Paul Ryan owns Austan Goolsbee

Austan Goolsbee: This was a case where they (Bain) cancelled the pensions they drove the company into the ground. But the investors from Bain actually profited a great deal.

Chris Wallace (host): Let me follow up with Congressman Ryan because the Obama campaign says the point of Romney economics is to make money for Bain, to make money for their investors, even if all the workers get wiped out. And, in this particular case, in the steel mill in Kansas City the workers, that plant went bankrupt. 750 workers were laid off and Bain did make millions of dollars in profits.

Paul Ryan: You know what's ironic about this, Chris? Mitt Romney was running the Olympics during this time.   He wasn't even running Bain during the time period in question.   I think the individual, if I'm not mistaken who was running Bain is a big Obama contributor.   But, more to the point Chris. What Bain did was they used "private" capital to help struggling businesses. What President Obama is doing, is he's gambling with taxpayer money   and giving money to corporate contributors, campaign contributors like Solyndra   and he's losing taxpayer money.   So what we have in the Obama administration is this crony capitalism   this corporate welfare   where President Obama thinks it's right to take taxpayer dollars to give to private companies and take bets on these private companies.   That's wrong. What is right is a private sector where you have risk to capital. You put capital in businesses where they're struggling or not to try to grow those businesses. Some succeed. Some don't. On the net when Mitt Romney ran Bain they were very successful. They created thousands of jobs.   Great success stories.   But more to the point. We don't think that government should be in the position of picking winners and losers in the economy which is the result of the president's economics.