SPIEGEL: You initially favored John McCain?
Ferguson: I have become a convert in the last six months because of Obama’s extraordinary combination of rhetorical genius, coolness under fire and organizational skills. This was the best election campaign we have ever experienced.
SPIEGEL: Which doesn’t necessarily have to mean a great presidency.
Ferguson: ....Obama can stimulate self-confidence because he is so calm and collected. He will not simply put an end to the crisis or ensure that banks lend money again.
He is a politician, not the Messiah. But he can change the national mood. Americans are lucky that they were able to elect him now...
SPIEGEL: So what can Obama do?
Ferguson: He can give a great inauguration speech.
SPIEGEL: And what else?
Ferguson: Give more great speeches.
SPIEGEL: He can’t do more?
Ferguson:: No, because he will have the least latitude of all presidents we can remember. Obama wants to assemble a nonpartisan government, and we will experience a more cautious first 100 days than we did under Bill Clinton. He will be cautious to the point of being boring. This will be precisely his great strength.
SPIEGEL: Where does the problem lie?
Ferguson: With Hank Paulson.
SPIEGEL: What does the current treasury secretary have to do with Obama?
Ferguson: Because of his big bailout plan, Paulson has already spent the money for Obama’s healthcare reform and for his tax cuts. The money is gone.
SPIEGEL: Mr. Ferguson, we thank you for this interview.
Source: Hiistorian, Niall Ferguson interviewed by Der Speigel via Belmont Club.
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