The Pain in Bain

1. Obama is more eager to make his case about Bain than Romney is. The president is comfortable attacking the negative consequences, if not the fundamental concept of free-market capitalism: outsourcing and offshoring, shuttered factories, cheap Asian imports, declining middle-class wages. These have been familiar resonant notes for Democratic candidates for the past 25 years. Romney, on the other hand, doesn?t much want to defend creative destruction. He boasts about building Bain, but won?t discuss it in detail because it opens up a conversation about those same unattractive consequences: lost jobs, bankruptcies, private pensions dumped onto the federal government. In the case of China, Romney has tried to outhawk Obama, promising to launch what would amount to a trade war beginning his first day in office. When it comes to Detroit, Romney has backed away from his principled position that failed businesses should be allowed to fail. He?s in a corner, because he thinks it?s politically unsound to say what he really believes.

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