Recently, Democratic Senator, Chris Dodd, of Connecticut, announced that he planned to retire after his term ended in 2010. Senator Dodd, chairman of the Senate Banking Committee, is known to have received more money from Wall Street than almost any another politician in Washington. His actions in the wake of the 2008 economic crisis, including his writing of a clause exempting AIG bonus money in the 2009 stimulus package have brought him under immense scrutiny. As a result, Republicans are polling very high in the soon to be vacant senate seat that hasn't been held by a Republican in 46 years.
Republicans bidding for their party's nomination in the Connecticut race to replace Senator Dodd are former Congressman Rob Simmons, former CEO of World Wrestling Entertainment, Linda McMahon, former U.S. Ambassador Tom Foley and CEO of Europacific Capital and financial pundit, Peter Schiff. Right now, the front runners appear to be Rob Simmons and Linda McMahon, however Peter Schiff, a regular guest on major cable news networks like CNBC, has a very strong grassroots following, and by September, had raised over a million dollars, mostly from small contributions by individuals, could soon rise to the top of the race.
Schiff, and investment broker by trade and outspoken libertarian and Austrian economist, is most famous for his predictions of the 2008 economic meltdown. As early as 2002 he was noted as saying the Federal Reserve's artificially low interest rates were going to cause a major economic problem in the form of a bubble economy, and began appearing on cable news networks as early as 2006 (Youtube: "Peter Schiff Was Right")with gloomy predictions that earned him a lot of criticism and the nickname Dr. Doom. He even wrote a book in 2006 entitled Crash Proof that explained in much detail why the Federal Reserves low interest rates and the rising national debt coupled with exploding trade deficits were going to cause a market crash unlike anything we had seen since the Great Depression and why the U.S. economy would not recover unless drastic changes took place. Crash Proof also made detailed predictions about where the problems would arise, specifically the housing market, and suggested strategies for investors looking to protect themselves. Crash Proof was dead on, and Schiff's updated, Crash Proof 2.0, makes even more predictions now that his original forecast has taken place.
Since the economic crisis, Schiff has been even more active in his criticism of the way President Obama and Congress have handled the situation. He opposed the Wall Street bailouts, the Stimulus bill, Cap and Trade legislation as well as the fiercely controversial health care legislation. As an Austrian economist, Peter Schiff believes in true free markets. He believes that regulation and high taxation cripple the economy and industry. He has repeatedly criticized the U.S.'s lack of savings in favor of consuming, and calls for the U.S. to return to a nation of producers to bring down our trade deficits and restore our economy to health and long term growth.
Although Peter Schiff has no political experience in public office, he was Congressman Ron Paul's economic advisor in the 2008 presidential campaign. He is quoted as saying "I can no longer just sit back and watch a train wreck moving in slow motion." meaning, as Congress and the President drive us into even more debt, as they raise taxes and regulate the economy more, thereby preventing sustainable growth he feels it his duty to run for Senate to try and slow this train down, and ultimately, stop it. Peter Schiff says he wants to go to Washington to make some big changes, he doesn't care if everyone in the Senate hates him, he is not there to make friends. That sounds like political rhetoric, something you hear from every candidate, however, if the past is any indicator of the future, Peter Schiff is telling the truth. He does not care if he makes it into the inner "good ole boy" circle on Capitol Hill, he has his principles and he is sticking to them, no matter what. Peter Schiff will not and cannot be bullied. I think a vote for Peter Schiff for Senate is a vote for real change, not the kind of change we didn't get in the White House.
