There's something weird about Bain Capital. It seems that the company was going along doing what ordinary private-equity firms do—buying and selling companies, making lots of money—until about 1999 or so, when things took a sinister turn. At that point, terrible things began to happen. The firms they backed went into bankruptcy, costing thousands of people their jobs, while Bain still walked away with millions in management fees. They invested in companies that profited from outsourcing and offshoring. Who knows, they may have been producing magical hair-thickening elixirs made from the tears of orphans. Every time one of these new revelations comes out, it seems to concern the period after 1999.
The core weakness in Barack Obama’s reelection effort is his poor standing with working-class whites. Obama won only 40 percent of whites without a college degree in 2008, but his strong standing with college-educated whites made up for the deficiency. This time around, the picture is much worse. He’s at 35 percent support with white voters without a college degree, and down with white voters generally.
One mark of a skilled pundit is the ability to take the day's news and mold it to shape his or her own pre-existing interests, beliefs, prejudices, and hobbyhorses. In that spirit, let me offer my thoughts on an interesting article today in the Washington Post, revealing that while Mitt Romney was the head of Bain Capital, the firm invested in companies that specialized in outsourcing jobs overseas. What does this tell us about a potential Romney presidency? Let's look at the facts first, keeping in mind that Romney was at Bain until 1999:
Because I devote a fair amount of time to Romney’s dishonest rhetoric—-and the degree to which its ignored by mainstream reporters–it’s worth noting those times when someone shows that the former governor has no clothes. To wit, here’s Phillip Rucker at the Washington Post, on Romney’s response to the attacks on Bain Capital:
Even the most disciplined candidate can't get through an entire presidential campaign without uttering at least one or two gaffes, those emblematic statements journalists will mention again and again to provide vivid illustration of his or her character defects. Few candidates are more disciplined than Mitt Romney, but the likely Republican nominee has already built up a small library of such verbal misfires, which could become the signposts of a most enlightening and overdue discussion on which we will now embark.