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Title: Republicans Rally Around Romney After Hits On Bain
Source: Associated Press
URL Source: http://www.sfgate.com/cgi-bin/artic ... /01/12/national/a140137S80.DTL
Published: Jan 12, 2012
Author: Associated Press
Post Date: 2012-01-12 18:30:57 by Brian S
Keywords: None
Views: 2271
Comments: 5

(01-12) 14:23 PST Greer, S.C. (AP) --

An array of Republicans and conservatives — including some of Mitt Romney's sharpest critics — rushed to the GOP presidential front-runner's defense Thursday to counter efforts to paint the former venture capitalist as a job-killer. Under fire, Romney rivals Newt Gingrich and Rick Perry backed off from directly attacking Romney's tenure at the helm of Bain Capital.

"We're disappointed" with the line of criticism, said Thomas Donohue, the head of the U.S. Chamber of Commerce. The business group doesn't endorse in presidential campaigns, but Donohue said: "We think Romney has had a pretty good track record. Perfect? Hell no, but damn good."

Former Arkansas Gov. Mike Huckabee, who ran against Romney four years ago, wrote in an online letter: "It's surprising to see so many Republicans embrace that left-wing argument against capitalism." And another 2008 foe, former New York Mayor Rudy Giuliani, told Fox News Channel: "I'm shocked at what they are doing. I'm going to say it's ignorant. Dumb. It's building something we should be fighting — ignorance of the American economic system."

Romney's new defenders — many of whom have long histories of disagreeing with the former Massachusetts governor — argued that the attacks on his business record undermined the GOP's identity and weakened the party's chief argument against Democratic President Barack Obama, that federal intrusion has stymied the economy's recovery.

And while the latest comments were more a rejection of attacks on Romney's record at Bain than an endorsement of Romney as a candidate, they signaled a warming toward Romney by a cross-section of the GOP as his party struggles to settle on a more conservative alternative. They also signaled that attempts by Gingrich, a former House speaker, and Perry, the Texas governor, to cast Romney as a cold-blooded predator in the business world appeared to be backfiring badly — and playing right into the Romney campaign's hands.

A prominent fundraiser in South Carolina — Barry Wynn — shifted his support from Perry to Romney in light of those attacks, which he said had crossed the line in a political party that values free-market capitalism.

"I've been fighting for this cause most of my life," Wynn said. "It's like fingernails on the chalkboard. It just kind of irritated you to hear those kind of attacks."

The controversy over Romney's Bain tenure began last weekend when Gingrich, seeking a rebound for his candidacy if not revenge for attack ads that crippled his campaign in Iowa, sought to undercut the central rationale of his chief rival's candidacy — that Romney's business background made him the strongest Republican to take on Obama.

Perry, whose campaign also is in trouble, joined in.

Both are accusing Romney of being a fat-cat venture capitalist during his days running Bain, laying off workers as he restructured companies and filled his own pockets.

But the criticism of both Gingrich and Perry has been swift, with opponents Rick Santorum and Ron Paul refusing to attack Romney's time at Bain, and others fearful about bloodying the Republican most likely to become the party's nominee.

"If you believe what the Obama administration is doing is a direct assault on the private sector and as Republicans we believe that's the wrong approach, you can't turn around and say what is going on in the private sector is wrong," said Jim Dyke, a GOP strategist in South Carolina who is uncommitted to a candidate in the Jan. 21 primary.

The backlash against Gingrich and Perry snowballed Thursday when the U.S. Chamber, one of the nation's most prominent pro-business lobbying groups, weighed in.

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#1. To: Brian S (#0)

An array of Republicans and conservatives — including some of Mitt Romney's sharpest critics — rushed to the GOP presidential front-runner's defense Thursday to counter efforts to paint the former venture capitalist as a job-killer.

Ron Paul too.

This really does demonstrate that there is little difference between the two parties.

I am not surprised that Newt stooped to leftist demagoguery.

Newt is the Lucille Ball of the GOP, with all of his hair brained schemes.

I am actually a bit surprised that Rick Perry would do this. My bad for giving him the benefit of the doubt.

Regardless, there are plenty of reasons to criticize Romney for his constantly changing positions and poor governance of Massachusetts.

We don't need to adopt leftist nonsense to defeat him.

Gingrich and Romney should be ashamed of themselves.


Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate

jwpegler  posted on  2012-01-12   18:57:00 ET  Reply   Trace   Private Reply  


#2. To: jwpegler (#1)

Ron Paul too.

This really does demonstrate that there is little difference between the two parties.

Wrong.

VC organizations can be 'job killers,' or they can help turn companies around, and make them profitable.

Is it bad that the VC companies deserve to make a profit, when they invest in a company and help keep them from sinking? NO. They take risks by investing in companies that are foundering, and bet that they can be saved. For that, they expect (and deserve) a reward for undertaking such risks.

There ARE VC groups that are "vulture capitalists," where they break apart companies and sell the assets off, piece by piece. Is that wrong? Again, NO. Such companies are attractive to VC groups of that nature, if they're essentially more valuable dead than alive. This occurs if the company was mismanaged or if it didn't evolve to keep up with competition. The breakup of such companies allows the misallocation of funds to be cleared from the economy, and the assets are sold to someone who will use the assets efficiently... or the cycle will repeat.

This is not about good or bad, and it's not about one party or the other. It's about business and economics, and how the real world works.

While Ron Paul shouldn't be out defending Romney (IMO), Ron Paul is standing for the truth, which transcends political party. And so I give him credit for that...

"If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --

Capitalist Eric  posted on  2012-01-12   19:11:32 ET  Reply   Trace   Private Reply  


#3. To: Capitalist Eric (#2) (Edited)

Wrong.

No, Right.

I've dealt with VCs for the last 20 years. Dealing with these people is a big part of my life. They are NOT "corporate raiders".

They are people who risk their own money on businesses with the expectation of growing those businesses.

Yes there are "corporate raiders" (e.g., Oliver Stone's Gordon Gekko). However, I've been on the west coast in the technology business for 23 years and I've never met anyone like this.

Maybe Bain was more interested in profiting from break ups than growing companies. They are an East Coast company and I don't have any experience with them, so I don't know.

If so, Bain is not a VC, they are something else.


Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate

jwpegler  posted on  2012-01-12   19:21:14 ET  Reply   Trace   Private Reply  


#4. To: jwpegler (#3)

OK, I agree with everything you said. Which is basically paraphrased from everything I said.

Your point was that this makes both parties basically the same.

MY point... is that it isn't about political parties at all.

So where's the disconnect? (((scratching head)))

"If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --

Capitalist Eric  posted on  2012-01-12   19:29:09 ET  Reply   Trace   Private Reply  


#5. To: Capitalist Eric (#4) (Edited)

So where's the disconnect?

I don't think that there is any disconnect at all.

I was just trying to differentiate between VCs, who risk money to help grow companies versus other types of investment firms, who might be all about cashing out quickly.

That's all.

I did have a bad experience with a Private Equity Firm (not the same as a Venture Capital firm) in 2007. The bad experience that I had was not the fault of the Private Equity firm. It was the fault of our CEO, who they fired after they took control of the company. They should have fired him.

I was the Chief Technology Officer of the company. I was left with everything in my lap. I tried to work with the Private Equity Firm and give them my best advice on how to fix the problems. They really didn't listen and they made thing worse. As a result, I resigned and started my own company in 2009.


Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate

jwpegler  posted on  2012-01-12   19:42:33 ET  Reply   Trace   Private Reply  


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