Creative Destruction

[Richard Fiero]

The creative destruction notion is simple shit. No wonder it's on the 
blogs. The vulture bankers have a well-defined mission: make money 
for themselves and their investors. For every company hollowed out 
and pension fund drained, other pension funds benefit by investing in 
Bain. It's the bankers that don't like Bain because it doesn't play 
by the accepted rules: make the highest bid, buy and go away. Bain as 
the highest bidder will bitch about the deal and attempt to lowball 
it when the other bidders have been sent away.

David Morris wrote:
>This term is flying through political blogs lately in reference to
>Romney's Bain Capitol leadership.  I hadn't heard of it before, but it
>seems a concept that is central to much of TRP's concerns.  I'm
>susrpised I've never seen in in his books.  Have I just missed it?
>
>http://www.econlib.org/library/Enc/CreativeDestruction.html
>
>"Herein lies the paradox of progress. A society cannot reap the
>rewards of creative destruction without accepting that some
>individuals might be worse off, not just in the short term, but
>perhaps forever. At the same time, attempts to soften the harsher
>aspects of creative destruction by trying to preserve jobs or protect
>industries will lead to stagnation and decline, short-circuiting the
>march of progress. Schumpeter's enduring term reminds us that
>capitalism's pain and gain are inextricably linked. The process of
>creating new industries does not go forward without sweeping away the
>preexisting order."