If it’s Obama’s job to explain Bain, they can’t complain
I’ll start with what the Obama campaign looks like on the ground in Ohio today, on Bain:
President Obama’s re-election campaign pressed its attack on Mitt Romney as a cold-hearted capitalist Tuesday by saying that he helped drive into bankruptcy a chain of department stores that used to be located in 26 Ohio cities, including Bowling Green.State Democratic Chairman Chris Redfern and national Obama campaign co-chair Ted Strickland said that Bain Capital in the 1980s bought up small clothing stores and organized them into Stage Stores, expanded the company, borrowed heavily against it with junk bonds, and sold its remaining shares at a profit in 1997, three years before the company went bankrupt in 2000.More than 5,000 workers lost jobs.
“Mitt Romney’s business record isn’t one of growing companies and creating jobs. It’s one of broken promises and shattered dreams for thousands of hardworking Americans,” Mr. Strickland said in a telephone conference call with Mr. Redfern.
I assume the plan is to get specific like this in state after state and city after city, because Mitt Romney claims he created 100,000 jobs while at Bain, so the Obama surrogates are talking about (surprise!) jobs.
Here are the attacks on the Obama strategy, and some both sides do it analysis, from this week:
On “Morning Joe” today, former Obama “car czar” Steve Rattner denounced a new campaign ad that attacks Mitt Romney for business decisions he made during his tenure at Bain Capital.
Specifically, the ad targets Romney and Bain Capital for the private equity firm’s decision to acquire GST Steel and the jobs that were lost under their control.
Rattner called the ad “unfair” and defended Romney’s decision at Bain Capital. Rattner says Romney’s job was to make profits for the firm’s investors, not save jobs.
“I think the ad is unfair. Mitt Romney made a mistake ever talking about the fact that he created 100,000 jobs. Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for his investors, most of whom were pension funds, endowments and foundations.
Really? Romney made a “mistake” claiming Bain was about job creation? That’s a big mistake for the person who was running the joint to make. Mitt Romney doesn’t know what they do at Bain? And, it’s Obama’s job to correct the record and explain what Bain does? Why? Why isn’t that Mitt Romney’s job?
Financial analysts might have been perplexed as to why Romney made that assertion. Private-equity firms aren’t intended to create jobs; their goal is to make money for investors. And Romney’s claim itself was dubious — the companies he pointed to that added thousands of jobs did so after he left the firm. His campaign today stands by taking credit for those jobs, even as it says Romney isn’t responsible for jobs that were lost after 1999, like those at the shuttered steel plant in Missouri that’s the focus of Obama’s new ad.
“During Mitt Romney’s time at Bain Capital, the firm invested in or helped start up over 100 companies,” Romney spokeswoman Andrea Saul said in an email. “If you look at just four of the startups alone, they add up to more than 120,000 jobs – Bain’s help under Gov. Romney led to the existence of those companies and, thus, the jobs.”
Why wasn’t Romney called on the original lie? We all know why Mitt Romney didn’t explain private equity. Because it was better for Mitt Romney to breeze by the facts and claim he “created 100,000 jobs”. The Obama campaign are simply attacking on the grounds of the original Romney claim, which was jobs. Romney had months to tell the truth. He didn’t.
And look what’s happened! Romney is no longer claiming he created 100,000 jobs, and has seemingly dropped jobs and moved on to debt. Debt is something he might actually understand, due to his experience loading up companies with debt while at Bain.
In its effort to sell Mitt Romney as someone who understands the economy and knows how to create jobs, one of his campaign’s early talking points was that he helped create 100,000 jobs during his tenure at Bain Capital.▲
Romney eventually stopped repeating the talking point, which advisers had difficulty defending under pressure, and now it seems Boston has completely Etch A Sketched the number and severely lowered the number of jobs Romney is supposed to have created at Bain.
BuzzFeed’s Zeke Miller reports that, in the wake of the Obama campaign’s new ad attacking Romney’s record at Bain, the “new Romney jobs math” is significantly more modest than the old. This time, the campaign is asserting that Romney created a meager and vague “thousands of jobs” at Bain and “tens of thousands” of jobs as governor of Massachusetts.
This is nothing less than an admission from the Romney campaign that their 100,000 jobs claim was entirely bogus, and acceptance that Romney created vastly fewer jobs than he claimed he had just a few months ago.












