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Equity firm can do. but they're talking specifically about how it transformed axle tech with the investment that it made from a regional manufacturer into a world's leading supplier of specialty axles to the u.s. military. josh, don't private equity firms fit right into the model that is cat lichl capitalism in this co? as peter points out, there are these examples where the bets work. >> i respectfully disagree with peter. what mitt romney and maybe he's hiding behind is he brings up venture capital investments. private equity is leveraged buyouts. leveraged buyouts are profitable companies. ...

Not. don't private equity-owned firms, they often collapse, they don't always make it, correct? >> if they make enough bad bets, they will collapse. even if you're betting a lot of the bank's money, you're still betting some of your own and if you don't do it right. but whether or not mr. romney has a swiss bank account is separate from whether private equity serves a useful purpose. i don't know that we want to outlaw it. i'm not surprised that most of the deals don't work out, if the other guest is correct, essentially most of the time, they're buying companies that are high risk in some way...

Bookers, ed rendell, why have they gone off script? they've been cast in certain roles. why are they finding themselves off message so frequently? >> i think in this case, it's a very specific case of the relationship of these individuals to private equity, big money and maybe potentially even to bain. i think part of what's interesting here is seeing how much sort of the democratic party has done two things, one, democrats like republicans are as beholden to big money interest for their personal reelection and sort of personal income interest as both harold ford and cory booker and ed rendell...

Riveting, the most powerful talking about that? so they can take capitalism out of the conversation because everyone adores the free market. but is it about the value of the person that could be president? >> i don't think you can accurately attack mitt romney on his character or his values. and i think that's why you're seeing the left attacking on his business practices and try to paint him as an evil capitalist in his dealings with bain. but i think the american public is a lot smarter than this ad campaign. they understand how private equity works. they understand a very successful man in ...

Elected. and now it's just a feeling of disappointment that he hasn't been able to fulfill all of the things, all of the changes that he talked about. >> let's say good morning and bring in our political power panel for this wednesday. jamal simmons, s.e. cup as well as anne kornblut. great to see all of you. the obama campaign not letting up on the bain issue. i want to play for you what vice president joe biden said yesterday in new hampshire. >> folks, making money for your investors, which romney did very well, is not the president's job. that doesn't mean that private equity guys are bad ...