This transcript is automatically generated
Swimming around remained close to -- I lost my health care meridian and my family lost their health care then.
Short time after that my wife became ill.
I don't know how long she was sick.
Machine and I think maybe she didn't same thing because she knew that we we couldn't afford the insurance.
And then one day she -- she became ill and -- -- -- grips of the Jackson county hospital room attendant and an editor for.
-- ends up sadly dying in 2006.
The the plant was closed a few years prior.
But I'm just saying that from what I read -- -- -- live did he's a former managing director for Bain Capital author of unintended consequences of bestselling book.
Is why everything you've been told about the economy is wrong -- does not work for governor Romney but.
Mitt Romney as the one who hired you Ed tell me about this deal what do you know about it the steel deal that this -- god -- got let go from.
Yes he's referring to an integrated steel know that was owned by armed -- deal.
They don't want them as -- I think caller called in about it service center that they -- in Kansas City that bought from the article planned today talked about how the -- was -- for closure.
It was put up for sale Bain bought it.
We work very hard over the course of the 1990s to make the business successful.
In -- -- 50% of the capacity and steel industry was lost imports.
Almost all of the capacity from these old integrated mills that had old technology more high costs had very high union labor.
Almost all of that capacity was loss images that when George Bush came in.
He put tariffs on steel to try to save what jobs were -- -- and it was -- pretty much pretty much long gone.
And this was one of the victims one of -- but plans that was lost.
When 50% of the capacity was lost -- almost all the plants like this didn't make it in the long.
A lot of unionized and -- was this when unionized yes yes.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And sometimes.
They would contract themselves and right out of business well and I think he I think yes that's true and I also think -- some people did -- and buy it after it went into bankruptcy.
And tried to run it again probably without union labor and they still couldn't make it succeed in its mix close and hasn't succeeded cents -- -- would you hear this said.
-- that you know the players in the moving parts and even the deal what are your thoughts because people are supposed to conclude in thirty seconds the Mitt Romney -- the swap it to.
I I think that it's an indictment -- business generally in the use Bain Capital as a surrogate and private equity as a surrogate.
And they want every employee to say geez have you ever had difficulty lost a job because it was cutbacks or productivity improvements in your field.
That you should vote against.
-- the against business and against this president but I think they lose sight of the big picture which is.
Since 1980 we've added forty million jobs -- -- -- of a hundred million jobs we grew 40% Europe and Japan grew.
Less than half as fast.
We have today even with 8% -- point we have 35 to 40%.
More hours of work for working age adults.
-- France and Germany have today and we have achieved that at median incomes middle class incomes that are at least 25% higher.
Then Germany and -- and France's and Japan's and so.
-- it does take creative destruction it does take productivity gains.
That the US productivity accelerated to about two and a half for 22% growth per year.
Which is very high eight -- gains in productivity but that creates jobs it creates way more jobs and you lose.
So this you get -- -- very close of the pay people look at that was a job loss here.
That was a job loss there Yahoo! when you step back and see the big picture.
All of those productivity gains there you lost a job union lost a job there.
Actually created an enormous amount of employment in the united.
State and to say the Mitt Romney looked at this guys have to get away your health care is not really true now we find out there was via its.
How often other do you have any idea with the negotiation was with the -- I don't know what the negotiation was with the -- but I assume that in the course of the bankruptcy in such that there was a lot of resolution of different claims -- the company which would have included some claims that the employees had I think there were pensions.
Companies buy insurance from the government in the case of bankruptcy that that the pensions will be covered I think a lot of the pensions were picked up by the government because.
-- -- German insurance payments that have been made over the the decades that the plan was open and running but I just you.
We worked hard eight years I think before that plant went bankrupt to keep that business alive keeping growing and that the -- did give an employee not only is paycheck but health catcher that -- in ten seconds do you think Mitt Romney should be doing what you're doing.
And going into each deal in defining it to.
I think killed a woman I don't think anybody's.
Listening in -- way they have some wait until September and October to really make his case for business and I think he is -- to -- to make his case but maybe not.
Case by case after -- that brought -- said.