Huckabee (!) Defends Romney on Bain

Reporting on Politics and Policy.
Jan. 12 2012 2:15 PM

Huckabee (!) Defends Romney on Bain

The killer quip against Mitt Romney is credited to Mike Huckabee, a 2008 opponent who really didn't go out of his way to trade compliments. “I want to be a president who reminds you of the guy you work with," Huckabee said then, "not the guy who laid you off."

And now here comes Huckabee, in a message to his e-mail list, calling for a ceasefire from the Republicans (really just Newt Gingrich) criticizing Bain Capital.

Romney has come under a lot of fire for Bain Capital's investments in some companies that were then scaled down with layoffs to become profitable. That's been demonized thoroughly by the media as corporate raiding, But it's surprising to see so many Republicans embrace that leftwing argument against capitalism. It's terrible for the workers who lose their jobs, and nobody likes to see viable companies looted and destroyed. But if downsizing can turn around a failing company, then at least it prevents all the jobs from being lost, and it sets up a stronger company that can grow and start rehiring. The term for this among people who aren't hostile to capitalism is “creative destruction.” Bad companies have to die to make way for stronger companies, in the same way that old trees fall over to make way for new trees. The other alternative, the Obama way, is to use vast amounts of taxpayer money to prop up companies that are failing in the marketplace. Sometimes, with a big enough cash transfusion, they survive, like GM. Other times, all the money in the world can't stop them from going belly-up and losing all their jobs, like Solyndra. But at least when a company that's bought out by investors goes bankrupt, the money that's lost was voluntarily invested, not taken from taxpayers at gunpoint.
Advertisement

One more Republican voice telling everyone to shut up about this.

David Weigel is a Slate political reporter. 

TODAY IN SLATE

Frame Game

Hard Knocks

I was hit by a teacher in an East Texas public school. It taught me nothing.

Chief Justice John Roberts Says $1,000 Can’t Buy Influence in Congress. Looks Like He’s Wrong.

After This Merger, One Company Could Control One-Third of the Planet's Beer Sales

Hidden Messages in Corporate Logos

If You’re Outraged by the NFL, Follow This Satirical Blowhard on Twitter

Sports Nut

Giving Up on Goodell

How the NFL lost the trust of its most loyal reporters.

How Can We Investigate Potential Dangers of Fracking Without Being Alarmist?

My Year as an Abortion Doula       

  News & Politics
Weigel
Sept. 15 2014 8:56 PM The Benghazi Whistleblower Who Might Have Revealed a Massive Scandal on his Poetry Blog
  Business
Moneybox
Sept. 15 2014 7:27 PM Could IUDs Be the Next Great Weapon in the Battle Against Poverty?
  Life
Dear Prudence
Sept. 16 2014 6:00 AM Can of Worms Prudie offers advice to a letter writer who wants to blackmail a famous ex with tapes of his fetish.
  Double X
The XX Factor
Sept. 15 2014 3:31 PM My Year As an Abortion Doula
  Slate Plus
Tv Club
Sept. 15 2014 11:38 AM The Slate Doctor Who Podcast: Episode 4  A spoiler-filled discussion of "Listen."
  Arts
Brow Beat
Sept. 15 2014 8:58 PM Lorde Does an Excellent Cover of Kanye West’s “Flashing Lights”
  Technology
Future Tense
Sept. 15 2014 4:49 PM Cheetah Robot Is Now Wireless and Gallivanting on MIT’s Campus
  Health & Science
Bad Astronomy
Sept. 15 2014 11:00 AM The Comet and the Cosmic Beehive
  Sports
Sports Nut
Sept. 15 2014 9:05 PM Giving Up on Goodell How the NFL lost the trust of its most loyal reporters.