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Would You Want Obama Investing Your Money?
Townhall.com ^ | May 16, 2012 | Donald Lambro

Posted on 05/16/2012 6:39:36 AM PDT by Kaslin

WASHINGTON - President Obama is attacking Mitt Romney's job creation record when he headed a capital investment firm that turned failing companies and start-up businesses into success stories.

The Obama campaign's two-minute TV attack ad was a breathtaking display of political gall by a president whose failed jobs record in a lackluster economy has been dismal at best.

This week's Gallup poll puts the underemployment rate (people forced to work fewer hours, temporary jobs, and long term jobless Americans who have dropped out of the labor force) at 18 percent. The unemployment rate is still stuck at over 8 percent. Fifty percent of college grads can't find jobs commensurate with their educational level and work skills.

But Obama's campaign this week is running an attack ad criticizing Romney's job creating performance in his 25 years in the world of business.

The late Sen. Edward M. Kennedy used the very same attack strategy in his rough and tumble Senate re-election battle against Romney in 1994.

The two-minute ad that will air during the evening news Wednesday tells the sad tale of a shuttered steel mill in Kansas City, Mo. that Romney's former firm, Bain Capital, invested in, only to see it go bankrupt.

The company's collapse cost 750 workers their jobs. In the ad, former workers at this plant called Bain a "vampire" outfit that "came in and sucked the life out of us."

But unlike 1994 when Romney was unprepared for the Kennedy attack ads, the former governor's campaign was ready for this one, immediately releasing its own video ad, titled "American Dream." It told of Bain's investment in Steel Dynamics of Indiana that helped the firm grow from 1,400 workers to more than 6,000 employes.

Romney message was two-fold: 1. Not all investments worked out, but far more often than not, his turn-around efforts succeeded, creating jobs and strengthening the U.S. economy. 2. Obama hasn't a clue about how the economy works because he's never worked in it, while Romney has succeeded in it.

The Obama ad is being aired in swing states that will likely decide the election, including Colorado, Iowa, Ohio, Pennsylvania and Virginia.

It is political demagoguery pure and simple. Bain had tried to save the company, but as happens in some cases, risk-taking investments do not always work and this one didn't. However, Bain officials did nothing wrong that would warrant a political attack.

Who says so? Why, none other than Steven Rattner who was Obama's "car czar" and one of his economic advisers.

"I don't think there's anything Bain Capital did that they need to be embarrassed about," Rattner told MSNBC.

What the Obama campaign leaves out of its attack ad is the fact that Romney no longer worked at Bain when the steel plant went bankrupt. He had left the company for two years to take charge of the Salt Lake City Olympics.

In fact, when Romney was running the company, it had one of the investment industry's best records and still does. One of its successes was a tiny, under-capitalized start up office supply company in Framingham, Mass. called Staples. Romney helped build it into a global corporation in 26 countries, employing thousands of Americans.

There were many success stories in Romney's career, ones we'll be hearing about in the months' to come. They underscore one of his chief strengths in a painfully slowing economy where jobs are in short-supply.

Obama's track record on job creation has not only been abysmal over the past three years, it is the worst record of any president since the New Deal era.

Keith Hennessey, a Stanford University economist, went back over the past 10 presidents, charting the average jobless rates of their presidencies. Here's what he found: Lyndon Johnson, 4.2 percent; Eisenhower, 4.9 percent; Richard Nixon, 5.0 percent; Bill Clinton, 5.2 percent; George W. Bush, 5.3 percent; John F. Kennedy, 6.0 percent; George H. W. Bush, 6.3 percent; Jimmy Carter, 6.5 percent; Ronald Reagan, 7.5 percent; Gerald Ford, 7.8 percent; and Barack Obama, in his first three years, 9.2 percent.

Obama's job creation record is not only a mediocre one, it's been a colossal waste of hard-earned tax dollars.

Unlike Romney who was building businesses and jobs with private investment capital, Obama's job stimulus bill was dishing out nearly $1 trillion to federal, state and local government agencies, with little to show for it.

After nearly three and a half years of his costly stimulus spending programs, unemployment remained between 9 and 8 percent. A Washington Post poll last week reported that nearly half of all Americans surveyed expressed an unfavorable view of his stimulus, 49 percent to 47 percent.

Obama tried to create jobs by "investing" money directly into clean energy programs that he said would create tens of thousands of jobs in the future.

One of them was the Solyndra Corporation that made solar panels. Administration officials in several agencies sent repeated warnings to the White House that this was a bad investment, but Obama pushed it anyway with a half billion dollar loan guarantee. The firm went bankrupt, more than a thousand workers lost their jobs, and the taxpayers were left holding the bag.

Other Obama "investments" went belly up, including a $118 million grant to Ener1, a manufacturer of electric car batteries that also filed for bankruptcy.

Romney will be reminding voters later this year of the money Obama's poor "investments" have lost thus far, and the job-creating deals he killed, like the Trans-Canada oil pipeline.

That decision to block the 1,700 mile Keystone XL pipeline cost the American people more than 20,000 jobs.

That's going to make one hell-of-a-campaign ad, ending with the tag line, "Would you want Obama investing your money?"


TOPICS: Business/Economy; Culture/Society; Editorial; Politics/Elections
KEYWORDS: 2012; democrats; nobama2012; obama

1 posted on 05/16/2012 6:39:37 AM PDT by Kaslin
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To: Kaslin
Frankly? If it is 'invested' concurrently with his money, hell yes!

Anyone who can take an anonymous background, lineage, education, job history, etc. and run it up to a $10M worth in 4 years has got to have something going for him...../s

2 posted on 05/16/2012 6:41:41 AM PDT by Gaffer
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To: Kaslin

I would not mind seeing some spent in impeachment.


3 posted on 05/16/2012 6:42:00 AM PDT by mountainlion (I am voting for Sarah after getting screwed again by the DC Thugs.)
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To: Kaslin

He is investing my money and I’m in the hole big time.


4 posted on 05/16/2012 6:45:49 AM PDT by shove_it (just undo it)
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To: Kaslin

The biggest problem we have in this country is that Barack Obama IS investing our money.


5 posted on 05/16/2012 6:45:59 AM PDT by wayoverontheright
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To: Kaslin

Didn’t he run our defecit up to 5 1/2 trillion in the last 3 1/2 Years ?????????????????
You want more punishment??????????????????


6 posted on 05/16/2012 6:46:27 AM PDT by chatham
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To: Kaslin
The two-minute ad that will air during the evening news Wednesday tells the sad tale of a shuttered steel mill in Kansas City, Mo. that Romney's former firm, Bain Capital, invested in, only to see it go bankrupt.

The shamelessness of this guy easily rivals Clinton's. At least Romney did it with private money, instead of ripping the taxpayers off and flushing it down the sewer (his buddies), companies that he knew were going bankrupt.

7 posted on 05/16/2012 6:50:06 AM PDT by FlyVet
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To: Kaslin

Yes. I’m still kicking myself for not getting onboard with that whole Solyndra opportunity. Dang it.


8 posted on 05/16/2012 6:51:50 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Gaffer

He invested my future in some scam called Hopeychangey’ and all I got was a 100% return of investment in BS.


9 posted on 05/16/2012 6:54:00 AM PDT by max americana
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To: max americana

Well, I cannot argue with you there. His ‘success’ is based on deceit and probably illegal methods.


10 posted on 05/16/2012 6:56:52 AM PDT by Gaffer
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To: Kaslin
I wouldn't want Obama investing my kids tooth fairy money. He is so irresponsible with Other Peoples Money with a big sense of entitlement to it.
What a self worshiping failure of a president.
11 posted on 05/16/2012 6:59:02 AM PDT by THE_RAIDER (I'm supposed to be more angry about what Romney does with his money than what Obama does with mine)
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To: Kaslin
Would I wanting Obama investing my money?

Do I wanting Obama investing my money?

This isn't a rhetorical question, he has been mis-investing my hard-earned tax dollars according to Marxist (read failed) principles for eight years now - first as a US Senator and then as illegitimate President. My only question is how to get him to stop. Held hostage by Jello-brained liberals. It's like having your crooked brother-in-law as your investment broker and you can't fire him or your wife will divorce you.

12 posted on 05/16/2012 7:01:58 AM PDT by LucianOfSamasota (Tanstaafl - its not just for breakfast anymore...)
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To: Kaslin

I wouldn’t want him to shine my shoes much less touch my money.


13 posted on 05/16/2012 7:02:33 AM PDT by dfwgator
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To: Kaslin

No, I’d rather have Hillary! investing my money. She’s a wunderkind at cattle futures............


14 posted on 05/16/2012 7:06:55 AM PDT by Red Badger (Think logically. Act normally.................)
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To: Kaslin

I’m reminded of how Obama and Ayers wasted millions of dollars that were supposed to “reform” education while working for the Annenberg Foundation


15 posted on 05/16/2012 7:09:11 AM PDT by Scotswife
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To: Kaslin

Yeah...Sure...If I wanted to go broke....and provide collective welfare for loser technologies...


16 posted on 05/16/2012 7:09:29 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: Kaslin

“O” doesn’t understand money.

Among other reasons, he is ignorant of what a ‘man hour’ is.

He reminds me of an addicted gambler risking the rent and worse because he has never understood money in relation to work effort, a value dynamic or wealth accumulation...it’s all just numbers to him.

Unfortunately, it’s OUR effort and savings he’s risking... squandering, really!

“Hypocrisy can afford to be magnificent in its promises, for never intending to go beyond promise, it costs nothing.” Edmund Burke


17 posted on 05/16/2012 7:38:33 AM PDT by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Kaslin; SierraWasp; stephenjohnbanker; Liz; BOBTHENAILER

Years ago, I refused to allow any liberal mutual fund manager, ETF manager, or so called money expert like Brinker or the manic screamer on PMSNBC company tell me how to invest my money. That includes outspoken Liberal CEOs like the current left winger in control of GE.

Liberals are only interested in taking our money or OPM to finance their left wing bs.


18 posted on 05/16/2012 8:19:25 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Grampa Dave
I'm disgusted by entertainers doing something that no righteously licensed/registered/certified investment advisor/financial planner could do and which would send them to prison faster than Bernie Madeoff... I'm speaking of Suzie Orman and Dave Ramsey.

At least Brinker got lucky and called one singular timing move but no regulation/rule/agency has any control for accountability for anything he or they put out on the air.

It's just sickening to see how many people who hang on every word these types say who are only famous for being famous spew out as "gospel" without being called into question by any kind of authority!!!

19 posted on 05/16/2012 9:22:23 AM PDT by SierraWasp ("GovernMental austerity first, THEN conservative prosperity!!! Austerity breeds properity!!!)
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To: SierraWasp

Suze has a double whammy against her as a left wing lesbian:

http://www.bing.com/search?q=Suzie+Orman+is+a+liberal+lesbian&form=HPDTDF&pc=HPDTDF&src=IE-SearchBox

I don’t follow Ramsey that much, but when I have heard him, he talks about general ways to get out of debt. His thoughts have matched mine when our relatives asked what to do not be like their left wing IOUers acquaintances.


20 posted on 05/16/2012 9:41:34 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Gaffer

” Anyone who can take an anonymous background, lineage, education, job history, etc. and run it up to a $10M worth in 4 years has got to have something going for him...../s “

Pablo Escobar did better....25 billion....using similar Chicago tactics : )


21 posted on 05/16/2012 9:55:30 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Grampa Dave

” Years ago, I refused to allow any liberal mutual fund manager, ETF manager, or so called money expert like Brinker or the manic screamer on PMSNBC company tell me how to invest my money.”

Good thing : )


22 posted on 05/16/2012 9:57:42 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Kaslin

If I had a trunkload of fake Rolexes, I would definitely want 0bama to be selling them in downtown parking lots. Couldn’t imagine a better salesman.


23 posted on 05/16/2012 10:42:29 AM PDT by Attention Surplus Disorder (A conservative, a liberal and a moderate walk into a bar. Bartender says "what'll it be, Mitt?")
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To: wayoverontheright

“You can have power over people as long as you don’t take everything away from them. But when you’ve robbed a man of everything, he’s no longer in you power.”

Aleksandr Solzhenitsyn...and HE ought to know!!


24 posted on 05/16/2012 11:12:47 AM PDT by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Grampa Dave
His get out of debt advice is not what I criticize. His advice to get out of tax deferred and tax free savings and all permanent life insurance is most times irrational and based on one of his emotions, not the clients long term needs.

Suze gave horrible advice during the liberal inspired government driven housing price boom. So she simply dismissed the misery she made worse by saying that it's just a "sad" situation.

Neither she, nor Ramsey are invested right along with their disciples and they're success is not tied directly to their disciples success. They are just like all other talk "show" people, paid by ads and occasional speaking fees. After offering their advice they are free to walk away and say "geeze, that's too bad" when they make a mistake.

They don't even have to have any kind of license and don't even have to carry professional liability insurance to cover their errors and omissions. The can just shoot off their mouths with total abandon just like Brinker and many others!!!

25 posted on 05/16/2012 12:12:56 PM PDT by SierraWasp ("GovernMental austerity first, THEN conservative prosperity!!! Austerity breeds properity!!!)
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