UPDATED: Even Obama's allies find his attacks on capitalism "nauseating"

To conservatives, it has been clear for a long time that Barack Obama has not a single clue how an economy functions. We've seen a trillion-dollar stimulus come and go. And fail miserably. We've seen how his answer to every single problem is more and bigger government, instead of removing the roadblocks that government has put in the way of businesses.

His economic incompetence comes as no surprise to many of us. After all, he hates capitalism in the first place. His hatred of America runs deep and far back into his youth. He launched his political career in the living room of a pro-Communism terrorist, and attended the church of an America-hating preacher for decades. Even his wife admitted that she had never before been proud of her country, until 2008 when Obama began to lead the polls for the Democratic nomination. We on the right have been disgusted by this man from Day 1.

But now, his latest attacks are beginning to turn off members of his own party. The man whose private sector experience is dwarfed by a 10-year old selling Girl Scout cookies wants to attack Mitt Romney's experience in private business.

Since Team Obama knows that their record on the economy is a losing issue for them, they are trying to win by distorting Governor Romney’s record of private sector job creation. They have taken to spewing a nonstop stream of false attacks against free enterprise.

The tactics are so appalling that they are making even some Democrats sick. Yesterday on NBC’s Meet the Press, Democrat Mayor of Newark, Cory Booker, called the campaign’s attacks on Bain Capital “nauseating.”

“If you look at the totality of Bain Capital's record,” he said, “they've done a lot to support businesses—to grow businesses.”

Booker later walked back his comments, but the cat was out of the bag. Even Democrats are cringing at President Downgrade's latest attacks on the free market. Democrat Harold Ford came out yesterday morning and said that he would NOT have walked back his comments like Booker did (after apparently getting spanked by the Obama administration.)

“I would not have backed off the comments if I were Mayor Booker,” Ford, a Democrat, said on MSNBC’s “Morning Joe.” “The substance of his comments on ‘Meet the Press,’ I agree with the core of it. I would not have backed them out… private equity’s not a bad thing. As a matter of fact, private equity is a good thing in many, many instances.”

Finally, what is even more nauseating is the real story behind GST Steel, which is the center of attack for Obama's ad. The ad says that Romney's company acted like a "vampire" and did all it could to strip the value out of the company for it's own profit. Really? Is that why Bain injected $100 million into GST Steel to modernize it and stuck with it for eight years, even into bankruptcy? The actual tale of what happened can be found in this WSJ article.

The real story of GST Steel's demise lies in a flood of cheap foreign steel and a union that refused to budge. GST couldn't compete. Dozens of other unionized steel companies went under during that time period. It had nothing to do with Bain, except that Bain had kept the company going for years previous to the collapse.

The last bit of irony lies in the timing of the 2001 bankruptcy. Mitt Romney had left Bain Capital in 1999, two years earlier. Who was an executive at Bain at the time, and still works there today? One of Barack Obama's top bundlers.

Barack Obama knows he owns this economy, and he will create any lie and distortion to get voters thinking about something else this November. This is just the first of many fabrications they will use. Don't fall for it.

Update: The Obama administration claimed that they had nothing to do with Cory Booker walking back his comments and never spoke to him. Not that we ever believed that, but Booker himself has contradicted the White House. Check out the video. Obama will stop at nothing to shut down defenders of the free market, even the ones from his own party.
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