Peter Schiff running for Senate

September 17, 2009

From Peter:

Based upon the unbelievable support that I have receieved [sic] from 10,000 supporters like you, I have decided to throw my hat into the ring to challenge Chris Dodd for the honor of representing the state of Connecticut in the United States Senate.

Peter isn’t a perfect candidate, but at least he’d fight for more sustainable fiscal and monetary policies. Chris Dodd, by the way, is co-sponsoring the extension/expansion of the disastrous housing tax credit.

Peter’s website is here.

But what is his platform? Those of us who are familiar with Peter’s TV appearances know what he stands for on economic issues, but what about the folks who haven’t seen him on TV? And what about other issues like national defense, abortion, gay rights, gun control, etc.?

Another question: Is Schiff cultivating Ron Paul and his network? Paul has a remarkably large and passionate following. They’d be natural supporters of Schiff’s likely platform and could be convinced to transplant their campaign machine to CT.

This is certainly an uphill battle, but if Schiff gets plugged in with Paul, he might have a fighting chance.

Here’s a sample TV appearance:

Actually he didn’t do so well for his investors in 2008, but his calls for a weaker dollar and stronger performance internationally have turned positive. And his U.S. macro call was dead-on, whuich is what’s most important given that we’ve put ourselves back on the same course.

22 comments

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Way to go Peter. If you get in there at least do something better than the guy already in there.

Posted by fred | Report as abusive

“Actually he didn’t do so well for his investors in 2008″

This might (and I mean might) be true, but is incredibly misleading. Can you name one person who did well for their investors in 2008?

Posted by testset | Report as abusive

A VERY positive development for Connecticut! And, maybe the country…. Peter Schiff would appear to offer some hope in an economy in decline. He “GETS IT” in that steps need to be taken in an economy that can no longer afford to function on credit and not productivity. Perhaps he gives the common man a sense of hope in the future rather than more of the same.

Posted by Rick F | Report as abusive

Just to point out: Peter’s investment strategy is long-term. Anybody who lost money under Peter’s firm in 2008 has since regained it, and likely surpassed it to an unbelievable degree, in 2009. Losing money in 2008 was unavoidable; the difference is that Peter’s clients are able to make money in 2009, while most other people will continue to lose it for some years to come.

Peter’s stance on some of the issues you’ve mentioned:

1. Peter Schiff is for a strong national defense. He believes that the US foreign policy is unsustainable because we can no longer afford the luxury, and would bring troops home from around the world due to our insufficient funds.

2. He is for a woman’s right to choose.

3. Peter hasn’t said anything explicitly yet about gay marriage, but I would imagine that he does not favor government involvement with marriage of any kind – gay or straight.

4. Peter hasn’t been explicit about gun control either, but again, I imagine he is against government interference against the 2nd amendment. He recommends purchasing a firearm in his books.

Posted by Andrew | Report as abusive

It is true testet….a Schiff representative called me to complain about that line, but acknowledged that most accounts were down 50% or so in ’08. It is true that a lot of those calls have bounced back big time this year, though to Andrew’s point, not yet enough to wipe out prior losses.

They are good long-term calls I think, but that misses the point. I don’t think Schiff is or isn’t a good candidate based on his investment track record. I think he’s a good candidate because he’s got a better understanding of the credit cycle than anyone in Congress, save perhaps RP. He understands that fiscal/monetary stimulus will eventually turn the U.S. into California.

But I want to see him on the record on other important issues.

Posted by Rolfe Winkler | Report as abusive

As if the name “Reuters” isn’t already tarnished by the increasingly slanted way with which they write their news articles, now they have this wonderful blog.

Posted by Darryl Schmitz | Report as abusive

Finally, the glimmer of hope we had from Ron Paul’s Campaign for Liberty is turning into a shining beacon. Good luck Peter!

Posted by CBench | Report as abusive

Schiff clearly understands our economic problems well. His proposed solutions to the issues always seem to run contrary to what he believes should be the result. He seems to consistently believe that any government regulation is an inherently bad idea yet he thinks that all of the ills of lending by unchecked banks should never happen again. He really needs to make his positions crystal clear during the campaign.

Posted by Sean | Report as abusive

All of Peter’s trading recommendations are for long term investors, not those looking to make a quick buck.

Everyone thinks Peter is playing off of the Ron Paul supporters; yet do they know Peter Schiff was Ron Paul’s financial adviser during his campaign. ;)

Posted by SierraEchoBravo | Report as abusive

It should be noted that Peter Schiff has significant disagreements with Ron Paul. He is only associated with him through their agreements on monetary and fiscal policy.

Do not associate Peter Schiff with the Ron Paul nutcases.

Posted by Andrew | Report as abusive

Yeah, I should clarify my comment above. I’m not an RP supporter. I think he goes to far on most issues. His Rand-like fealty to the “free market” seems to me a recipe for Hobbesian anarchy…

Posted by Rolfe Winkler | Report as abusive

Hmmm… another “Andrew”… could get confusing.

So, is there another US politician more Obi-wan like than Paul? If you kill him ,he will only get stronger?

Before the primaries, I’d bet relatively few people outside his district knew Dr. Paul, and now after getting crushed he somehow has sprouted this activist network of people across the country. It’s no AARP or NOW, for sure, but its a long way from 2 years ago.

Posted by Andrew | Report as abusive

If he’s a Democrat or a Republican he’ll be just like all the other riff-raff in Washington.

Posted by Mufaso | Report as abusive

Winkler,
If you know anything about Ron Paul he has major disagreements’ with Rand on a lot of things. He specifically warns against romanizing the free market which Rand was guilty of. Also if you knew anything about Rand’s idea of the “free market” you would know it wasn’t really a free market. She actually believed in mercantilism and she also wanted to skew tort laws to immunize businesses. Does this sound like anything “free market?” I think not. If you every hear any interview where Paul is asked about Rand he is quick to say he has different views from her.

The reason why Ron Paul supports the free market is because of Austrian Economics. People try blow off Austrian economics as crazy but it has a terrific predictive track record. Mises was able to predict the Great Depression, Hazlett was able to predict the fall of Bretton Woods, Hayek was able to predict the stag-flationary 70′s, Rothbard was able to predict the collapse of Soviet Russia, Schiff and other Austrian economists were able to predict the tech and housing bubble. If you want to know why Paul goes “too far” on many issues, I say read the intellectual foundation for what he is saying, mainly Austrian economics. Its easy to blow off people because they sound crazy. I know that because when I first heard of Ron Paul I blew him off as crazy. But I gave him a chance and read and understood Austrian economics. I now understand what he says and why he says it. It is incredibly difficult to give a concise understanding of economics in a 4 minute sound bite. You have to go in and actually read the economics treatise’s of Murray Rothbard, Ludwig Von Mises, and F.A. Hayek. If you’re going to brush aside a theory, first learn what it actually is and on an intellectual level refute it.

Posted by Geoffrey | Report as abusive

To the “Andrew” who calls Ron Paul associates nutcases:
I truly feel bad for you. If you had even the most remote understanding about the founding principles and culture of our country you would never come clsoe to making such as statement. Ron Paul is the clsest thing we have to a Jeffersonian-founding father-Captain John Smith Government. Captain John Smith the leader of the three ships that landed in Jamestown and started the first American settlement told his crews before they got off the boat: “Here, if you don’t work, you don’t eat”.

The current “non nut case” government we have has gooten us into almost 75 trillion dollars of debt (if you count the unfunded liabilities of social security, medicaid and the prescription drug program. Andrew, who is the real nut case.

Posted by Warren | Report as abusive

I really hope he does what he says. The seniors in this country are scared do death about all this big government healthcare nonsense, and are too smart to fall for any program that cuts medicare by over 500 BILLION dollars.

Posted by David Lyle | Report as abusive

Go Peter. You get it. So does Ron Paul and so does (a wrestler of all things) Jesse Ventura. The Austrian Economic model/Libertarian position is the last remaining economic principle that will be left standing. Cut spending, cut public sector waste. Thank you for telling the truth and not being a talking/bobblehead that the media loves. I am not a Jeffersonian, but he made a ton of sense in his time and today. “When the people fear their government, there is tyranny; when the government fears the people, there is liberty.” Thomas Jefferson. I ask you, do you feel we in the western world fear government of does the government fear the people?
“The man who reads nothing at all is better educated than the man who reads nothing but newspapers.”
“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.” The people of the world has moved into a state of preferring security over liberty. Are you so afraid of the terrorists, of global warming, of the boogey man, that you will give away essential Liberty for safety??? As Ben Franklin said, you deserve neither Liberty nor Safety. It is time for a new revolution.

Posted by Jason freeman | Report as abusive

‘Rand’ must be quite a popular person or icon in the US ! Would that be Randy or Ayn Rand, the Russian defector ?

Posted by Casper Lab | Report as abusive

[...] Rolfe Winkler » Blog Archive » Peter Schiff running for Senate … [...]

Thank God for Peter Schiff!
Lets hope my fellow Conns.
will vote out the criminal Chris Dodd.

Posted by Tomsk | Report as abusive

Anybody voting for Peter Schiff should vote for him based on his politics, not on his track record in the financial market forecasting business:

http://investingcaffeine.com/2009/09/07/ the-emperor-schiff-has-no-clothes/

Please. You are using Mish Shedlock as the proof that Peter’s advice did not work in 2008? And who did have a good 2008? And his advice has worked out quite well since late 2008 as the investments he advocates, anti dollar, foreign stocks, etc. have skyrocketed.

Posted by John | Report as abusive

Im quite confuse why Schiff needs money to help his campaign. He’s been advising all his readers for years to invest in gold and commodities, but now he wants us to invest in him. Is Peter Schiff the next gold? Will he give me a 1000% return on my investment in 10 years? I doubt it. The audacity of this guy is killing me. I was a follower of his until this! His personal campaign website expresses how your $4800 campaig contribution will help get him the Senate seat where he will shake things up and not take any bribes to “play ball”. Seriously? Schiff sounds exactly like every person running for an office before they were elected. So why should I invest in a man who has told me for years to invest in gold, only to run for office and ask for money from regular working people. He’s a CEO with undoubtedly fat checking/savings/bonds/treasuries/etc. So DONT GIVE PETER SCHIFF ANY MORE CAMPAIGN CONTRIBUTIONS! He’s better to us untainted as an economist…not a politician. If he is as smart as I THOUGHT he was, he’d stick to what he does best. Politics ruins good people.

Posted by Adam | Report as abusive