May 25, 2012

THE PARTY OF THE LEFT SHOULD OPPOSE CREATIVE DESTRUCTION:

Northeastern Democrats Jump Ship As Obama Blasts Bain Capital: Democrats who depend on Wall Street are uneasy with the president's line of attack (Matt Taylor, 5/25/12, Daily Beast)

"Northeastern Democrats are hiding" now that the Obama campaign has responded to the intra-party criticisms by redoubling its attacks on Romney's experience at Bain, said veteran New York Democratic political consultant Hank Sheinkopf. "It's all about the money. The first rule of congressional service is get re-elected. And that means money." And the money, of course, is on Wall Street.

The criticisms began last week after the campaign debuted the first in what became a series of videos featuring workers laid off from businesses Bain had owned, and financier and former administration "Auto Czar" Steven Rattner called the line of attack "unfair." Then Booker, the rising Democratic star with close ties to billionaire New York Mayor Michael Bloomberg, chimed in on NBC's "Meet the Press." Former Pennsylvania Governor Ed Rendell followed up by calling the attacks "very disappointing."

"I get that some people just think the whole idea of private equity is bad and doesn't contribute. I'm just saying I'm not one of those people," Massachusetts Governor Deval Patrick, a close ally of the White House who's also worked with top Obama political advisor David Axelrod, told CNN Tuesday, keeping up the steady drumbeat of dissent. Boston has a robust financial industry that has found an ally in Republican Senator Scott Brown, whose work on their behalf during the Dodd-Frank fight has endeared him to Wall Street banks as well.

What's notable is that the UR's been in power four years but only opposes economic efficiency rhetorically and tactically.
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Posted by at May 25, 2012 5:44 AM
  

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