Vampire Capitalism? Not Even Close.

The Obama team is spreading absolutely false stories about the work Mitt Romney's Bain Capital did with a steel mill in Kansas City.  Kimberely Strassel took a look at the story:

This week the Obama campaign debuted its attack on Bain Capital, the private-equity firm Mitt Romney founded. Its two-minute ad purports to tell the story of GS Technologies, a Kansas City-based Bain investment that went bankrupt in 2001.

To hear the Obama campaign, this is a tale of greed: GST was a healthy, happy, quality steelmaker until Bain plundered its worth and stripped its 750 workers of their due. "It was like a vampire," laments one former employee in the ad. "They came in and sucked the life out of us."

GST is a tragic tale, though in a different way. The real story of GST is that of a private-equity firm trying to spark some life into a uncompetitive, over-unionized industry. Bain's crime here—if that's what you call it—was giving a dying steel plant an unexpected eight-year lease on life.

Read the whole thing. The Obama people are lying because they don't want to lose and they hate capitalism. They think they can create a world in which everyone (as long as they're in a union) wins and nobody (except non-union members) loses. They're idiots.