Chicagoist: Mitt Romney Drops Out

spookhatespuppies

Fri, 08 Feb 2008 03:10:38 -0600

I'm not the hugest McCain fan ever, but I do seem to recall him leading the charge towards a balanced budget when Clinton was president, and him arguing against tax cuts with Dubya in 2000 in favor of cutting the deficit down. Factor in the mini-war he started within his own party when he took a swipe at that ridiculous "bridge to nowhere" in Alaska (which was pure pork, plain and simple) and I'm totally in line with most of his economic decisions. I'm just not totally sold on him to fix health care, leading the way to reducing our dependence on foreign oil, or limiting our greenhouse gas emissions.

Prescott Carlson

Thu, 07 Feb 2008 20:56:02 -0600

A2, you make Romney sound like a mutual fund manager, which is far from the reality of what private equity companies engage in. Mr. Romney, though, never ran a corner store or a traditional business. Instead, he excelled as a deal maker, a buyer and seller of companies, a master at the art of persuasion that he demonstrated in the talks that led to the forming of Bain Capital. "Mitt ran a private equity firm, not a cement company," said Eric A. Kriss, a former Bain Capital partner. "He was not a businessman in the sense of running a company," Mr. Kriss said, adding, "He was a great presenter, a great spokesman and a great salesman." [source] He was a wheeler/dealer, not a stock trader. Are you really under the belief that line of work doesn't insanely benefit from connections/networking? Not to diminish Romney's accomplishments in amassing wealth, but to imply that he would have risen to the same status in life if his father was an immigrant steelworker doesn't really wash. (OK, so maybe he still could have made it to governor)

matilda

Thu, 07 Feb 2008 20:47:48 -0600

A2: What great president(s) started out as great businessmen? I am sure there were a few, but off the top of my head, I cannot think of any, at least not in the last century or so. As well, for better or worse, government is NOT a business--there is no profit motive--and even if one were to cut spending and grow a surplus, government is not, and should not, be a business. For starters, businesses serve to please specific groups of customers and, ultimately, shareholders and/or other investors. Government is charged with dealing with all citizens. As well, I think most people agree that Romney is good at business, but that he most likely benefited from connections. If you don't realize the importance of connections in business, I suggest you know less about business than you let on. This holds true in the fields of venture capital and other types of investments. Yes, hard work and smarts are very important, but connections do not hurt, nor does a little help at the beginning.

A2

Thu, 07 Feb 2008 20:24:42 -0600

OK, do this: Take a few hundred dollars and invest it and see what kind of returns you get. If you can get 113 percent returns average over two decades, you are as smart as Mitt Romney. If you can't, you are not. Period. Average return on stocks is something like 10%. Good luck. Yes, I would prefer a brilliant businessman in the White House as opposed to a charismatic career politician with a nice smile. I, like many others, believe this country is facing an imminent economic collapse. Google video "David Walker" to hear one reason why.

Mondegreen

Thu, 07 Feb 2008 18:25:09 -0600

No one doubts he's skilled, but the idea that his skill is 100% the product of his own genius just isn't true. When you're born rich and connected, you've got a lot of friends who can help you. All I am saying is that the two things are intertwined, and that's why the collective "we" on the Chicagoist couldn't do it. For example, I couldn't do the deal W did with Harken Energy. You know why? Because my dad isn't the president/former vice president/former head of the CIA. When my oil company fails, it fails real good. Was it a smart, money-making deal for W? Absolutely it was. Was it the product of solitary genius? No, it was not. I don't know enough about Romney's work to know how much his Dad's golf buddies tipped him off. I'd guess at least a bit, just because that's the nature of the beast. I'm not saying that's a bad thing, either, but I don't think that "made a lot of money in private equity" necessarily means "good President of the United States". As always, it's good to hear the other side from you though.

MM

Thu, 07 Feb 2008 17:56:13 -0600

And, while we're at it. I don't think there's ever been any correlation between "good in business" and "good in government." Thank God someone finally said this! We get it, A2, Romney is good with investments. We're just as sick of hearing about it as you are with the talking. Neither his record as a business man or as a former MA governor were good enough get any real support on Tuesday.

A2

Thu, 07 Feb 2008 17:17:44 -0600

I don't have a problem with any of that. I know some insiders in Detroit who do believe that developing the first viable alternative-fuel vehicle is the Big Three's last hope. Mondegreen, I am sick of talking about this. If you don't think heading up a $50 billion investment fund is a performance based activity, I don't know what to tell you. In that biz, you make money or you die, period.

Mondegreen

Thu, 07 Feb 2008 17:05:53 -0600

I think I am a smart person, but if someone were to give me a check for a few million dollars tomorrow, I have no reason to think I could turn that into a few hundred million in a decade...though I would like to, of course Well, it depends on what kind of connections you had. Let's say your dad was a former governor and auto exec and your family was high up in cult... er... nontraditional religion. You think those connections might help you make some hay out of that money? No doubt Romney has good business sense, but there's also no doubt that he's been helped a lot by his circumstances, and you can't separate the two. Mitt didn't start off selling crack in the Marcy projects like Jay-Z. And, while we're at it. I don't think there's ever been any correlation between "good in business" and "good in government." I may be wrong about that, but I can't think of a shining example off the top of my head.

Navin

Thu, 07 Feb 2008 17:01:52 -0600

Here's an excerpt from a Boston Globe article, site won't let me link: But it is Romney whose pitch has shifted the most as he (again) seems to be reinventing himself, this time as a big-government planner with more faith in the power of top-down federal intervention than in the innovations and efficiencies of the free market. In Detroit last week, Romney vowed to resurrect the moribund US auto industry - which has been declining for decades - with massive corporate welfare and other government largesse. He derided as "baloney" McCain's blunt reality check that many auto manufacturing jobs are gone for good. He condemned "the absence of a federal policy designed to strengthen the US automotive sector," sounding for all the world as if he just stepped out of some 1970s statist time warp. He promised "a fivefold increase - from $4 billion to $20 billion - in our national investment in energy research, fuel technology, materials science, and automotive technology." Whatever else it might be, this is not fiscal conservatism. "If I'm president of this country, I will roll up my sleeves in the first 100 days I'm in office, and I will personally bring together industry, labor, congressional, and state leaders, and together we will develop a plan to rebuild America's automotive leadership," Romney now says. "Washington should not be a benefactor, but it can and must be a partner." It must? That sure wasn't the Gipper's view.

A2

Thu, 07 Feb 2008 16:41:16 -0600

What exact comments he made do you have issue with? Maybe I didn't hear them.

Prescott Carlson

Thu, 07 Feb 2008 16:34:36 -0600

McCain is going have to convince Republicans that he will change into a fiscal conservative... I would think that issue would be one he can hit a home run on, especially up against HRC. The guy has been a big opponent of pork barrel spending, and is one of the only lawmakers to never request an earmark. That doesn't do it for you?

Navin

Thu, 07 Feb 2008 16:32:23 -0600

There are still many, many jobs at stake, and if you don't understand how federal policy has effected the US auto industry, I sugges you do some reading. Mmm-kay A2 it seems you're the only one who understands politics and economics har har...fighting for remaining jobs is about a million miles from the pie in the sky he was talking about but whatever. Lots of dismayed "Reagan conservatives" called him out for this but I guess they just didn't 'get it' either. Republicans can't decide if they want to be fiscally conservative or borrow and spend trillions while giving money away in tax cuts. Can't decide if they want to respect personal liberty or enforce Christian beliefs on the whole nation. And on and on....I guess that's why you've got McCain now, he's the only one who seems relatively stable.

dj_skilz

Thu, 07 Feb 2008 16:07:52 -0600

Romney said few nice words about McCain, but DID NOT go so far as to endorse him. He also suspended his bid, effectively retaining control of his delegates. He DID NOT drop out. This is a peculiar move in my mind. Although unlikely, he can resume his campaign. Question is, will he use these delegates as pawns in some component if Huckabee makes an unforeseen move? Either way, something seems a bit off about today's news. I am really curious to see how big of a deal Hillary's financial situation is. Hopefully things start to turn in the democratic race soon, otherwise I fear the republican party gaining back support.

A2

Thu, 07 Feb 2008 15:57:44 -0600

Matilda--yes, of course that helps, and I'm sure it helped him. But when someone has achieved something that is so difficult--beyond what they started with--it becomes foolish not to give them credit. It shows that you really don't have a clue what's involved in the undertaking. I think I am a smart person, but if someone were to give me a check for a few million dollars tomorrow, I have no reason to think I could turn that into a few hundred million in a decade...though I would like to, of course ; ) Navin, I am from Detroit, so I can't say I'm sad that MR vowed to fight for "every single job" for the American auto indsutry rather than wave a white flag. There are still many, many jobs at stake, and if you don't understand how federal policy has effected the US auto industry, I sugges you do some reading.

Navin

Thu, 07 Feb 2008 15:47:41 -0600

Maybe now that his sons no longer have to help him with his campaign they can go off and help the military come up with the big win against the war on terror. What a fucking moronic fool, I can't believe I read that whole ridiculous speech. Good riddance.

matilda

Thu, 07 Feb 2008 15:13:27 -0600

It seems some of us are debating semantics, A2. After all, "self-made," the phrase you used, can easily be confused by some people as pulling-up-from bootstraps. I see your points, and they are strong ones for the most part. I would never deny that Romney is a smart businessman who worked his ass off. But I would never deny that having the dad he did helped him get out of the gate, or that class does exist in America, even though class limits are much more flexible here than in, say, the UK or France or Japan or India.

Navin

Thu, 07 Feb 2008 15:06:59 -0600

'resort' that is....typing too fast.

Navin

Thu, 07 Feb 2008 15:04:44 -0600

You are simply in denial, probably of the entire idea that anyone who is more successful than you is there because they are smarter or work harder. Now you result to the ad hominem, Usually when I think self-made I think of somebody who came from a working class, middle or my god in this case even upper middle class life, not from total wealth and priveledge where as a young man you're shaking the hands of Governors, Senators, Presidents and CEOs. But whatever, if it makes you feel better to make personal attacks and ignore the man's flaws, by all means. BTW, how about that plan to magically fix the U.S. auto industry? So much for the fiscal conservative.

magilla gorilla

Thu, 07 Feb 2008 15:04:14 -0600

i'm with prescott, his swipe at the porn industry was uncalled for.

A2

Thu, 07 Feb 2008 14:55:14 -0600

No one ever said he pulled himself up from his effing bootstraps. Please read the posts before you reply to them.

matilda

Thu, 07 Feb 2008 14:54:06 -0600

Don't you realize, Vit: If you don't support Iraq, or whatever the hell else, you secrectly want to kneel five times a day toward Mecca? That said, the wuss attitudes some Europeans, notably the Germans, Dutch and Spaniards, are having in regards to troops in Afghanistan is disturbing.

A2

Thu, 07 Feb 2008 14:54:02 -0600

No one ever said he pulled himself up by his boot straps; the point is he knows a lot about managing money succesfully. He successfully managed a $50 billion capital firm. If you think you could just roll out of bed and do that, I suggest you try. Anyway, I have lots of friends who didn't come from "privleged" backgrounds who have become successful investors. This isn't 19th century England. I went to an "elite" academic institution that was filled with tons of people from "non-elite" backgrounds, including myself. You are simply in denial, probably of the entire idea that anyone who is more successful than you is there because they are smarter or work harder.

vit

Thu, 07 Feb 2008 14:50:05 -0600

Fabulous! I can't wait to surrender to terror. What an idiot.

matilda

Thu, 07 Feb 2008 14:49:31 -0600

Romney is a great, perhaps brilliant, businessman, but to imply he is an Alger character is just dumb. Some people are lucky enough to have the doors opened wider for them right from the start. Doesn't make them evil, but that is reality. (As well, pulling oneself up from bootstraps is not a guarantee that one is good, either--look at Bill Clinton).

Navin

Thu, 07 Feb 2008 14:45:07 -0600

Anyway who knows? Maybe if Romney plays nice and takes one for the team he'll get appointed to something.

Navin

Thu, 07 Feb 2008 14:44:12 -0600

A "position to succeed?" Do you understand anything about investing? The typical response of somebody's who's being completely disingenuous. Yeah Romney really pulled himself up from his bootstraps, a real American success story. Do you understand anything about life? Reality? Again I'm still curious to see how he was going to return Detroit back to its heyday with our money......or was he just telling you and everyone else whatever they wanted to hear...... Despite his many failures Bush is a financial success too, who'd a thunk..

Ward Up

Thu, 07 Feb 2008 14:32:43 -0600

What was with that bible-thumping pornography part? I guess he wants the religious right to like him, keeping the door open for future opportunities.

Ward Up

Thu, 07 Feb 2008 14:29:00 -0600

McCain is going have to convince Republicans that he will change into a fiscal conservative and a pro-secure-borders, anti-amnesty president. Otherwise, he won't get elected. That's because Republicans won't show up to vote for him. The only question is whether the anti-McCain Republicans that stay home will be replaced by pro-McCain independents who vote.

Chuck Sudo

Thu, 07 Feb 2008 14:27:23 -0600

Ultimately his campaign shared a similar problem with John Kerry in 2004. He is from a richer and more powerful family than you, and he looks and acts the part to perfection. I'm just making an educated guess here, but Romney's unique ability to pander to every potential voting bloc in the GOP, in the process contradicting himself at every turn, may have had more to do with his dropping out. As Dem backers become more educated and well to do, and GOP becomes more middle/lower class, they need a candidate who seems like one of your coworkers at the plant, not the CEO outsourcing your job. Be careful what you wish for. Part of Bush's appeal in 2000 was that he seemed like the kind of guy with whom you could have a beer. Then he turned into the CEO who didn't know what the hell he was doing as he outsourced your job.

A2

Thu, 07 Feb 2008 14:26:26 -0600

Right. Becaus someone starts off with two million and turns it into 140 million, he is really benefitting from nepotism. A "position to succeed?" Do you understand anything about investing? If you are so bright, go out and borrow $10,000 or $100,000. If you think you are as smart as Romney, in 20 years, you will still be a multi-millionaire. See, he wasn't a "salaried" employee--he was using his brain to make investment decisions, and apparently was excellent at it. Think about it. Absorb it. Live it.

Prescott Carlson

Thu, 07 Feb 2008 14:18:35 -0600

I'm voting for the pro-porn candidate.

Navin

Thu, 07 Feb 2008 14:16:46 -0600

Augustus was a success too once he came to power but he was no pleb either. I'm not surprised to see conservatives completely ignore the major factors that put somebody in the place where they have a good shot at succeeding. But hey I'm probably wrong, I'm sure Romney's priveledged background had nothing to do with him being in the position to found investment firms. It's too bad I was curious to see just how much tax-payer money it would take to return Detroit's auto industry back to the '50s. As long as McCain takes the party away from the Friedman worship that has sunk this country over the past 7 years then things will at least be somewhat better.

A2

Thu, 07 Feb 2008 13:55:35 -0600

Romney was the head of an investment firm he founded. Let me tell you how that works: You take capital you’ve acquired and make investment decisions with it. During the 20 years or so he was CEO, the firm had an average rate of return of something like 115 percent. Later, when he left the company, they almost went bankrupt. He returned and saved it. I don’t know the exact figures, but Romney’s net worth of 140 million is almost completely of his own doing.

Navin

Thu, 07 Feb 2008 13:46:49 -0600

Now we have chased away the self-made, investment-banker multi-millionaire Self-made huh? Sons of auto company execs/governors/presidential candidates usually have a tough time climing the ladder.........hahaha. Romney was a joke. He's the 'real' conservative who tells people in Detroit that all their jobs are magically coming back and that the government will bail out and fix the auto industry. At least McCain for all his stupid hawkishness has the nerve to not tell massive lies for short term gains.

Julene McCoy

Thu, 07 Feb 2008 13:36:34 -0600

R.I.P. Mittens!

A2

Thu, 07 Feb 2008 13:32:42 -0600

Awful. I am a dyed-in-the-wool conservative, and we elect the candidate with the least radical ideas (actually I haven’t even heard him advance too many specific ideas about anything except the war) and most similar stance on the war to George Bush; also, probably, (because of his age) the candidate most likely to be defeated by Clinton or Obama. Meanwhile, we completely dismiss the only candidate from either party—Ron Paul—who is speaking with immediacy and presenting facts (and solutions) that have any bearing on reality whatsoever. (See federal comptroller David Walker’s speeches on youtube on the imminent fiscal collapse of this country for more information.) Now we have chased away the self-made, investment-banker multi-millionaire to put the economy in the hands of someone who has admitted twice that he doesn’t know much about the economy. I will support McCain simply because I think Clinton and Obama (who I like on a personal level) have the exact wrong solutions to our country’s problems, but all I see with McCain is Washington business as usual. He is a good man but his Hawkish stance frightens me. Who knows, maybe I will end up voting for a Dem after all. Gag.

Hugh G Rection

Thu, 07 Feb 2008 13:25:50 -0600

Personally, I can't wait to surrender to terror. It's a shame such a thoughtful statesman won't ascend to our highest office. Who's gonna tell me I'm a terrorist, for the next four years? Dammit, Mitt!! I was counting on you...

GordonTramesko

Thu, 07 Feb 2008 13:23:59 -0600

This kinda sucks. As a dem I wanted Romney to stay in so there would be a lot of in-fighting and money-wasting with the GOP that would hurt that party. Now we can only hope that Huckabee gets the presidential nomination b/c even most conservatives find him to be too conservative (and crazy) and would most likely vote Dem (or Green)

PumaConcolor

Thu, 07 Feb 2008 13:22:55 -0600

Not that it matters too much but based on Romney's address, I don't think it's correct to say that he's backing McCain so much as admitting defeat.

Sears Tower

Thu, 07 Feb 2008 13:13:59 -0600

Ultimately his campaign shared a similar problem with John Kerry in 2004. He is from a richer and more powerful family than you, and he looks and acts the part to perfection. As Dem backers become more educated and well to do, and GOP becomes more middle/lower class, they need a candidate who seems like one of your coworkers at the plant, not the CEO outsourcing your job.