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Well forget Newt and his -- bombs aimed at Mitt Romney is a new plan to save American Airlines proving that private investment firms are good for jobs and the economy.
One such firm reportedly looking into bidding on the air line which is facing bankruptcy.
The scenario that could save a lot of job so to free market capitalists health.
Or hurt workers in America hi everybody I'm David as we welcome uniforms on fox let's go -- focus where the the man himself Steve Forbes Dennis -- Victoria -- bill -- rich Carl guard and Rick.
Unger rich first -- -- these -- was good or bad for jobs in America.
We know these capitalists are central -- -- companies that get in trouble.
You think about IBM IBM went from 400000 employees down to 200000 employees when they almost went bankrupt twenty years ago.
A private equity guy named Lou Gerstner.
-- in the top Madison now IBM is back on top of the world -- the up 400000 jobs again sometimes it's necessary to fix these companies to do that.
Rick I'm -- good or bad for America these capitals.
We you know what's interesting is I think the question in and of itself is raising an issue that we haven't confronted before.
Americans certainly like private free market enterprise they respected they like the type of things that is Steve Jobs does.
He build something he provides a product he provides a service.
What we're looking at now though is a part of our society of our capitalist society.
That is a bit more destructive even if it's necessary.
And I think that what this is all raising is a question of whether Americans do or don't want the symbol of their country.
To be the type of destructive capitalism.
Where people end up out of work even though it may be necessary.
So their profits can be made of this is the issue but Victoria.
Is -- and other companies like get destructive to America I mean -- even even some of President Obama supporters like Steve Rattner who was as cars are said.
Bain Capital is not now nor has it ever been some kind of Gordon gecko like fire were -- corporate raider that's slash and burn companies it's not that kind of a company that created jobs.
More than they destroy them according to Steve Rattner the president's guy.
I know it's amazing.
And when you you when you look at the private equity in the huge field -- sure.
It has its handfuls of Gordon -- but you -- that these guys aren't trying to make a profit.
By injecting risk capital into really.
They're trying to salvage them.
It doesn't always work.
And -- jobs do get lost but.
How would you would save those jobs otherwise.
With some large government bailout funded by taxpayers who -- the nature of capitalism is that not something a house to fail.
But bill that is the point that that what if if you accept the notion of what Newt is saying about Bain Capital and the other.
Capitalists here then you have to have a bailout because otherwise these companies are gonna fail let's just look at the politics of this thing else one thing for free market capitals and to prevail in a Republican primary -- preaching to the choir I think it's going to be a very tough sale.
In the general election look how hard it is for politicians of any stripe.
To say the prosperity comes from.
The destruction of jobs not the creation of jobs but any economist will tell you that.
Politically this is just going to be a -- tough sell but Dennis the fact is is that Bain Capital.
Was involved in 77 investments during the time that that Mitt Romney was involved a lot of smaller investments to.
And it created billions of dollars of war for the investors -- and it created a lot of -- this again and according to Steve -- what are the president's.
An entirely -- and you know what -- record so -- David that it is sad that we even have to engage in this debate today you know.
Capitalism and and free market enterprise and businesses they don't exist to create jobs that's not their function they exist to create products services so that they can then great.
For profits for their owners along the way they may need -- -- our people that's good we've turned it into a politically correct debate guy.
I -- saved -- -- -- mr.
Steve Forbes for last because he has a Rick Perry guy.
And of course Rick Perry has joined -- a lot as he called.
What Mitt Romney did vulture capitalism.
You want you appreciate -- you when you love capitalism do you agree with what -- curry says.
Well first of all the real vulture in this and I think all candidates would agree -- the federal government.
Sucking the life blood out of this economy through regulations and excessive taxation and trashing the dollar.
It's legitimate for a Mitt Romney -- answer questions about.
Did this company from time to time take too many dividends and management fees out of companies -- subsequently went broke but that only happens four times according to people I don't know it was for his 77 that's a pretty good track record hit it well but they he has to explain those things from what he's got to do -- have a full throated defense of it.
And that make make make the case for it.
But in cases where they did wrong saying what doesn't always work most of the time it does and he's got to be forthright about it.
-- -- pulling out guys that would affirmed comes end up by a business that's on its last legs he could turn to no other buyer.
It's that firms right to destroy it any way it wants I don't know why we now look I haven't.
You want to call -- -- legacy why would anybody wanted to say they make more money if a company succeeds capacity and.
That's why you rather than that this kind of language that you got to destroy.
-- that misses the point it's creative destruction you go when you try to slim down turn the thing around.
And that way you create jobs their -- productive but yes but you don't say got to be destructive you have to say he gotta save that thing by making -- profitable again that's a great prosperity Victoria why I didn't go ahead.
I I did because I guess said something -- that I think is worth reiterating its its like we're taking this politically correct view of capitalism and -- -- Rick.
Touched on earlier which is all it's capitalism but everyone gets -- job at the end of the day.
And you know what capital wasn't is thirty it is and -- but it's a system that we believe in and you can't have a nice firm nice nice version of cap.
Eleven and a greeting version look at -- and -- and -- and get I don't Hendrick.
-- I sure hope that the candidates are listening to Dennis because every one of them out there is pitching that's on how they're gonna create jobs.
One in particular he's a businessman.
His experiences in creating jobs and now Dennis is telling us.
That that's the last thing that they're supposed to be doing that got.
The blue economy grow and and the jobs we'll take care of themselves guys do we think that if a company with a 100000 employees can do that job with only 70000 that they should not lay off 30000 -- have to Danish side.
You say at this is why Dennis is not running for public golf protects them goes.
-- That and the bottom line is that pop politicos should be doing is create an environment.
We're -- jobs are created that means slimming down companies need to be slimmed down -- the capital to start the new -- of tomorrow -- -- one thing that government and political should not be doing is making business decisions we learn that through Solyndra we learn that through all the experiments where the government tries to make business decisions and fails miserably.
He isn't the extension of -- its argument the fact that you have to have the government come again and fiddling because private sector can't do it.
Yeah well -- you know I think you're exactly right about the problems of crony capitalism that's why I think that the Obama administration.
Is actually more vulnerable on this issue then is Mitt Romney columnists like Paul Krugman who on Friday tried to make the Gordon Gekko comparison.
-- Mitt Romney you know that just doesn't wash because it doesn't -- -- Mitt Romney's personality.
But this crony capitalism the Chicago way is really pernicious and bad for the economy.
-- guard -- And and and more importantly rich may be right theoretically but I just think that when people hear when voters hear creative destruction they hear the -- destruction that don't get the -- creative it's a very very -- -- the bottom -- -- -- hear -- take -- -- distressed companies companies -- -- probably -- go -- -- they don't -- -- infusion -- capital.
Isn't it better yes some of them fail even with the infusion of capital.
But 77 didn't I mean I think again it's -- kids were doing that a batting average here that's a pretty successful record.
And it got I don't think they're -- has a problem although -- that it Victoria go ahead.
I don't think bill is giving the American people enough credit.
We are a country of entrepreneurs we understand creative destruction you're assuming we're a country of bureaucrat is.
Who assume that the glass is always happen OK we got to leave it at that creative destruction is better than bailouts folks I think that's the consensus here while they're.
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