Newt Gingrich has adopted an anti-free market argument—a favorite of the political left—to criticize Mitt Romney. Gingrich accused his rival of making money by “bankrupting companies and laying off employees” in his years at Bain Capital.
Under Romney’s leadership, Bain Capital emerged as a prominent private equity firm, investing initially in startups—Staples was one—then specializing in turnarounds. The company was highly profitable, but was criticized for reducing payrolls and shutting down firms it couldn’t revive. Romney left Bain Capital in 1999.
Whether its investments were successful or not, Bain Capital was engaged in the rough and tumble of free market capitalism. Thus Gingrich’s criticism, coming from a conservative, was surprising.
Surprising? I’d say pathetic. Read the rest.