The midterm elections are 14 months away, so it is time for candidates to come out of the woodwork, including financiers. The latest to seek public office is investor and free-market economist Peter Schiff, who is joining the Republican race for U.S. Senate in Connecticut.
The man who some call Dr. Doom for prognosticating the financial bubble (not to be confused with the media darling of an economist Nouriel Roubini) made the announcement on MSNBC's "Morning Joe" (see the video below), but the news has been expected since he formed an exploratory committee in July as a response to an online grassroots movement in early 2008 dedicated to drafting him to run.
However, he is entering a crowded Republican field that hopes to challenge incumbent Democratic Sen. Chris Dodd, who chairs the Senate Banking Committee. In fact, Schiff is not the only business person as a candidate in Connecticut. Of the other Republicans, Linda McMahon, the former CEO of WWE, jumped into the ring only a day ahead of Schiff. Other Republican contenders are traditional pols including State Sen. Sam Caligiuri, former U.S. Ambassador Tom Foley and former U.S. Rep. Rob Simmons.
Schiff's candidacy, however, is likely to take a very different tact than many of the other Republicans because he comes from the Rep. Ron Paul wing of the party that espouses libertarian views such as reining in the Federal Reserve.
What's more is that Schiff is not the only financier seeking elected office. Across the border to the north, Bain Capital LLC partner Steve Pagliuca is expected to join the Democratic primary to seek the Senate seat vacated by the late Edward Kennedy. In contrast, Pagliuca is likely running on a platform of job creation while Schiff is espousing the end of the Federal Reserve. Either way, both are deemed long shots. - Matthew Wurtzel
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