Daily Archives: 10/13/2012

Who Was Running Bain in 1993? SHOULD WE CARE??

To be honest this what Romney did at Bain thing has struck me as a useless issue from the start.  Useless because it make a big deal out of what Romney did in a totally different role or context.  Romney was in business, and did what he could to make that business as profitable as possible. 

We now want to know what Romney would do as President.  If Romney understand the different role, then Bain is irrelevant.   As President, he will not just be trying to earn money for a narrow group of investors, and what he did in the earlier role has nothing to with being President.

The only relevance is if Romney doesn’t understand his new role and that it is different.  It is often said the government should be run like a business.  That seems like non-sense to me.  Business provides services and tries to capture the value of those products to consumers.  Government often provides services that no one person can capture the value of.  It isn’t practical to limit access to road to capture their value, and hence they are often provided by government.  This was discussed in Capitalism and Freedom by Friedman years ago.

In other words let hope Romney understand this Doonesbery.


Did Bain Consulting help Phillip Morris sell cigarettes to Russians during Romney’s tenure

Who Was Running Bain in 1993?
Megan McArdle
Wed, 10 Oct 2012 17:00:00 GMT