Later

Here's another thing I was thinking about during the debate: Romney said he was a product of small business. I suppose technically Bain was small because it didn't have many employees, I'm assuming. However, this is hardly your corner laundromat or 7-11. This is high-powered private equity, wheeling and dealing, playing with the lives of average Americans, millions at stake. Romney is part of the elite; he comes from money, he's a JD/MBA from Harvard. For Romney to try to associate himself with your average small business is just ridiculous and completely misleading.

This was demonstrated during the discussion of the Detroit auto industry. Romney's entire discussion of bankruptcy was at odds with how the average person understands the term. The way he used it was referring to corporate reorganization, which indeed is part of the bankruptcy code, so it was technically correct. However, in normal, everyday usage, people think of bankruptcy as liquidation, going broke. He really sounded like a private equity guy at that point, as if he had no understanding of how most people use the word 'bankruptcy.'