first term–has no standing when it comes to fiscal responsibility.”