Swinging at Bain, Obama Ignores What Private Equity Is

That might not be good politics and it might not create jobs, but that's what private-equity firms do, a reality that the Obama campaign doesn't mention in its videos.

"In order to have a market economy, you have to have failure," Whalen said. "And yeah, some people may have lost jobs, but hopefully other people gained jobs."

Bain said in a statement on Monday that it has been "focused on growing businesses," and that the Indiana plant in Obama's ad failed four years after the firm stopped controlling it.

Obama suggested at his press conference on Monday that his negative attacks on Romney and Bain are unlikely to halt.

"Republicans attacked my old boss Max Cleland, who was sitting in a chair with no legs, one arm and a Silver Star for service in Vietnam as a man we couldn't count on to defend the country," said Democratic strategist Jamal Simmons, "and they want to squeal about discussing Romney's business record?"

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