Huntsman To Field: Cool It With All The Bain Stuff

[NNN0LHI]

http://livewire.talkingpointsmemo.com/updates/3974

01-11-2012 5:43 PM

From the Washington Post:

“If you have creative destruction in capitalism, which has always been a part of capitalism, it becomes a little disingenuous to take on Bain Capital,” Huntsman told reporters Wednesday after a campaign appearance at the University of South Carolina in Columbia. “I think it’s more instructive to look at governor Romney’s record as governor.”

This is pretty much the same line Rush Limbaugh and other conservatives are taking as they attack Newt Gingrich and Rick Perry for going after Bain.

[JI7]

1. i liked what Clyburn had to say about this stuff

he brought up Madoff. said should we not question Madoff ? i'm sure someone can post a clip.

but that should be our response . even if people don't know the details as long as they think of madoff or romney when hearing the others name it's a good thing.

[sendero]

2. Except for the last 30 years..

.... it's been a lot more destruction than creation. No cigar asshole.

[LiberalAndProud]

3. creative destruction

[div class="excerpt" style="border: solid 1px #cccccc; border-radius:0.5385em; box-shadow: 3px 3px 3px #cccccc inset, 1px 1px 1px #cccccc;"]Definition of 'Creative Destruction'
A term coined by Joseph Schumpeter in his work entitled "Capitalism, Socialism and Democracy" (1942) to denote a "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
Investopedia explains 'Creative Destruction'
Creative destruction occurs when something new kills something older. A great example of this is personal computers. The industry, led by Microsoft and Intel, destroyed many mainframe computer companies, but in doing so, entrepreneurs created one of the most important inventions of this century.

Schumpeter goes so far as to say that the "process of creative destruction is the essential fact about capitalism." Unfortunately, while a great concept, this became one of the most overused buzzwords of the dotcom boom (and bust), with nearly every technology CEO talking about how creative destruction would replace the old economy with the new.
http://www.investopedia.com/terms/c/creativedestruction.asp
[div style="text-align: center;"]
[div class="excerpt" style="border: solid 1px #cccccc; border-radius:0.5385em; box-shadow: 3px 3px 3px #cccccc inset, 1px 1px 1px #cccccc;"]Innovation by the entrepreneur, argued Schumpeter, leads to gales of “creative destruction” as innovations cause old inventories, ideas, technologies, skills, and equipment to become obsolete. The question is not “how capitalism administers existing structures, ... [but] how it creates and destroys them.” This creative destruction, he believed, causes continuous progress and improves the standards of living for everyone.
http://www.econlib.org/library/Enc/bios/Schumpeter.html

[font face="vivaldi" size="4"][div style="text-align: center;"]Things don't seem to be going according to plan.

I wonder if Schumpeter was right about anything ... at all ...
[/font]

[div class="excerpt" style="border: solid 1px #cccccc; border-radius:0.5385em; box-shadow: 3px 3px 3px #cccccc inset, 1px 1px 1px #cccccc;"]“ Can capitalism survive? No. I do not think it can.” Thus opens Schumpeter’s prologue to a section of his 1942 book, Capitalism, Socialism and Democracy.

[BeyondGeography]

4. Yeah, let's talk about the usual bullshit, right John?

Bain is the dirty pictures of American capitalism. People are going to look.

[NNN0LHI]

5. Being as wealthy as Huntsman is this kind of talk can't help him either

He is just a smiling version of a 1%er.

Bet he has pulled some real shenanigans to get where he is too.

Don

[surrealAmerican]

6. I'm willing to believe it's not personal this time.

Bringing up the Bain issue is ultimately a loss for the republicans because it exposes the financial machinations that have caused so much harm to so many of us, while enriching the 1%.

[riverwalker]

7. Huntsman received 600M$ from Bain Capital in 2001

Huntsman, Bain Capital dealing
Huntsman offering $600 million equity stake to venture firm

http://www.deseretnews.com/article/827395/Huntsman-Bain-Capital-dealing.html

Huntsman Corp. Friday announced a deal in which venture capital firm Bain Capital Inc. will invest more than $600 million in Huntsman.