Barack Obama

Booker, Bain And Private Equity

Samuel HooperLeave a comment

Cory Booker - Newark - Bain Capital

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Today’s post is on the furore generated by Newark Mayor Cory Booker’s recent comments on last weeks’ NBC Meet The Press show, in which he appeared as a surrogate for the Obama reelection campaign.

When asked about attacks originating from the Obama campaign and aligned PACs, attacking Mitt Romney’s record at Bain Capital, Mayor Booker essentially said that those attacks were an unfair and unnecessary distraction from the real issues of the election:

“To me, it’s just this — we’re getting to a ridiculous point in America, especially that I know. I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, it ain’t — they’ve done a lot to support businesses, to grow businesses.”

For those unfamiliar with the maelstrom of ridiculousness, accusation, counter-accusation, retraction and non-retraction that these innocuous comments generated, the consequences are related in amusing style by Kathleen Parker at The Washington Post.

Though really if you have taken in any American political news over the past week or so, you can hardly have failed to have heard about this story from one source or another. And in terms of the “press coverage to newsworthiness ratio” mismatch, this story scores quite highly.

As far as I can tell, despite all of the noise and column inches that this “story” has generated, most reasonable people could agree with the following sentiment: that there is nothing wrong with private equity – well, no more than what is right or wrong with any other industry – and the Obama reelection campaign has not publicly suggested otherwise.

No for-profit business is run for the sake of creating jobs – that just happens to be a fortunate side effect of growth and success, and private equity plays an important role in ensuring that capital is allocated most quickly and efficiently to those enterprises that can generate the best return on it. I don’t recall Mayor Cory Booker attacking private equity, capitalism and the American dream when he went on Meet The Press last week, nor Obama himself (though the Obama campaign and associated PACs and campaign surrogates have certainly crossed this line on occasions).

So what exactly is wrong with saying that attacks on private equity are nauseating? It may be a rather strong choice of words, but attacks on private equity are certainly irrelevant. And saying so does not blow apart Obama’s central campaign issue, as many conservative commentators seem eager to believe.

If we leave out the words of the Super-PAC political ads (and really we have to – on both sides, be they Republican and Democrat aligned – because they are loose cannons, unconnected with the campaigns and able to say anything they please regardless of the views of either candidate), what the Obama campaign is trying to point out is that a successful career in private equity is not of itself either a qualification for, nor indication of success at the presidency. Incidentally, one could (and many have) made the same argument about a career in community organising and constitutional law teaching.

Quite a few people work in private equity. And many more people – including ‘normal’ people, through their savings and investments and pensions – benefit from the work that these people do. Having a successful career in private equity does not of itself qualify someone to be President of the United States – it is a hard job, and probably nothing short of a previous stint as Head of State of another powerful nation really qualifies you for it.

And so if the Obama campaign wants to try to draw a contrast between the president’s four years of on-the-job experience and Mitt Romney’s lack thereof, that seems fair enough (though the old “don’t change horses midstream” argument is rather old and worn at this point, especially after George W. Bush’s reelection campaign), and as long as he avoids straying into “the corporations are raping the world” territory he should be allowed to make that point without being jumped on and labelled an anti-capitalist reactionary.

This seems to me like a big fuss about nothing – after eight days, let’s finally move on from this one now.

Obama The Inevitable

Samuel HooperLeave a comment

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Well, stop blogging for a month or so and when you come back, the world has turned a little bit. The ratcheting up of the Euro crisis, the effective end to the Republican presidential nomination process, the sudden and complete inability of David Cameron’s Conservative Party to do anything right, in terms of either action or image… Guess I learned something there. Anyway, picking up where I left off in April…

So much handwringing in the media at the moment about President Obama’s political fortunes and reelection prospects!

From Politico:

Nothing inspires Democrats like the Barack Obama swagger – the supreme self-confidence on stage, the self-certainty in private.

So nothing inspires more angst than when that same Obama stumbles, as he has leaving the gate in 2012.

That’s the unmistakable reality for Democrats since Obama officially launched his reelection campaign three weeks ago. Obama, not Mitt Romney, is the one with the muddled message — and the one who often comes across as baldly political. Obama, not Romney, is the one facing blowback from his own party on the central issue of the campaign so far — Romney’s history with Bain Capital. And most remarkably, Obama, not Romney, is the one falling behind in fundraising.

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National polls, which had shown Obama with a slight but steady lead over Romney through April, moved into a virtual tie this month — despite Romney’s clumsy conclusion to the GOP race.

And from The Daily Beast:

The dirty little secret of campaigns is that there are usually just two messages. Either: Stay the Course or It’s Time for a Change. When Barack Obama won 53 percent of the popular vote and carried 28 states, just 14 percent of Americans thought we were moving in the right direction. So it was obviously a Time for a Change election. When Ronald Reagan and Bill Clinton coasted to easy reelections, the country’s mood was undeniably Stay the Course. The election coming up in November is stuck in between. Americans don’t know whether to forge ahead or swing back.

And watching from across the pond, The Daily Telegraph:

There are storm clouds on the horizon for Barack Obama’s re-election.

Democrats indulged in over-confidence during the Republican primaries. It was an understandable reaction to the chaos that came with all the pandering to the far-Right and the rise of frankly laughable candidates like Michele Bachmann and Herman Cain in the search for an alternative to Mitt Romney.

After that debacle, the Romney campaign manager’s promise of an “etch-a-sketch” moment to re-shake and re-shape public perception about their candidate seemed a dose too hopeful.

But only a month after the Republican primaries all but officially ended, we have a real horserace on our hands.

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According to a new Washington Post/ABC poll, 30 percent of Americans say they are worse off than when President Obama took office in the depths of the fiscal crisis. This is comparable to the numbers President George HW Bush faced when he lost re-election to Bill Clinton in 1992.

And right now Obama and Romney are essentially tied when registered voters are asked who would be better at creating jobs and handling the economy.

Why do we do this to ourselves?  Why spend so much time speculating about an event the outcome of which is almost a foregone conclusion?

I understand the motives of the professional media. People will not tune in to The Situation Room with Wolf Blitzer or Hardball with Chris Matthews in significant numbers to get their daily dose of the campaign ups and downs if they think that the result is already assured. That would mean less advertising revenues for the networks, and a huge army of unemployed cable news talking heads who would suddenly flood the market and push unemployment back up above 9%. So the word must continue to go out that the uninspirational, unpersonable technocrat who is unable to motivate his base and who campaigns like an electioneering android with a gaffe bug actually poses a serious threat to Obama’s reelection chances.

With regard to the professional media, I think there is also the bias factor. And by that I don’t mean the fact that all news outlets are biased in one direction or another, but actually the fact that all of the television and most print sources (even Fox News to some extent) strive to appear “balanced” when reporting the news, to tell both sides of the story (even if, in Fox’s case, the tone of voice, facial expressions and screen captions help to “guide” the viewer as to which side is correct).

At some point – and not being a student of journalism and media I don’t know when – good television reporting stopped meaning uncovering and reporting the truth, but rather reporting and giving equal weight to both sides of a story. So if Sam says the world is round but Bob says that it is a perfect cube, today’s headline will read “Sam and Bob spar in congress over shape of the world” rather than “Bob effectively ends his career with insane statement”.

But why do we ordinary people do it to ourselves? Are we just led by the media, or is there something else at work too?

I suppose that I will be doing the blogging walk of shame come November this year if the unthinkable occurs and Romney does become president-elect. But seriously. Are we all really so bored and in need of intrigue that we are going to kid ourselves that this one is even going to be close?

Fundamentalist, Self-Righteous Moron Needs To Shut Up

Samuel Hooper1 Comment

Not to be outdone by Newt Gingrich, the other candidate running to be the first High Priest of the new American theocracy was also out with a new television campaign commercial, inviting us to imagine the dystopian world that will exist in two years if Obama is re-elected:

 

That’s right, a terrible dystopian land where big government decides what women can do with their bodies and employers can chop and change your healthcare, denying you critical coverage based on their own…oh wait, no that’s the dystopia that we want if we are Republicans today.

Dylan Byers from Politico also notes:

In addition to all the other scary things that happen in this new Rick Santorum ad, which was released today, you’ll notice that Iranian president Mahmoud Ahmadinejad morphs into U.S. president Barack Obama right about the time the narrator says “sworn American enemy.”

Pay close attention and you will see how President Obama’s face is briefly superimposed over that of Iranian President Ahmedinejad, as the words “sworn American enemy” are uttered.

Keep it classy, Rick Santorum.

Fundamentalist, self-righteous moron needs to shut up.

That is all.

Jowly, Pompous Moron Needs To Shut Up

Samuel HooperLeave a comment

From the Burns & Haberman blog on Politico today:

http://www.politico.com/blogs/burns-haberman/2012/03/newt-why-does-obama-behave-the-way-that-people-would-118463.html

Asked about polls suggesting many in the public continue to think Obama is a Muslim, Gingrich said in Louisiana that he takes Obama “at his word” that he believes in Christianity.

Then he launched into a riff on how Obama’s policies are excessively sensitive to non-Christian, non-Jewish faiths, suggesting it could raise doubts for some about where the president’s impulses come from.

“Why does the president behave the way that people would think that [he’s Muslim]?” Gingrich said. “You have to ask, why would they believe that? It’s not cause they’re stupid. It’s because they watch the kind of things I just described to you.”

Yes. This is one of those delightful two-step moves performed so effortlessly by so many shameless people in today’s Republican Party, whereby they cosy up to the foaming-at-the-mouth racists on the far right, and then walk it back just enough to be acceptable. So Gingrich doesn’t agree with the huge trunk of his party’s base who believes that Obama is a Muslim (not, for heaven’s sake, would there be anything wrong with that even if he was, but that’s a whole separate blog post). No, he doesn’t agree with them, but they aren’t stupid (actually, yes they are), Obama must be doing something to make all of these sensible, level-headed, god-fearing Americans believe that he is a Muslim. Y’know, other than being black.

Jowly, pompous moron needs to shut up for awhile.

That is all.