[quote=EconProf]Some on this site seem angry at Romney based on his wealth, the way he invests it here and abroad, and on how he made it as a venture capitalist at Bain. The Obama campaign is especially determined to make this an issue and is formenting class envy and anger. I suggest we should instead ask who is most able to pull the economy out of the ditch and raise the nation’s output and employment.
Historically, if we exclude a candidate because they are rich, we’d be omitting a lot of past successful presidents, including darlings of the left, like FDR and JFK. In fact, both these presidents INHERITED their wealth and did not largely make it on their own. I believe Romney did not inherit great wealth growing up, but what is important is that he multiplied it many times over by risking his own money, working hard at salvaging down-and-out companies, and reportedly increasing employment at 78% of them while losing employment (and his own money) at the rest. Venture capital typically goes after mismanaged or otherwise troubled companies that can’t qualify for a bank loan. They need radical shaking up to survive, and only fresh eyes and major changes from an outsider who puts their own money at risk can save them. Sometimes it works, sometimes it doesn’t. That’s capitalism folks.
BTW, another great president, George Washington, was one of the richest men in the colonies. He largely married into his wealth, but then built up a huge and varied enterprise, invented several farming innovations, speculated successfully on land investments, and got even richer. Kind of like a venture capitalist.[/quote]
well, George Romney was in fact quite wealthy. perhaps you meant he did not give any of his wealth to Mitt. Sources please.
I don’t think a person’s wealth should exclude him or her from presidency. But I don’t think running a venture capital firm makes someone more qualified either.
