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Venture capitalism vs. venture communism
February 7, 2012 - Ron Hart
January 20, 2012 -
By Ron HartThe Bain of Mitt Romney's existence now comes from an unlikely source: a fellow Republican. But in Monday's GOP debate, Romney defended free-market capitalism well.
Newt Gingrich, the "smartest guy in the room" (just ask him), has put forth the pandering and preposterous premise that what Romney did at venture capital firm Bain was somehow bad. His narrative, which the leftist media are all too willing to amplify, goes against the very core of what I thought was the philosophy of the Republican Party.
Newt, I like you, but you have let your thirst for power overwhelm what you know to be right. It is time to exit stage right (as an inducement, there is a buffet backstage). It's time to return to what you do best - finding younger and healthier wives and giving "advice as a historian" to Freddie Mac and Fannie Mae in exchange for millions of taxpayer dollars, which in no way should be confused for lobbying by using one's political connections.
Newt proves that once someone is in Washington too long, capitalism becomes crony capitalism, even for Republicans. That is why, like diapers, politicians need to be changed regularly - and for the same reason.
I did not even mind when Newt sat on the couch with Nancy Pelosi and said that both parties want to help the environment. I can understand being filmed on a couch with the odious and objectionable Pelosi; Newt was young and needed the money. This proved false the premise that conservatives do not care about conservation. We hunt, fish, camp and live in more rural areas than most liberals, so nature is more important to us. We just do not believe in throwing government money at Al Gore's harebrained theories on global warming.
CNN and Obama's other press agents were all too happy to take their cue from Newt and look into Bain Capital's less-successful ventures in South Carolina. In its pursuit of "objective journalism," for which it is so well known, CNN consulted an unbiased source for an opinion on Romney: the president of Local 7898 United Steel Workers Union.
For Obama or Newt to quibble over private capital, invested by Romney's Bain Capital for themselves and their willing investors, should be a losing strategy. Yet I am astonished what some people fall for when the envy card is played.
Private capital firms are only paid when they succeed, a perplexing concept for politicians. Over the years, Bain created more than 100,000 jobs and saved many companies. Focusing on the few bad deals is like going back in time to harp on Joe DiMaggio's strikeouts. To me, what Newt did to capitalism by touting the shallow Obama line on Bain was a very disappointing, shameful act of desperation.
When Obama forced GM to agree to a loan repayment structure favoring the unions over secured bondholders, he contradicted more than 200 years of business law. Hundreds of automobile dealerships closed; thousands of workers lost their jobs; and brands like Saturn, Hummer and Pontiac were killed.
Have you noticed that industries with perpetual bankruptcy problems are usually heavily unionized --steel in this case, airlines, car manufacturers, etc.? Unions have now bankrupted baked goods company Hostess. Republicans can pick up the pieces: Herman Cain will handle all Ho-Hos and Newt will marry the Twinkies. Even bankrupt businesses find interested suitors eventually.
The media examine Romney's business record, which shows great returns for pension funds and willing investors ($66 billion are entrusted to Bain Capital now), and I am sure they will do the same for "community organizer" Obama. The Southside Chicago neighborhoods (Altgeld Gardens/Roseland) where he first practiced his craft are worse now than when he left them. They have gangs, unemployment at more than twice the national average, and businesses running from the area to more friendly places -in short, the Obama legacy.
Community organizing (as defined by Saul Alinsky in "Rules for Radicals," where he said a successful organizer should be "an abrasive agent to rub raw the resentments of the people of the community; to fan the latent hostilities of many of the people to the point of overt expressions") is Obama's past. It is also his campaign plan for the fall, so get ready for it.
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