David Brooks Compares Romney's Vulture Capitalism to Being a Personal Trainer
David Brooks apparently believes that buying distressed companies, loading them up with debt, raiding their pensions, busting unions and outsourcing their jobs is the equivalent of someone being "the corporate version of a personal trainer." Here's David Gregory asking him about his recent column where he said just that:
GREGORY: David Brooks, you’re writing in part about just the-- the gamesmanship of the campaign, but it goes to something I think Michelle was saying about a real focus on alternatives. What the vision is? Why Mitt Romney wants to be president, after all? And you wrote this in a-- in a column on Tuesday that I’ll put up on the screen. You talk about his capitalist, you know, narrative. “It’s been the business of his life to take companies that were mediocre and sclerotic and try to make them efficient and dynamic. It has been his job to be the corporate version of a personal trainer: take people who are puffy and self-indulgent and whip them into shape.” You write about Romney, “That’s his selling point: rigor and productivity. If he can build a capitalist vision around that, he’ll thrive. If not, he’s a punching bag.” Is he more of a punching bag right now over releasing his taxes, o-- o-- over the years in his experience at Bain?
MR. BROOKS: Yeah, releasing the taxes won’t help. I-- I don’t care about the issue particularly. Can anybody think about a president who was either qualified or disqualified by some of the tax reform? That is irrelevant. What’s relevant is who the guy is? He has an amazing personal story. His family was really an (Unintelligible) going across the West, poverty, building an empire, poverty, building an empire. He can’t talk about it because it involves Mormonism. He is personally a decent guy. For some reason, he’s not willing to talk about it. He’s a hidden man. And so, one of the turning points in this campaign is when he comes out, and if he can come out, and I don’t know why they’re waiting so long.
The second thing is, as Michelle said, people are-- people-- I personally find this an incredibly consequential election and incredibly boring election because the two campaign staffs, they’re on their iPhones, they’re responding to whatever the campaign-- other campaign did five minutes ago and the rest of us just don’t care.
Both the Booman Tribune and The New Republic featured articles earlier this week explaining why Brooks' advice for Romney might not go over so well with most voters.
Mr. Brooks: Champion of Capitalism:
David Brooks' latest piece is quite offensive. It's also grossly inaccurate. [...]
So, now the president of the preeminent capitalist country in the world does not represent capitalism. How dishonest can you get? The president is saying that we should not incentivize plant closings and outsourcing through the tax code, and that we ought to have more reasonable CEO compensation. He's also suggesting that vulture capitalists like Mitt Romney have enriched themselves by loading up profitable companies with debt and fees until they go bankrupt. Where's the efficiency in that?
But we're getting to "efficiency."
Romney is going to have to define a vision of modern capitalism. He’s going to have to separate his vision from the scandals and excesses we’ve seen over the last few years. He needs to define the kind of capitalist he is and why the country needs his virtues.
Let’s face it, he’s not a heroic entrepreneur. He’s an efficiency expert. It has been the business of his life to take companies that were mediocre and sclerotic and try to make them efficient and dynamic. It has been his job to be the corporate version of a personal trainer: take people who are puffy and self-indulgent and whip them into shape.
That’s his selling point: rigor and productivity. If he can build a capitalist vision around that, he’ll thrive. If not, he’s a punching bag.
Good luck going into blue collar America and telling people that you're an "efficiency expert" who practices the kind of virtuous capitalism that puts rigor and productivity over the interests of the workers. But it's not even true. Mitt Romney was not a venture capitalist or an efficiency expert. He feasted on companies. A bankrupt company is not an outsourced company. It's just broke, with a broken pension plan and unpaid vendors.
