Wednesday, January 6, 2010


Senator Dodd Likely to Drop Out; Free Advice for Peter Schiff Campaign

CNBC reports:
Leading Democratic Senator Christopher J. Dodd, chairman of the Banking Committee, will announce Wednesday that he is retiring, NBC News has learned.

It is likely that once Dodd announces his decision, Connecticut Attorney General Richard Blumenthal told CNBC he will run for Dodd's former Senate seat, but Blumenthal stopped short of formally announcing his candidacy.

Blumenthal said he would have supported Dodd had he opted to run again, but he declined to say whether he had spoken to officials at the White House.

Dodd plans to continue heading efforts to pass financial regulatory reform legislation this year despite his announced retirement from the Senate a source close to Dodd said Wednesday. "He will see it through," said the source, who asked not to be identified.
Over the years, the Connecticut senator has raised millions of dollars from employees of Wall Street firms.
I just skimmed this story, but I didn't see it mention any of the "appearances of impropriety" surrounding Dodd. (NPR wasn't afraid to "go there" in their story, gee whiz.)

I don't know what the odds are of Peter Schiff getting the Republican nomination, but I do think Dodd's campaign staff didn't like that particular scenario. Regardless of the Democratic nominee, if Schiff is in the final race I think he should spend 75% of his funds just running clips from his TV appearances* calling the bubble. He doesn't even need to campaign on a platform, just look at the camera and say, "Never again. Not on my watch."

* BTW I watched a few seconds of that YouTube link to make sure it was a decent one, and you will fall out of your chair in the first few moments when some analyst bites Schiff's head off for doubting that the US in 2006 was experiencing phenomenal productivity growth. You won't believe the example she uses, when she is actually offended at his pessimism. Check it out.

Karl Rove, in his WSJ column, mentioned the CT senate race, but intentionally left Schiff out of the discussion. When I dared emailing Lord Rove to point out this, he was dismissive of Schiff, saying he wasn't registering anything close to competitive numbers.

What I think my experience with the Neocon Duke highlights is that the Republican establishment will not support Peter Schiff--he will have to go it alone or with very little ancillary support from friendly Republican PACs.

This is Rove column I mentioned earlier.
I created a 40-45 minute long "Peter Schiff was right" a few months ago. I got clips from his website, where he had a clip library going back to 2005. I thought it would be funny. It wasn't. It was horribly depressing to watch and I trashed it.

I did an overview of 4-5 years, then end of 2004 to the beginning of 2008. It starts as some kind of dark comedy, and by about 20 minutes, it becomes kind of depressing. By the end of it, it's hard to not feel a little sad. Practically no one listened and no one seemed to give him much, if any respect at all. I mean, it is talking head after talking head, each one making fun of him and talking up the unstoppable greatness of this infallible economy and getting it not only wrong, but galactically wrong.

My favorites in that parade of idiots were betting man/supply-sider Art Laffer, former Nixon hack/current neo-con Ben Stein, and investment snake oil salesman Mike Norman. Their reactions to some of Schiff's statements were memorable. I remember in one segment, Mike Norman, after being called out for being a complete idiot, ended up yelling that Schiff was a "peddler of economic disinformation."

If anything it serves as an huge indictment on the current state of popular financial reporting. I'm not in finance, so maybe I'm wrong on this, maybe it's just the reporters and not the actual market participants, but holy crap what a bunch of mindless unthinking sheep those people are. No critical thinking, no logical models of the economy or the world, no understanding about basic economic principles, and no real critiques of the stocks some of these people push as good buys. It was depressing as hell. I couldn't see how any rational person with critical thought could take them seriously especially after this current collapse, the build up to which they completely missed.
Every time I watch that Schiff video, I start laughing, then I experience a sudden, horrible, crushing depression and sadness.
Also, I completely concur with your campaign advice. I just would make the part where he talks to the camera just deadpan and solemn as all eff. Or perhaps even voiced over Jeff Riggenbach.
I agree with the advice for Schiff. I think that any Austrian School candidate regardless of party will endure a few nasty media comments here and there but will mostly be ignored. If he has a chance of winning, we may get non-stop "he wants to legalize crack" type stuff.

We need to get the public to understand that non-Austrians are economics deniers (but say it in a nice way:)
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