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FinanceTerm Sheet

Republican candidates strike a more sober tone

By
David A. Kaplan
David A. Kaplan
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By
David A. Kaplan
David A. Kaplan
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October 12, 2011, 3:12 PM ET

Hanover, N.H. – There was a white big top on the lawn, raucous crowds, and — depending on your perspective — a few clowns performing. But for the most part, the circus didn’t come to town here for the Republican presidential debate held last night at Dartmouth College.

In a debate that was supposed to be only about the economy, the eight candidates followed the rules. That meant that some of the recent sideshows over such topics as Mitt Romney’s Mormon faith weren’t mentioned. Nor was creationism, socialism, or patriotism. It made for a civilized and at times useful exchange on the economy — just not as much fun, which is what many in the audience of 900 at Spaulding Auditorium were hoping for. The closest thing to odd was Rep. Michelle Bachmann’s gag about Herman Cain’s “9-9-9” tax plan: If you “turn it upside down, I think the devil is in the detail.”

Other notes from the road:

Scoundrels. One expects the challengers to attack the incumbent. And President Barack Obama got plenty, even if he wasn’t accused of being born in Kenya. But who knew that the chairman of the Federal Reserve, Ben Bernanke, could be in for such a pasting? His predecessor, Alan Greenspan, has been roundly criticized for being insufficiently vigilant about Wall Street and that his laissez-faire attitude helped produce the meltdown of 2008. Still, Greenspan was never a focal point of a debate. Bernanke took one shot after another, as did the Fed. Other villains last night: Sarbanes-Oxley, Dodd-Frank, and Treasury Secretary Tim Geithner.

Is Cain Able? Cain, the former chief executive of Godfather’s Pizza, benefited from having one of the two best seats at the debate table (along with Romney). His answers were crisp, direct, and sometimes witty. Polls show him moving up — which is why he got such a good seat. Former CEOs don’t become president. Romney has major experience in the private sector, but also was a big-state governor. Whether Cain can become any kind of factor will help determine if the GOP race is simply Romney vs. Perry.

Where Was Rick? While his seat wasn’t very good, there were vast stretches in the two-hour debate where Perry was invisible. It didn’t help he got fewer questions. The issue is whether he was tentative — given his recent poor performance in other debates — or was saving his powder for a rollout of a major energy policy beginning Friday.

Dining Review. You have to decide who won the debate, but the best food by far was at the private party at the tent put up by Bloomberg L.P. and Dartmouth’s Tuck School of Business. In addition to the best Southern Fried Chicken this far north of the border — debate moderator Charlie Rose couldn’t wait for a taste — the lobster rolls were terrific. I can’t wait for the Maine debates.

The Table. We all know Rose loves the iconic oak table on his PBS show. At the debate, he managed to get a giant-size replica of it for the candidates to sit around. Score two points for Rose: The candidates had much preferred to stand at separate podiums as they typically do at debates, the better to look tall and in control. And the table was built just for the event. Bloomberg picked up the tab.

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By David A. Kaplan
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