MADISON, Wis. — On Aug 29th, the Guardian broke the news that Eric Hovde has celebrated and profited off of inflation. Hovde bragged about how inflation has bolstered his profits as a wealthy businessman, despite raising costs on Wisconsinites. 

“For those that own assets, you know, I benefit because I own real estate and stocks and companies. So, yeah, it makes me wealthier,” Hovde said.

Hovde is the owner of a $3.2 billion California bank, which has been under scrutiny for accepting deposits from foreign governments and forcing small businesses into bankruptcy. Hovde has also refused to answer questions about his net worth, the foreign deposits his bank is accepting, and how he stands to profit from owning his bank if he becomes a U.S. Senator.

“It’s no surprise a self-serving **** like Eric Hovde bragged about profiting from inflation. He only cares about making himself even richer, not helping Wisconsinites,” said Democratic Party of Wisconsin Rapid Response Director Arik Wolk.

See key points below:

The Guardian: The Wisconsin race that could tip the Democratic majority in the US Senate
By: Alice Herman

• In numerous talk radio interviews, Hovde, who has slammed the Democrats for persistently inflated consumer prices, acknowledged that inflation could be good for a wealthy businessman like himself.

• “Look – inflation helps in the short to medium term, people who own assets – I’ve benefitted, because my real estate values go up, my equity portfolio goes up, the value of my private companies go up,” said Hovde in 2021, during a Wisconsin talk radio show hosted by Vicki McKenna, a popular rightwing radio personality. “But it hammers people who have a set salary, or lower-income people.”

• On an episode of a rightwing podcast called The Truth with Lisa Boothe in March, he echoed a similar sentiment, decrying the rise of inflation and its impact on the middle class before noting that he himself had somewhat enjoyed the period of inflation. 

• “For those that own assets, you know, I benefit because I own real estate and stocks and companies. So, yeah, it makes me wealthier, but it’s hammering, you know, 90% of Americans,” said Hovde.