Obama’s Bain Capital attack is inane and low, as much politics is, including how the Republican stalwarts have been treating the Paul supporters, presumably under Romney’s watch. Still, I hate to see capitalism be smeared in the process. Romney could argue the pluses of venture capital firms and their willingness to risk large amounts of capital where banks won’t and can’t. Venture capital firms have pioneered many financial and management control innovations in order to bring financing to firms that would otherwise be unable to get capital. This industry should not be smeared. While Obama was busy figuring out how to seize wealth and developing a philosophy that those who create wealth by innovations really do not (!) create wealth, venture capital firms have been quietly working in the background to nurture those kinds of middle-sized and smaller-sized companies that produce the most job growth in America. If they could not take calculated risks on some companies or were prevented from doing so by people like Obama who allege that such capital should be kept in America, this would chill the whole industry and undermine it. Obama is not only an ignoramus on free market economics, given his head he’d be a thoroughly destructive force against markets. This doesn’t imply that Romney is any better. I attacked him on Romneycare long, long ago (here,  here, and here).

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