Romney fights back against Bain attacks
Private investors need not apply for the White House?
- Duration 7:50
- Date May 26, 2012
Private investors need not apply for the White House?
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I -- investors need not apply while governor Mitt Romney firing back saying his experience at Bain Capital will serve him well if he is elected president.
Despite what President Obama and vice president Joseph Biden are say.
When -- president -- close to the head of a private act reform -- Then you -- your job is not simply to maximize profits.
Your job is to figure out how everybody in the country.
Has a fair shot.
Your job is president.
Is to promote the common good.
That doesn't mean a private equity guys are bad guys they're not.
But that no more qualifies you to be president -- Plumbers -- right is it a qualifier or a disk qualifier hi everybody I'm David -- welcome to Forbes on FOX.
Let's -- Steve Forbes Mike goes and -- Victoria Barret Elizabeth MacDonald -- Conger and John.
-- Steve a qualifier or disqualified.
Huge qualifier he understands that the common good -- prosperity enabling people starting out -- trying to get ahead that the opportunity to do so.
That means less taxes less regulation less government spending and a sound dollar.
Romney's -- -- clearly Obama has not which is why the economy is stalled today.
So -- Conger we are capitalist economy we're proud of it and therefore being a capitalist is a qualifier for the job -- -- Well it's certainly not -- disqualify are I don't have a problem with the fact that he was a venture capitalist but you know would be equipped with a balance sheet.
Was what it took to be president of the United States we could go grab birdie made up and bring him out to run for office look.
You Romney guy and he's you know I gotta say I got I got as well Bernie Madoff was a crock -- Mitt Romney is not a -- I'm not suggesting he is a -- I -- -- Suggesting that -- good with the balance sheet is not a qualifier to be president listen.
We got to take a look at how this happened Ronnie put this on the table when he started talking about how he created a 100000 jobs -- Bain Capital.
Let Bain Capital isn't there to create jobs that's perfectly fine it's okay.
It's there to make a profit for its investors and the money that they managed but by suggesting that he was a great job creator.
He opened the door to this discussion I don't know why he did it.
I don't think it was Smart to do it now that number is down to 101000 jobs created he created the situation a model but -- anything -- They -- you have not only did -- effect its not only Republicans there are a number of Democrats who have come out.
And said that in fact -- -- is a creator of jobs it is a creator of new businesses -- talking about -- governor Ed Rendell from Pennsylvania Governor Deval Patrick from Massachusetts.
Newark mayor -- but I -- -- he backed off a little -- Obama car czar Steve red -- a lot of Democrats -- agree with -- Yes and that's -- -- I think what we're gonna see the fundamental.
Theme in this election which is.
Does government create jobs or does the private sector create jobs and the fact that this administration is attacking private equity I find so fascinating because.
How can you be successful.
As an investor.
By destroying companies and therefore destroying jobs that means you're not successful you're not gonna make a profit the companies won't survive.
-- was in the business of propping up companies there hope.
Was that it that these companies would survive it was risky sometimes it didn't work but the goal at the end of the day was for these companies -- -- right yeah by the way.
There investors -- investors.
In finds a lot of government money is benefiting from -- success are so it's a real hypocrisy I think on the part of the administration might it also shows just.
A dad just connect with their understanding of how American capitals and work.
John -- this that this is what Bain Capital Biden sit by the way says about the attack ads that focus on -- and they say despite.
Political attacks and emphasize the few companies that have struggled.
The facts are that during Bain capital's ownership revenues grew in 80% of the more than 350 companies in which we have invested between seventy and 80% John -- of those companies.
That Bain invested -- went on to survive very well.
On the yet almost by definition they what I mean Victoria makes the essential point if Mitt Romney were a bad job creator or -- bad overseer of profitable businesses.
He would not be rich today we would not know who years he's obviously very good at it.
What concerns me is does he have the courage to make the essential point.
That in order to create jobs very often you have to destroy them first.
Businesses are in the business of profit to attract the investment you need to grow sometimes you need to terminate positions that are dragging down profits.
I'm skeptical of Romney's -- to make that point.
Well Mike and that's not a bad point that is we're in an age you where nothing is supposed to fail right I mean everything is supposed to be bailed out.
And and therefore there is no -- in fact.
In business there are failures absolutely but I I think the one area that Mitt Romney or any person who's ever run a business -- -- local dry cleaner.
Can really help and has much more experience than President Obama is an area of regulation.
There was at George Washington study that said in Obama's first two years new rules and regulations on businesses cost the economy.
Ten billion dollars a year that's more than twice under President Clinton and George W.
New rules and regulations are a burden on business and job creation which is why the labor participation rate in this country is at its lowest point since 1981.
You know that is a great way back that reminds you senator George McGovern the great liberal Democrat ran for president once.
He got in a business after he left politics his business went out of business as a result of too much regulation he said if he new.
What businesses went through he never would have pass a lot of legislation he did.
Yet that's the best way to school a congressman Issa put them in the private sector at this -- I agree with you.
But there's -- double standards here David you know with so many top Democrats including Bill Clinton Al Gore.
John Edwards Wesley Clark Tom Daschle all went to work a private equity companies after they left office and the other -- that thing to.
To get to president Obama's record he's practicing with Jim dement has rightfully called -- socialism.
He has blown out -- the government analysts -- equal the size of Germany and South Korea five trillion added and he's blown a lot of money on -- a green energy companies like Solyndra like First Solar like beacon energy.
A new name -- talent eight all sorts of green energy company that failed he is himself a practicing private equity type.
Then just socialism with taxpayer money and he's not doing a good job -- -- he's not creating.
Already you say that you that you wonder why he open himself up to produces about -- what about the president opening them up not just Solyndra but there -- a whole lot of companies.
And their whole lot of questions about whether that stimulus program really did pay off.
In terms of jobs.
Yeah great but let me point something out here the conversation I'm afraid is proving my point you guys are -- about what President Obama did Ron.
How how successful -- is which they are you know what you're not able to do.
You're not able to tell us why being the CEO Bain Capital qualifies him to be president and -- can't tell us that because.
Why did not know why weren't why don't want it why don't give them a shot that and being a turnaround specialist and you try to create jobs but your point former businessman who became presidents.
You're right they ran up against congress we saw Harding Hoover Truman even Eisenhower -- to Truman's look you gotta have a hard time it's tougher controlling congress are working with congress and is working.
-- -- -- -- and my but the bottom line is even though there's no one qualification for president it's nice to have a president unlike this one understands what it takes to make a business succeed understands what taxes regulations and spending and a cheap dollar does to the economy.
I think that's a very good qualification at this point in time as they say all right last word.