Their job is not to lose jobs or bankrupt companies; it is to turn them around. Like a paramedic, the talent lies in making critical decisions quickly in order for the patient to have the best chance at recovery. Operating in the eye of the storm, the turnaround leaders must deal equitably and effectively with angry creditors, scared employees, wary customers and very nervous board of directors and investors. This is no assignment for the faint-hearted.
Will all succeed? Of course not, the free-enterprise system that has helped forge America's economic capitalizes on "creative destruction." While we often hear about the greatest entrepreneurial successes — Microsoft, Starbucks, and Apple — we rarely hear about the countless failures and the workers, leaders and investors who lost jobs and capital when they failed. Constantly, underperforming or outdated companies fall by the wayside as more innovative ones take their place. Workers who keep upgrading their skills to meet the challenge of change find a place in that future by adapting. Those who rest in sending around resumes for outdated skills or trust in government entitlements do not.
Mitt Romney has shown his expertise as a turnaround specialist at Bain Capital and with the 2002 Winter Olympics. He is a leader ready to make the tough decisions America is facing. His selection of Rep. Paul Ryan speaks to his wisdom of getting the right leaders on the bus. Both have been men of action--something needed in Washington now.
Some Democrats have defended Bain Capital. Democratic mayor of Newark, N.J., Cory Booker, knows Newark needs more business and investment, not more government. Though repudiated by the Obama Campaign team, Booker rejected the Bain attack ads on NBC's "Meet the Press: "I'm not about to sit here and indict private equity.... I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital's record, they've done a lot to support businesses, to grow businesses."
Let me end with the closing comment from Daniel Henninger's WSJ column:
"Voters don't want one man's story. They want someone who understands how the next 10 years can produce an American economy that offers the opportunities for them that the 1980s produced for Mitt Romney." The Democrats want to see Romney's tax returns; Romney wants your own tax returns to improve. Do you want more of the same inept leadership and uncontrolled spending, or do you a turnaround specialist ready to make the tough decisions in the White House?