Looking for anything to club Romney with, Newt Gingrich decided that his best shot was to demonize private equity firms. They just destroy jobs while making a few rich people richer! Of course, facts seldom matter to politicians, but as Professor Frank Stephenson notes here, a study by the National Bureau of Economic Research concludes that private equity buyouts improve efficiency with a minimal effect on employment.
Like most pols, Newt is happy to capitalize on voter ignorance if he thinks it will get some votes, even though his attacks help to undermine what is left of support for capitalism. Despicable.
