Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:
Jon Stewart lacerated the myth of Romney’s alleged expertise as a venture capitalist the other night. (See video here.) Quite simply, under Mitt’s leadership, Bain Capital had a worse investment record than the federal government’s backing of alternative energy companies (e.g., Solyndra).
In fact, Romney’s record at Bain showed him picking firms that went into bankruptcy at three times the rate of the fed record.
Stewart started by quoting part of Romney’s “closing argument” to the American voters:
The government of the United States is not a very good venture capitalist …. [Obama] doesn’t just like picking winners and losers, he likes picking losers. Half of the ones [alternative energy companies that the government has invested in under Obama] have gone bankrupt.
Whoa! So Romney’s accusation of a 50 percent bankruptcy rate as a result of Department of Energy financial support (in loans and subsidies) to alternative energy firms is at best actually 8 percent. [...]
So that’s 8% failure for government investments in alternative energy firms vs. a 22% bankruptcy record under Mitt Romney’s leadership at Bain. [...]
When Romney’s bankruptcy record, as he ironically promotes himself as a “job creator,” is just about three times the rate of Obama’s as president, it’s clear the “job creator” is really (particularly when combined with his slash and burn labor strategies) a job destroyer. He’s also a liar, and his dissembling is meant to hide one of the greatest myths of the campaign: that private investment is more effective at stimulating the economy, when Romney’s own record as the CEO of Bain Capital shows that it isn’t.
Please read the entire post here.