Quote of the day: Newt Gingrich. Srsly.

Romney in a big pile of money.Ok, so I don’t usually do a quote of the day post.  But this quote was just so delicious I made one anyway.  It’s Newt Gingrich dogging on Mitt Romney for the heartless way Romney makes money.

I’m for capitalism. I’m for honest entrepreneurs investing, I’m for people creating businesses. Callista and I have created four small businesses in the last decade, I get it. But I’m not for looting. There’s a company in The Wall Street Journal today that Bain put $30 million into, took $180 million out of and the company went bankrupt. And if you have to ask yourself, you know, was a six to one return really necessary? What if they had only taken $120 million out, will the company still be there? Would 1,700 families still have a job? I think there’s a real difference between people who billed in a free market and people who go around, take financial advantage, loot companies, leave behind broken families, broken towns, people on unemployment.

And I think Governor Romney in the next week or so is going to have to hold a press conference and he’s going to have to walk the country through the things that they did at Bain because in three or four cases, they don’t look like capitalism. They look like rich guys looting companies, taking all the cash and leaving behind all the unemployed.

That’s not the kind of free market I want to be part of. I want to be in a free market where everybody has a fair chance. That doesn’t mean you always win. There are times you lose, there are times you go bankrupt. That’s fine if the person who’s getting rich is also taking the risk and is also suffering some of the consequences. It’s not fine if the person who is rich manipulates the system and gets away with all the cash and leaves behind the human beings.

I don’t like Newt generally, but I can’t deny it when the guy says something right.


About JT Eberhard

When not defending the planet from inevitable apocalypse at the rotting hands of the undead, JT is a writer and public speaker about atheism, gay rights, and more. He spent two and a half years with the Secular Student Alliance as their first high school organizer. During that time he built the SSA’s high school program and oversaw the development of groups nationwide. JT is also the co-founder of the popular Skepticon conference and served as the events lead organizer during its first three years.

  • http://aceofsevens.wordpress.com aceofsevens

    I take it he said this during the primary?

  • http://IAmDanMarshall.com Dan

    This is possibly the first time I’ve ever agreed with Newt… Then I realized that he said this during the republican primary season, and there’s virtually no chance he would say the same thing today.

  • smrnda

    Glad someone said it. I really take Obama to task for not going after Romney for the way he makes money. If Romney ‘went Galt’, him and his 1% buddies would have less and workers would have more money.

  • Baal

    Newt’s a peddler – it’s really hard for even an industrious peddler to make the kind of money you can by looting. The difference being in one you may have bought a piece of junk but in the other, you’re out a pile of cash and have nothing to show for it.
    Also, while Robert Reich may simplify I’ve yet to find him make a fundamental error. His stuff is generally amazing.

  • GBJames

    Typo? “build”, not “billed” here: “…people who billed in a free market…”

  • iknklast

    Will Newt stick by this the same way he stuck by the commercial he made with Nancy Pelosi on global warming? For just a minute, I found something to agree with him on – but then he began running for president again, and disavowed his actions (maybe he was infested with 50 demons at the time).

  • DaveL

    Wow, Newt said something I agree with. I think the Wall Street set and their enablers get away with a lot by conflating meat-and-potatoes free market economics, where people produce goods and services and sell them for a profit, for the kind of financial sleight-of-hand for which the Wall Street elite are famous. In fact I suspect, with no small degree of horror, that they don’t actually see a difference. Or worse, that they believe their games of financial hide-the-sausage are what really brings in the harvest, puts new roofs on houses, and keeps the lights on.