Thursday, October 18, 2012

Is Romney really a job creator? Ronald Reagan’s budget director takes a scalpel to the claims

In the Mitt Romney: The Great Deformer, David Stockman, Ronald Reagan's budget director, employs his 17 years of private equity experience in analyzing some of Bain Capital's most profitable deals during Romney's tenure there.  It's adapted from his book, The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy, which will be published next year.

Stockman:
Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.

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