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Reason Magazine editor-in-chief Matt Welch on Mitt Romney's Swiss bank accounts being criticized by Democrats.
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-- the kind next topic here is says sticking with up politics -- Mitt Romney that presidential challenger under fire for its offshore bank accounts our next guest though says.
Democrats should not be so quick to judge -- -- Is the editor in chief at reason magazine he is joining us now what do you say -- I say that this kind of phony outrage populism by Democrats like Dick Durbin who basically say.
You know the only reason White House was -- bank account -- hiding something right for that you're betting against America and American.
-- on American -- this is fundamentally untrue there are thousands of Americans who live in Switzerland.
And because of their phony populism.
In congress they can't open or maintain their bank accounts anymore because of a law that was passed in 2010 about that taxing foreign assets Mitt Romney though doesn't live in Switzerland Switzerland he lives here and you make the case that said.
Was gonna say a reasoned argument reason that he still should should be entitled to have one -- you have a number of reasons you've laid out well sure I mean we I we don't know there isn't any reporting on what I was in his Swiss account -- the -- three million and I think Swiss francs which has since been liquidated.
But if he was working for Bain Capital Bain Capital had any business in Switzerland are denominated in Swiss francs of course he should have a Swiss bank account anyone with a hundred million dollars.
I'm his net worth is estimated at like between -- 19259.
Dollars should have a diversified portfolio Dick Durbin.
Has a diversified portfolio you can look it up on open secrets dot com elsewhere so this this is totally a misnomer that people with money are not going to be.
Parking -- in various places overseas were betting in the emerging market bonds and that kind of thing it's totally normal there's nothing unseemly about it.
It's not normal for -- average American and how does that harsh haven't exactly it's not it's he adds to this people not understand that like why would you sure no I didn't diversification to somebody senator -- much different mutual funds -- maybe not having all your that they -- American bank.
Anyone who has actually looked at their mutual fund and what that invests in Texas are -- invested all over the world to so -- the Swiss bank accounts -- some James Bond -- thing or some oil tycoon yes that's really know the simple political -- -- is kind of what we're talking about yesterday were started -- with taxes is that the Democrats can make this and President Obama -- hey we're gonna cut tax everybody.
Except those small percentage small number of you make 20250 -- about same thing -- the sake.
Hey this is just a rich guy doesn't understand you -- did you not like you win which is -- -- -- this is politics this is what happens but let's think about for second we're doing here we're getting worked up over what a private person.
Has done privately with his private money instead of talking about what is actually its stake.
In this election and in the country right now.
Is what in -- politicians in both parties Republican Democrat.
Have been doing with our money with public money that is the outrage right now not what someone's diversifying their investment for -- know it's not our money actually it's borrowed money so I guess that the money -- -- -- Chinese and unless -- treasury bonds thanks Matt actives.
