Thursday, December 8, 2011

Niall Ferguson Endorses Mitt Romney for President

This is a fantastic and under-reported endorsement! Read the official endorsement here.

Read the whole thing if you want, but this is how the endorsement ends:

Actually, the best case for Mitt Romney was just made by the other side. In an unintentionally hilarious piece, The New York Times attempted a hatchet job based on his time as the founder and CEO of Bain Capital: “After a Romney Deal, Profits and Then Layoffs.”

You’re not going to believe this. You know what this evil [corporate raider] did? Yes, that’s right. He used borrowed money to take over failing companies. And that’s not all. He fired some of the folks who worked at those companies. Wait, it gets even worse. He restored those companies to profitability. I know, I know. And—to cap it all—he made hundreds of millions of dollars doing it.

Pretty funny, isn’t it? Because that’s exactly the business model of private equity and leveraged buyouts that [helped make this country great]. And as I was reading about Romney’s very impressive business career, I was reminded of [others].

These days, [successful people] are vilified as members of the “1 percent”—the rich elite that the Occupopulists blame for all our ills. Their remedy? Taxes that take the money [successful people] gave to great causes like the Children’s Scholarship Fund and channel it to the federal government, which has such a terrific record of managing money, after all.

In Europe these days, the answer to fiscal crisis is to put a technocrat in charge. But I think you’d agree with me that what the U.S. government really needs is a private-equity guy in the White House.