Bill Clinton is now a declared member of Bain Capital’s defenders. Apparently, Clinton likes private equity, Bill Clinton Joins the List of Bain Defenders free market, and now he surely can help Mr. Obama leave the White House with presidential dignity if the economy worsens. One term is a lot better than almost screwing upside down the world’s economy, precisely when the U.S.’s economy is stagnant in the low digits and Europe is doing much worse (11% unemployment in the euro zone) can impact U.S. further more.
When the former president of the U.S., Bill Clinton was asked by Harvey Weinstein (at CNN) about the entrepreneurial acumen of the forth runner for the White House, Mitt Romney, Clinton almost endorse him over shading his good friend, Mr. Obama because of the poor economy and high unemployment in the country. Mr. Clinton nuanced:
“The man [Mitt Romney] … had a sterling business career, crosses the qualification threshold” when asked about the nature of private equity of Bain Capital. And he summarized: “I don’t think that we ought to get into the position where we say this is bad work … I think he had a good business career. There is a lot of controversy about that. But if you go in and you try to save a failing company, and you and I have friends here who invest in companies, you can invest in a company, run up the debt, loot it, sell all the assets, and force all the people to lose their retirement and fire them. Or you can go into a company, have cutbacks, try to make it more productive with the purpose of saving it. And when you try, like anything else you try, you don’t always succeed.”
Clinton is the highest profile Obama’ friends to show discomfort with the Obama’s attacks on Bain Capital, and further, the former president praised the company and Romney’s record. However, Clinton went on to say that Obama would hold the day in November, and would beat Romney handily. “I still think the president will win by five or six points. I’ve always thought so,” Clinton told guest host Harvey Weinstein, filling in for Piers Morgan at CNN.
Updates: “President Obama blames Congress for weak jobs report”
“President Obama on Friday put the blame for a weaker-than-expected May jobs report on Congress, saying lawmakers’ inaction stymied economic recovery.” ‘Right now, Congress should pass a bill to prevent more layoffs,’ Obama told an audience gathered at Honeywell’s Golden Valley, Minn. facility, which the president had earlier toured. Obama said Congress has not passed enough provisions of the jobs plan (“there’s no excuse for it,” he said) and must work immediately to offer more tax breaks for small business owners and for homeowners who refinance. He also wants to extend tax credits for clean energy manufacturers. ‘Do it right now,’ the president said.’ ‘Now’s not the time to play politics,’ he said. ‘Now’s not the time to sit on your hands.”
Update: Europe’s Fade Becomes Drag on Sales for U.S. Companies (told you so…)
“As the European crisis intensifies, a growing number of companies in the United States are warning investors that sales in the region are slowing and could get much worse.”