That Mitt Romney had a successful tenure as CEO of Bain Capital doesnât mean heâll be able to turn the economy around, according to an ex-Reagan budget director. Instead, he says, itâs just evidence that the financial system is rigged. In an op-ed in The Daily Beast, David Stockman argues that the Romney campaignâs refrain is âdead wrong" -- the refrain being that the Republican candidate is prepared to help the sputtering U.S. economy because he transformed struggling companies and created jobs. Instead, Stockman says, itâs âcrony capitalismâ and central bank help thatâs made gambling on failing companies a relatively safe bet. âMitt Romney was not a businessman,â he wrote. âHe was a master financial speculator who bought, sold, flipped, and stripped businesses.â (Read the full piece in the Daily Beast here) Stockman goes on to write: âBainâs billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.â Romneyâs tenure at Bain has fueled controversy on the campaign trail. The Romney campaign touted the candidateâs experience at Bain, describing his work there as âfixing companies that were broken and giving new companies a shot at success.â But some -- particularly some former workers at companies owned by Bain -- see it differently. Many have staged protests, including one outside the Republican National Convention in August, accusing Bain of shipping their jobs overseas. The Obama campaign also hasnât held back, accusing Romney and Bain of pioneering the practice of outsourcing in a July ad. Stockmanâs criticism may come as more of a shock given his point of view. Stockman was the budget director for Republican idol Reagan until 1985, when he resigned in protest over deficit spending. He was also a managing director at the now-defunct Wall Street firm Salomon Brothers. and has experience in private equity and leveraged buyouts himself, according to The Daily Beast post. Still, this isnât the first time Stockman has come out against the Romney campaign. He wrote in August of Republican vice presidential candidate Paul Ryanâs budget that itâs, âdevoid of credible math or hard policy choices.â http://www.huffingtonpost.com/2012/10/15/david-stockman-mitt-romney_n_1968106.html
I like Stockman and his opinions are mostly correct. I always felt Romney would have been better off selling his organizational skills rather then being some kind of job creator. That said, both campaigns have plans that leave much to be desired in the will they actually work category.