Mitt Romney said that Bain Capital had to fire people after it bought unprofitable companies. He has been attacked savagely by his opponents for that practice. But Ron Paul came to his defense.
Because he believes in the free market.
Speaking Tuesday on Laura Ingraham’s radio show, Paul said his GOP rivals former House Speaker Newt Gingrich and Gov. Rick Perry (Texas) sounded “like Democrats” in blasting Romney’s record with the company.
“I think it’s a big distraction,” Paul said. “And they’re picking up on this and those who are condemning him for it, I think, are arguing like Democrats.
“You know, they come in and say, look, restructuring in the free market is a good idea, and I don’t know anything about Bain, so I’m not taking a position on that, and I haven’t looked at it and I have no idea what he did or didn’t do, but the principle of restructuring is a good thing in the marketplace,” he said.
Paul knows that competition benefits the customers. Capitalism is about benefiting customers.
One of the best explanations of this is the final speech in Other People’s Money, a movie about a Bain-like take-over of a failing company. Danny DeVito is the bad guy throughout the movie. He is the take-over artist.
The head of the failing company, played by the beloved Gregory Peck, is a plea for standing by the old values. DeVito follows an act that is hard to follow.
Ron Paul understands this. So does Mitt Romney. The other Republican candidates do not.