The Occupy movement focused the national conversation away from non-stop blabber about deficits, to income inequality and the destructive impact of unregulated capitalism.
That was pretty impressive and a major accomplishment on its own. But who knew that their language would be picked up top Republicans?
Addressing a retiree community in South Carolina, Perry criticized Romney’s Bain Capital firm for two business deals that caused job losses in the state. He said private equity firms are “just vultures” that feed off sick companies no matter the human toll.
And the unqualified defense of the virtues of Bain Capital by some on the right is also silly. Criticism of any behavior by a private firm? Outrage! An Assault on Capitalism! Haven’t they read Schumpeter? Don’t they know the glories of Creative Destruction? And, of course, all such destruction must be assumed to be creative!
Yikes. If this is where some in the conservative movement and the Republican party are inclined to go—four cheers for finance capitalism!—good luck. Indeed, it’s useful to flush out this tendency now, and subject it to debate. Because it’s a recipe for political disaster—and intellectual sterility.
Gingrich said that there was a difference between “entrepreneurial capitalism” and what Romney did as head of Bain Capital.
“People draw a distinction between investors who want a company to succeed and investors who basically take over a company for the purpose of draining out its cash and walk out without concern about the consequences,” said the former speaker.
Yup. Romney is a vulture. Nice to see these guys agreeing with Democrats, and I look forward to using their words to bolster Democratic electoral efforts this fall.