Cory Booker revealed the real stakes for the November Election. Faced with having to raise most of the money for his next campaign (maybe Governor?), Cory chose to suck up to Wall Street on Meet The Press and trash Obama. Booker’s remarks defending Bain Capital forced Obama to reiterate why Savage Capital is an issue in this election.
In the spotlight of the world stage, President Barack Obama on Monday unapologetically defended his campaign’s attacks on Mitt Romney’s record at the private equity firm Bain Capital and vowed to keep up the onslaught all the way to November.
“This issue is not a distraction,” Obama defiantly declared at a press conference wrapping up a NATO summit in his hometown of Chicago. “This is what this campaign is going to be about.”
“If your main argument for how to grow the economy is ‘I knew how to make a lot of money for investors,’ then you’re missing what this job is about,” the president said, evidently relishing the opportunity to knock Romney.
“It doesn’t mean you weren’t good at private equity, but that’s not what my job is as president. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but ten years from now and 20 years from now,” he said.
To my mind this is a bit of a gift, even though Booker clearly was looking out for his own reelection not Obama’s. Bain is just exhibit one in the argument against the Leveraged Buy Out Business. Financed by ex-con Mike Milken in the 1980’s, Mitt was just a piker compared to Henry Kravis or Steve Schwartzman. He was B League. The whole industry of leverage is a plague upon our society.Before Mitt Romney and Miker Milken, debt to equity ratios were rational. After them, the use of junk bond debt exploded and we never looked back until the whole House of Cards collapsed in 2008. Now we are considering electing this man, Romney, the Leverage Buy out guy, President?
No. Bring on the populist battle we have been waiting for. The 1% vs the 99%.