Hovde Attacks 'European Socialist Economy'

Mar 9 2012 | 11:29am ET

Hedge fund manager Eric Hovde blasted President Barack Obama as he announced his candidacy for the Republican nomination for U.S. Senate from his native state.

"Over the last decade, and certainly since President Obama was elected, we have lost our way, and our identity is being threatened," Hovde said at his campaign kick-off in Dane, Wisc. "We have a president and a Congress that have left us with a European socialist economy that history has proven will not last."

Hovde is the fourth Republican to enter the race seeking to succeed the retiring Sen. Herb Kohl (D-Wisc.) The son of a former Ronald Reagan administration official heads Hovde Capital Advisors and Hovde Private Equity Advisors in Washington, D.C.

Opponents from both sides quickly pounced on the millionaire.

"We welcome Eric Hovde to the race," Chip Englander, who leads former Rep. Mark Neumann's campaign for the G.O.P. nod, said. "But 25 years living in Washington, D.C., and his support for stimulus spending including high-speed rail won't sell in a year when everyone except Barack Obama and his most liberal allies are scared to death of huge government spending."

Democrats also harped on Hovde's recent return to his hometown, Madison, after decades away.

"The economic pain felt right now by middle-class families is foreign to super-rich bankers and hedge fund managers like Eric Hovde, no matter how cynically he goes through the motions," Wisconsin Democratic Party Chairman Mike Tate said. "Wisconsin doesn't need a multimillionaire carpetbagger trying to buy a seat in the U.S. Senate by trying to trick working families into thinking he somehow understands their struggle."


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