Newt Gingrich’s campaign has released the following statement from press secretary R.C. Hammond in response to a Politico story that alleged Gingrich was walking back his criticisms of Bain Capital:
“This issue at hand is neither about Bain Capital, private equity firms, nor about capitalism. It is about Mitt Romney’s judgment and character. It was Governor Romney’s decision to base his candidacy, in large part, on his background as a portfolio manager. Thus, it is entirely legitimate to ask questions about whether he is accurately presenting how he conducted himself during that career.
“Reports by the Wall Street Journal and others contradict Governor Romney’s claims that it was his goal at Bain Capital to make companies more successful. In fact, there were cases where Bain Capital made huge profits and left companies bankrupt. Further reports have cast doubt on Governor Romney’s claim that he was responsible for 100,000 jobs being created thanks to his work at Bain Capital.
“Instead of accepting the responsibility to answer questions about his business background, the Romney campaign is throwing up a smokescreen about an attack on capitalism. That’s just more pious baloney from Mitt Romney and his campaign.”
I've long believed Romney's mistake was using his Bain experience the wrong way in the campaign. Rather than talk about what he did or didn't do in 'creating' jobs, he should have talked about being uniquely qualified to understand the debilitating effects Obama's policies have had on American businesses... how tax hikes and regulations and crony capitalism and a President who wants to stomp on the neck of those he dislikes has totally killed the enthusiasm business and entrepreneurs have for taking risks and trying to expand. Oh well, a shame they didn't ask
Reply to this commentLinkReport AbuseDown with Newt! That's all I have to say. Why doesn't he just go join the Occupy Wall Street movement and run as their candidate? He fits better with that crowd than ours.
Reply to this commentLinkReport AbuseI smell a "Saturday Night Live" skit involving flow-charts, mirrors and that one guy who does a good impression of Gingrich saying things, un-saying things, modifying or denying what he just said or saying that what he just said was a "mistake."
I'm sorry - a "colossal, stupendous, jaw-dropping mistake of the highest caliber, even though I am the smartest man in America and the only one who can save us from whatever it is I'm against this afternoon. Until I something to the contrary. In which case you're clearly committing slander by pointing out what I just said. Because it was a colossal, stupendous, jaw-dropping mistake of the highest caliber...."
Reply to this commentLinkReport AbuseAs soon as he said "portfolio manager" he betrayed the fact that he doesn't have a clue what he's talking about. Management consulting and venture capital are not even close to the same thing as managing mutual funds or stocks.
Newt truly is making himself into a historic figure: a fundamentally flawed and, frankly, a truly historic self-immolator that proceeds forward in one of the most brazen displays of political self destruction in modern times.
I hope I captured some of Newt's oratory skill in that last characterization. . .
Reply to this commentLinkReport AbuseYes, down with Newt simply because he doesn't bow to the (un)elected Prince of the Establishment. How does he dare to doubt that anything that can be, no matter how remotely or borderline-abusive, called "free market" isn't holy, holy, holy?
I strongly suggest reading Peter Ferrara's "RINO Romney is the least electable" article in today's American Spectator.
A small excerpt, but the whole thing is worth reading.
Those Gingrich Republican Congressional majorities then balanced the budget the supply-side way, cutting tax rates, on investment, and cutting spending. They adopted the largest capital gains tax cut in history, reducing the rate by nearly 30%, from 28% to 20%. Despite that cut, actual capital gains revenues soared $84 billion higher for 1997-2000 than projected before the rate cut.
Total federal discretionary spending, as well as the subcategory of non-defense discretionary spending, declined from 1995 to 1996 in actual nominal dollars. In constant dollars, adjusted for inflation, the decline was 5.4%. As a percent of GDP, federal discretionary spending was slashed by 17.5% in just 4 years, from 1995 to 1999. Total federal spending relative to GDP declined from 1995 to 2000 by 12.5%, a reduction in the federal government relative to the economy of about one-eighth in just five short years.
This was accomplished not just by reducing discretionary spending, but through fundamental structural reforms of some programs, such as the old New Deal AFDC entitlement program. The Gingrich Congress succeeded in block granting that program back to the states, after two vetoes from Clinton. Those block grants replaced the old federal matching funding formula with fixed finite funding that left the states responsible for 100% of increased spending, but gaining 100% from any savings. With those radically reversed incentives, within a few years two-thirds of those on the old AFDC program went to work, ultimately saving taxpayers 50% from where spending was heading under prior trends. But the poor going to work benefitted as well, with documented income increases of 25%. This is a model for further entitlement reform today. Gingrich also led his Republicans to adopt a phase-out of Depression-era farm subsidy programs through Freedom to Farm, which was later unfortunately reversed under Speaker Hastert and President Bush after Gingrich left.
As a result of these policies, the $200 billion annual federal deficits, which had prevailed for over 15 years, were transformed into record breaking surpluses by 1998, peaking at $236 billion by 2000. Over four years, the national debt held by the public was reduced by a record $560 billion in surpluses. When Gingrich left office, instead of CBO projections of $2.7 trillion in deficits over the next 10 years, CBO projected surpluses of $2.3 trillion over the next 10 years, a positive turnaround of $5 trillion.
This is what we need again today. But that is not what we will get from Romney's establishment Republicans, who like the Bourbons of France, forget nothing, and learn nothing.
Reply to this commentLinkReport Abuse"That’s just more pious baloney from Mitt Romney and his campaign.”
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No this is pious BS from Newt's campaign.
Reply to this commentLinkReport AbuseThe other day Newt said the entire Bain model was "indefensible" that it was a "vulture" and that it "undermined capitalism." Today we get this Orwellian moron who says, nah, that's not what Newt said.
? <---------------
Reply to this commentLinkReport AbuseI happened to catch Morning Joe today, and surprisingly the best defense I have heard on this Bain story came from Steve Rattner - an Obama supporter and former Obama administration official.
He said pretty simply that the overwhelming majority of Bain customers were public employee retirement funds and that in the private equity field, Bain enjoyed (and enjoys) a stellar reputation. He made the point that it was the retirement funds of the proverbial "little guy" that benefited most from Bain's success.
Lastly, the irony that these attacks on Bain Capital are being funded by a Billionaire casino is palpable.
Reply to this commentLinkReport AbuseExactly, the Texas Teachers Retirement System being one of the larger investors in Bain and in Private Equity generally.
Perhaps someone should ask Texas governor Rick Perry about that.
Reply to this commentLinkReport AbusePublic employee retirement funds?
Public....
Wait, does that mean that Bain is profiting from the same public employee retirement funds that are sending so many states towards bankrupcy?
Taxpayer dollars are what those are made of--and Romney blasts Gingrich over feeding at the public trough? Sounds like he's benefitting from the joining of a capitalist enterprise with the coercive power of the state.
Nah, that's just crazy, right?
Reply to this commentLinkReport AbuseIn an odd way, you could lay fault for the emerging craziness in this campaign at the feet of Bush I and Bush II. Not for the obvious reasons, but because they're both persona non grata with the grass roots. And because they are, we don't have any party elder that can put a stop to this.
This also underscores the tragedy that was Reagan's Alzheimer's disease. Not only did it rob him and his family of quality post-presidency years, it robbed the party of an authoritative voice of reason and common sense for two decades. It created a vacuum that has yet to be filled.
Without a Reagan, there is no one who can pick up the phone and tell Gingrich to check himself.
Reply to this commentLinkReport AbuseIf all of these conservatives who think W let them down, hadn't let him down, we'd be in better shape.
If they had fought for his Social Security reform, Paul Ryan's graphs of doom would look differently.
If they had fought for his immigration reform, yes illegals who are going to get amnesty eventually anyway would have gotten amnestied. But he was the last president who had a shot at actually securing the border if that bill had passed.
I know, I know, the Iraq war cost him all of his political capital.
Let's revisit W's legacy after the Supremes rule on Obamacare.
Reply to this commentLinkReport AbuseKeep digging, Newt...
Reply to this commentLinkReport Abuse@ Colonel Travis
“Today we get this Orwellian moron who says, nah, that's not what Newt said.”
Exactly. There is a Bagdad Bob feel to this.
Just as there was when Gingrich was in Viginia over the holidays telling supporters that the reports of him having trouble getting on the ballot was untrue.
Boy that casino fellow funding Gingrich sure made a very bad bet.
Reply to this commentLinkReport AbuseI see the consensus seems to be that in the world of ideology there is no place for nuances, for fine-tuned judgment. If Gingrich dared to doubt the absolute veracity of the Holy Capital as enacted by Romney, he should be committed, taken down, etc.
When it comes to this paradigm, too bad Newt Gingrich has decades of a strong conservative, concrete record to run on. As an American Spectator article shows, this is a man who walked the walk, not just talked the talk.
Those Gingrich Republican Congressional majorities balanced the budget the supply-side way, cutting tax rates, on investment, and cutting spending. They adopted the largest capital gains tax cut in history, reducing the rate by nearly 30%, from 28% to 20%. Despite that cut, actual capital gains revenues soared $84 billion higher for 1997-2000 than projected before the rate cut.
Total federal discretionary spending, as well as the subcategory of non-defense discretionary spending, declined from 1995 to 1996 in actual nominal dollars. In constant dollars, adjusted for inflation, the decline was 5.4%. As a percent of GDP, federal discretionary spending was slashed by 17.5% in just 4 years, from 1995 to 1999. Total federal spending relative to GDP declined from 1995 to 2000 by 12.5%, a reduction in the federal government relative to the economy of about one-eighth in just five short years.
This was accomplished not just by reducing discretionary spending, but through fundamental structural reforms of some programs, such as the old New Deal AFDC entitlement program. The Gingrich Congress succeeded in block granting that program back to the states, after two vetoes from Clinton. Those block grants replaced the old federal matching funding formula with fixed finite funding that left the states responsible for 100% of increased spending, but gaining 100% from any savings. With those radically reversed incentives, within a few years two-thirds of those on the old AFDC program went to work, ultimately saving taxpayers 50% from where spending was heading under prior trends. But the poor going to work benefitted as well, with documented income increases of 25%. This is a model for further entitlement reform today. Gingrich also led his Republicans to adopt a phase-out of Depression-era farm subsidy programs through Freedom to Farm, which was later unfortunately reversed under Speaker Hastert and President Bush after Gingrich left.
As a result of these policies, the $200 billion annual federal deficits, which had prevailed for over 15 years, were transformed into record breaking surpluses by 1998, peaking at $236 billion by 2000. Over four years, the national debt held by the public was reduced by a record $560 billion in surpluses. When Gingrich left office, instead of CBO projections of $2.7 trillion in deficits over the next 10 years, CBO projected surpluses of $2.3 trillion over the next 10 years, a positive turnaround of $5 trillion.
This is what we need again today. But that is not what we will get from Romney's establishment Republicans, who like the Bourbons of France, forget nothing, and learn nothing.
Reply to this commentLinkReport Abuse“Reports by the Wall Street Journal and others contradict Governor Romney’s claims that it was his goal at Bain Capital to make companies more successful."
Right, PE firms buy companies with the purpose of bankrupting them. The idea that a PE firm would make more money from a bankrupt company than a successful one is patently absurd.
Reply to this commentLinkReport AbuseDear Newt,
Please switch parties and challenge Obama for the Democratic nomination so that you can properly wage your angry jihad against Romney without having to subject us to more "with friends like these" ordeals. Huntsman isn't doing it himself, so it's all yours. Be the liberal Democrat you clearly want to be and enjoy the fact that having a couple of ex-wives you stepped out on is a plus factor for Democrats.
Sincerely,
America
Reply to this commentLinkReport AbuseSo as a manager he made his clients wealthier by cutting away the deadwood or revising the operations of failed or failing businesses. If he can save taxpayers money by cutting or improving failing programs I'll be happy to give him my vote.
Reply to this commentLinkReport AbuseIt's not about Mitt Romney's character. It's not about Mitt Romney at all. Newt Gingrich has been a Catholic long enough to have a guilty conscience about his lobbying, but not long enough to admit it to himself. It's all about Newt, like everything else seems to be that he does.
I think this is called "transference." If Newt Gringrich wants an effective campaign he should examine his conscience, go to Confession, do his penance, open his heart to Christ's inexhaustible treasury of compassion, and forget about his past mistakes. Then and only then will he find a better way to attack Mitt Romney.
I say these things as one who admires both these men, but wouldn't vote for either of them unless President Obama were the only alternative.
Reply to this commentLinkReport AbuseHad Newt actually decided to switch gears like he indicated and stopped attacking free enterprise, I think it would have bought him a lot of good will in the conservative community. Instead, this backtracking only reinforces the erratic and bipolar personality that is Newt Gingrich.
Temperament really does matter when it comes to picking a President. People that know Newt warned us of this type of behavior.
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