Mr. Romney can happily claim credit for Bain's entire impressive history, rather than just the period through 1999. He has every right to do so as the company's founder. And it will help illuminate the basic difference between his Bain career and the President's 3.5 years running America's economic policy to deliver 8.2% unemployment.If I were Romney, I'd be shouting Bain Capital! from the rooftops.
Mr. Romney's Bain worked so well that it became the model for an entire industry. Mr. Romney helped create Staples, a start-up that worked and created tens of thousands of jobs. Mr. Obama financed Solyndra, which did not work. Neither did Abound Solar. The many Obama alternative-energy ventures play in different market segments, but they struggle for the same reason: They serve political agendas more than customers.
What Bain did is what all successful organizations do: Seek to deliver products and services that are better, faster, cheaper. In some instances that means fewer employees, even if Mr. Obama still can't or won't grasp the concept that we live in a competitive world.
Overall, Bain capitalism means more successes than failures, and many more jobs. In March of this year, the managing directors of Bain Capital wrote to their investors and reported that, over the firm's 28 years, companies backed by Bain have grown their revenues more than twice as fast "as both the S&P and the U.S. economy."
The managers went on to note that after Bain invested, companies have grown their revenues by more than $105 billion globally, including $80 billion in the United States. Bain-backed companies, they added, have opened more than 5,000 stores and facilities during their ownership. [source]
And then there's this point that should give everyone pause. In my microscopic little part of the country, I created more jobs last week - 1 - than the President of the United States - with the 12 trillion dollars at his disposal over time - has created in all the years he's been in office. I am more of a job creator than Barack Obama.
Want to denigrate Bain Capital? Bring it, tough guy. You don't have a leg to stand on.