Just some random thoughts on the major party conventions, now that they’re over. Don’t have a lot of time to write this, so it’s going to be… well, random.
Tale of Two Crackers. Bill Clinton’s big speech on Wednesday night capped what seems to me like a political rehabilitation of monumental proportions. At some point, everybody started loving Bill Clinton, and he has become a major statesman … or as close to that as you can come in this age. It wasn’t terribly surprising to see this process happen with Ronald Reagan, who – despite having a spotty popularity rating during his presidency – the media always portrayed as wildly popular, and 
around whom an image-enhancement industry of sorts has been at work since his departure. But Clinton? Does anyone remember how denigrated he was throughout his presidency? I suppose people have gradually come to the realization that things weren’t so bad in the 1990s … since everything since then has pretty generally sucked.
That brings me to the second cracker – W. Bush. During Clinton’s long speech, while people were hanging on every word, it was hard not to think of W’s total absence from his own party’s convention, both in person and in rhetoric. If this election is truly about a competition between two distinct approaches to government, this contrast speaks volumes about the degree to which each vision (1) has a record of success and (2) is something its proponents can advance with confidence.
Turnaround. Is America ready for a turnaround, Romney-style? I think we’ve already gotten a piece of that. Matt Taibbi’s recent reporting on Mitt Romney’s history at Bain Capital illustrates a bit of what we can expect from a Romney administration. The short story is this: Like the corporate raiders of the 1980s, Bain would do leveraged buy-outs of companies – basically buy them on credit with relatively little money down. The resulting debt would then be held by the company. Then they would compel the company to monetize its assets for dividend payments to its new shareholders – the people at Bain and its partners. What is left is the husk of a company that had already been under stress before Bain’s arrival and is now buried under a crushing debt burden, its assets sold off to enrich others.
That’s the Romney plan for America, in a nutshell. The G.O.P., if elected, will do what it always does – borrow massively (i.e. leverage), cut taxes for the rich (i.e. dividend payment to investors), privatize (i.e. monetize assets), and deregulate. You don’t need an MBA to figure out where that’s headed.
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