Romney advice to students: Take a risk to start a business

AP Photo/Jae C. Hong

Updated 8:15 p.m. ET

WESTERVILLE, Ohio -- Republican presidential candidate Mitt Romney offered a group of college students this advice on Friday: If you want to start a business, borrow money from your parents.

Romney, a wealthy former investment banker who has struggled to soften his image as a member of America's super elite, was discussing ways of achieving the American dream at Otterbein University. He said, "We've always encouraged young people: Take a shot, go for it. Take a risk. Get the education. Borrow money if you have to from your parents. Start a business."

The presumptive GOP nominee focused his remarks to students in this important swing state on trying to show a more personal side. He talked at length about his work at Bain Capital on investment projects that fostered the creation of the Staples office-supply chain and other businesses. He also mentioned political supporter Jimmy John Liautaud, founder of the pizza business that bears his name, as an example of the American dream.

"He graduated from high school and he didn't want to go to college," Romney said. "And he said to his dad, 'Can I borrow some money? I want to start a business.' His dad said, 'You know what? I just don't think you've got the discipline to start a business and make it work.' And he said, 'I'll loan you the money, but if you can't pay it back, with interest, by the end of the year, I want you to go into the military, and sign up.' And he said, 'OK, I'll do that.'"

Today, Romney said, "He's got shops all over the country and thousands of people that work with him."

This story corrects an earlier version. An aide to Romney said he was referring to business loans when he suggested students borrow money from their parents.

[BillHicks25]

Jimmy Johns...pizza? Huh?

[mollydtt]

Just how many parents are in such great financial shape that they can LOAN money for anything?

Really, Mitt?

The reason kids (and parents) are taking out federal loans is because they don't have the money "lying around".
You take the risk that that higher education will allow you to make a decent salary in a field that you will want to work in for the next 50 years (since retirement is NOT an option any more....)

[Snee7]

Jimmy John's is a SANDWICH chain. Worst reporting ever.

[maxcoffee-2009]

It could also be Papa John's Pizza...

[maxcoffee-2009]

Sorry... It is the sandwich shop... just googled it... It is indeed pretty poor reporting.

[hypnotoad72]

Politicians can say whatever they like because there are no repercussions to what they say.

If people want Romney as a leader, the people should be demanding to hold him accountable, even now.

[wommy9]

serving our country is a punishment willard? Is that why you went to france instead to help their country by handing out flyers? If that is what you consider love for your country, I don't want to see your hate towards it...

[Lindag10]

Earth to Romney: Just because YOUR father and YOUR friend's father had money laying around to lend to "start a business" the 99% of us aren't in that position. Shut up and go play with your car elevator.

[BlameRepublicanz]

it doesnt matter what Mr. "Wal mart is a person" has to say about any issue...he will NEVER be Presideny...ever

[hypnotoad72]

Indefrence -

So what will Romney do differently, given Obama's hypocrisy is based on continuing any number of GOP desires:

http://www.msnbc.msn.com/id/3096434/vp/40575006#40575006

http://www.forbes.com/sites/aroy/2011/10/11/how-mitt-romneys-health-care-experts-helped-design-obamacare/

And on the plus side, if this is one, Obama has the "chess defense", though in fairness fewer people are taking that belief at face value.

So what's that you say, about being "very, very, very stupid"? You call Obama a hypocrite, but what will your favored person do differently? With detail please...

[jefflz-2009]

Romney is a remake of Herbert Hooover.. Austerity is a proven failure in the face of deep recession and
we just had the deepest in more than a hundred years. Slow recovery is due to not enough stimulus- and the Republicans fought against any stimulus whatsoever. Trickle-down economics is also a proven failure- rich people like Romney put their money in banks off shore- they hoard their cash they don't put it into "job creation". That is another GOP fairy tale. Romney just told young people to borrow money from their parents to start new businesses. That is fine if your parents have enough money to lend - not possible for today's middle class families struggling to make ends meet. What can we conclude? Romney is a disconnected rich hypocrite who has not a clue about the real economy. Romney is Bush reborn, or worse, since he made his money firing people, sending jobs overseas and shutting down pension plans at government expense.

[hypnotoad72]

Agreed.

http://www.realitybase.org/journal/2009/3/10/the-american-dream-died-in-february-1973.html
(about wages/income for middle class people)

Also, if even entry level jobs require a Bachelor's degree and x years' of experience, a degree will do nothing. Especially given loan costs. Romney clearly avoids the issues and prefers gloss. We don't need people like that running this country.


And "austerity" is another word for "downward spiral; race to the bottom".

But people seem to prefer "little words" over "fair descriptions".

[daffaorg]

The economic policies pursued by Obama and proposed by Romney will both doomed to

fail and ensure USA will at par with Russia soon. The country which does not have money

to educate young men and women, forcing them to borrow, work to repay the student loan

for rest of life will never succeed as a economic power in the coming decades.

Development needs peace of mind and environment. USA population is tense and

society is not at peace. For an elusive name USA is a super power USA allows the

kingdoms of petro land to scam US citizens by high prices of OIL. A small part of is given

as back as orders for armaments and protection money to US military. A society which

does not understand this simple economic theory is already in the level of colonial Africa.

What USA need is a president who things like a normal Human. People of USA should

think of a new candidate outside these two parties. Both apple and Google are founded

by persons who do not carry the regular DNA of past US heroes. there is nothing to show

USA has a no future with the current political setup.

[hypnotoad72]

Forgive me, but these issues were born long before Obama took office.

Obama chose to continue some of them, however. And whether or not he was playing chess as means to show people how bad the system is, or if he's ignorant, out of touch, a sellout, a poor pastry chef, or any other excuse is up for debate.

Yes, Romney does seem to stem from the same cloth as Obama. And Bush. And Clinton. And Bush. And Reagan. And Carter (latter-end of his era gave some handouts to companies). And Ford. And Nixon (China). And corporate welfare started long before 1970 to be sure... even television of the 1970s pointed out corporate welfare (e.g. "All in the Family", 1972). Do shows point out corporate welfare now? Maybe in a passing reference by Lisa Simpson once every 25 years as so far she hasn't made any reference that I'm aware of, but people prefer Homer, it seems...

We do understand economic theory - but turning an economy from a symbiotic one to where one side (supply-side) is given handouts and bailouts and at the expense of the demand-side (lower wages that would mean low profits if the supply-side didn't get our money as forced handouts/bailouts)... especially when those getting the corporate welfare have used predatory practices to wipe out competition. If a large entity can lower prices, knowing that the competition will not be able to survive, that is what has happened.

Even giving money to companies that lay off or offshore...

http://www.ctj.org/html/layoffs.htm

In a true free market, ALL OF THESE COMPANIES would fall in the end.

http://www.progress.org/cwfedex.htm

The headline alone speaks volumes...

And no amount of lying would save them...

http://www.mydd.com/story/2007/2/7/184312/5388
http://hubpages.com/hub/HowH1BVisaFRAUDiskillingAmerica

[corpsgonewild]

Some great advice from the guy who never took a risk. When asked to start Bain Capital, Mitt refused, saying it was too risky. Only when his boss guaranteed that he could get his old job back with all raises and bonus' that he would have been due did Mitt agree to "take the risk". Is this his economic plan for the nation, Borrow from your parents and start a business? Mitt you have to face reality, we can't all be rich!! The economy needs busboys and waitress and guys that change oil on your car and mow lawns, and drive the trash truck. They will never be rich, but they deserve a living wage and a decent living, don't they?

[dj_chi]

While Romney says the auto companies should have relied on private capital markets to recover in '08/'09, Bain passed on getting involved themselves because they saw it as too risky. Even the GOP staff of Bush saw that government involvement was the only way to save them. An look at GM now - no thanks to Romney's "let them go bankrupt!" line. Where was his eagerness for the risk then?

Let's not forget that small businesses have a huge failure rate! It's not exactly a hot career path. But for those few who can ride it out, more power to ya!