Watchwoman on the Wall



Solyndra - Bankrupt, Shut Down, Empty Parking Lot - Thanks, Obama!

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Not Even Half

President Obama has given billions of taxpayer dollars to companies that later failed—many of them were run by Democrat donors. This is just another example of President Obama’s pattern of picking winners and losers and wasting taxpayer money.


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After weeks of getting hit on his business record at Bain Capital, Mitt Romney is flipping the script and attacking President Obama on his administration’s performance helping green energy companies.

In its latest bruising Web video, the Romney campaign points to Solyndra, a solar energy company that filed for bankruptcy after receiving $535 million in loan guarantees from the federal government. The video points to several other companies, such as ECOtality and First Solar, that also lost money and cut jobs after receiving federal loan guarantees.

(PICTURES: With Trump Campaigning for Romney Tonight, Who Else Has Endorsed Candidates Without Being Asked?)

“More than $16 billion have gone to companies like Solyndra that are linked to big Obama and Democrat donors,” the narrator says. “Obama is giving taxpayer money to big donors, and then watching them lose it. Good for them. Bad for us.”

Republicans in Congress have consistently hammered the Obama administration on Solyndra, but Romney has not followed this line of attack for several months. Back in January, Romney said that Obama was a “venture capitalist in Solyndra” and a “private equity guy in Chrysler and General Motors.”

(RELATED: Election Battlegrounds: Was 2008 a Blip, or the Leading Edge of Change?)

Republican operatives were singing the same tune on Tuesday, as the Karl Rove-backed American Crossroads super PAC released a video that attacks Obama on both the auto bailout and Solyndra, calling him “Public Equity President Obama.”

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GOP Presidential Candidate Mitt Romney


In late 2011, Bain Capital moved its headquarters to the John Hancock Tower in Boston, Massachusetts. Bain occupies 210,000 sq. ft. from the 36th to 43rd floors. (Wikipedia)

Steve Birn Speaks

Did Romney Really Cost People Jobs At Bain Capital?

May 22, 2012

There’s nothing worse than being forced to defend a candidate you don’t particularly like. But we’ll do that today in defense of Mitt Romney who has been unfairly attacked by President Obama concerning Bain Capital. Obama has so much as said the campaign is going to be about Bail Capital, presumably Mitt Romney’s time there. Obama is going to point to a number of layoffs, Romney will point to a number of successes. The question though is what is Bain Capital? If you don’t understand what Bain is then you don’t understand the layoffs or successes.

Bain is the business version of a house flipper. People who flip  houses buy dilapidated homes cheaply, renovate them and sell  them for a large profit. Bain does the same thing with businesses. They buy dying companies on the verge of bankruptcy cheaply, they restructure the company, get it profitable again and sell it for a large profit. Sometimes Bain is successful, they were with Staples and Burger King, Other times they aren’t successful and they suffer a loss.

It’s important to keep in mind though that the jobs lost under Bain’s watch likely would have been lost anyway. They weren’t buying successful businesses, they were buying unsuccessful businesses on the verge of closing their doors. It’s absurd to blame Bain Capital or Mitt Romney because some of their investments didn’t work out. If anything, Bain’s involvement pushed off layoffs at some of these companies for a  year or two because again Bain only bought dying companies.

Obama is attacking Romney, just like Newt did during the primaries. It’s an unfounded attack. Romney is responsible for saving or creating thousands of jobs at successful Bain projects. The job losses from unsuccessful Bain projects can hardly be attributed to Romney. Had Bain not purchased those businesses, the jobs would have been lost anyway when the company went bankrupt which they were all on the verge of. It’s unfortunate that people lost their jobs but they were going to lose their jobs anyway. Bain Capital and Mitt Romney tried to save those jobs and turn a profit for themselves and their investors at the same time.

Even some Democrats are annoyed at Obama’s attack on private equity firms. Newark Mayor and Obama supporter Cory Booker called Obama’s attack on Bain “nauseating.” He’s since backed off his comments, in what looks like a forced Gulag confession. Former Pennsylvania Governor Ed Rendell called Obama’s attacks “disappointing.” Sen. Mark Warner (D-VA) defended Romney. It’s also important to note that Obama campaign bundler($200,000+)  Jonathan Lavine is a Bain executive.

Obama’s attacks on Romney and Bain Capital show a hatred of private enterprise. Obama’s perfectly ok with government spending tax money on green investments. He shrugs his shoulders when over 1,000 jobs are lost along with $500+ million in tax money at Solyndra. It’s only when private money is spent trying to turn a profit on dying companies that Obama begins to have problems. He ignores the successes of Bain Capital, the thousands of jobs that were created and the major companies that remain in business today because of Bain. He’s only interested in Bain’s inability to save a handful of jobs at a handful of bankrupt companies.

Bain is another in a long line of smoke and mirrors arguments coming from Obama. He doesn’t want to talk about his performance as President, he doesn’t want to talk about the economy. So he’s creating issues and fudging the truth to boot. A couple weeks ago it was homosexual marriage, now it’s Bain Capital. You would think there’s plenty to attack Romney over policy wise. But to debate policy with Romney is to open Obama up to attack on his failures as President. So to avoid that Obama is attacking Romney’s business. It’s pathetic, it’s shameful and it isn’t even accurate.

Read more at Steven Birn’s blog



Posted by Donna Calvin — Tuesday, May 29, 2012


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