I promise you, the billionaires are coming; but . . . there’s so much else crowding them out:
As others have noted: it’s both the percentage of Americans for whom Mr. Romney feels contempt (“I’ll never convince them that they should take personal responsibility and care for for their lives”) and the job creation rank to which Massachusetts fell under his stewardship (down from 37th when he took office). Not good either way you look at it. And let’s not forget 34: the Governor’s 34% approval rating upon leaving office in Massachusetts. If he did a good job, why the Bush-like approval rating?
. . . Bipartisanship was in short supply; Statehouse Democrats complained he variously ignored, insulted or opposed them, with intermittent charm offensives. He vetoed scores of legislative initiatives and excised budget line items a remarkable 844 times, according to the nonpartisan research group Factcheck.org. Lawmakers reciprocated by quickly overriding the vast bulk of them.
The big-ticket items that Mr. Romney proposed when he entered office in January 2003 went largely unrealized, and some that were achieved turned out to have a comparatively minor impact. A wholesale restructuring of state government was dead on arrival in the legislature; an ambitious overhaul of the state university system was stillborn; a consolidation of transportation fiefs never took place.
Mr. Romney lobbied successfully to block changes in the state’s much-admired charter school program, but his own education reforms went mostly unrealized. His promise to lure new business and create jobs in a state that had been staggered by the collapse of the 2000 dot-com boom never quite bore fruit; unemployment dropped less than a percentage point during his four years, but for most of that time, much of the decline was attributed to the fact that any new jobs were being absorbed by a shrinking work force . . .
REPUBLICAN DEATH PANELS
A lot of Americans now seem to think that if someone dies for lack of health insurance (as someone does every 20 minutes), well, tough luck. Obamacare will save their lives. Mr. Romney has pledged to repeal it. As Nick Kristof argues here, “To feel undiminished by the deaths of those around us isn’t heroic Ayn Rand individualism. It’s sociopathic. Compassion isn’t a sign of weakness, but of civilization.”
DAVID STOCKMAN ON MITT
Former Republican Congressman and Reagan Budget Director David Stockman argues in his new book that “Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.”
Nevertheless [he continues], Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case—real-world validation that Romney not only was a striking business success but also has been uniquely trained and seasoned for the task of restarting the nation’s sputtering engines of capitalism.
Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.
So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. . . .
“Lobbyists ready for a comeback under Romney.” Here, in Politico:
President Barack Obama’s gone further than any president to keep lobbyists out of the White House — even signing executive orders to do it.
But the mood on K Street is brightening.
Industry insiders believe that Mitt Romney will unshackle the revolving door and give lobbyists a shot at the government jobs their Democratic counterparts have been denied for the past four years, a dozen Republican lobbyists said in conversations with POLITICO. . . .
Quote of the Day
Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.~Jim Grant
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