Peter Schiff, the president of broker-dealer Euro Pacific Capital, author, and financial pundit, formally announced his intention to run for Chris Dodd's Senate seat on Morning Joe this morning. As expected, the Weston, Connecticut, resident did not have many nice things to say about the incumbent.
Dodd "represents all that's wrong with Congress,'' Schiff said on the show. He called Dodd a "poster boy for the economic crisis."
Schiff is actually something of a poster boy for the crisis himself, or at least he's a key figure in the class of doomsaying financial pundits that rose up in its wake. This past year, his public profile soared on the popularity of a YouTube video, "Peter Schiff Was Right 2006-2007," in which he predicted the economy would collapse; he authored a book, Crash Proof: How to Profit From the Coming Economic Collapse; and he became a dark soothsayer of the talk-show and lecture circuits, warning darkly that the government's plans would lead to financial apocalypse (the stimulus packages, he said at one point, "will effectively hold the firemen at bay while throwing gasoline on the flames").
Schiff is very smart, which is in part why his running for office scares us. Things must be really bad if he's leaving finance behind and taking refuge in government.
Peter Schiff Launches Senate Run [Hartford Courant]