Warren is a brilliant economist, at first I doubted his wisdom because it has all the attributes of a cruel paradox. Then I realized that Warren is spot on. Our deficit does not matter because it has "NO VALUE" our Dollar is nothing more than paper and ink and our debt could be eliminated by losing electricity and having those computer digits die in the circuits that created them.
Money is nothing more than a tool to allow our government to exchange something of no value (Paper and Ink) for something that has value your goods and services of which the government wants. The purpose of the Fiat monetary system is to use the money supply M3 as a counterweight to the demand for money of which the government can create at will with the stroke of a computer number pad.
Some believe that this is immoral, because they (like me) object to the Government (possibly corrupt) having absolute control and power over money creation, especially when that money is used as a means to expand the government with impunity over the rights and will of the people. Some feel that having a bit of a monetary challenge to the government would be good for our republic, or in other words require the government to have money backed by something of value like a commodoty of sorts. This will guarantee that the people of America will also benefit from new money creation not just the swiss press and paper & ink industry.
Pesonally I believe and have confidence that Warren can make the current FIAT system work and I agree with Ron Paul that our government (through its incompetence) should be forbidden from abusing the currency through erratic inflation, deflation and its induced economic booms and busts like we are experiencing now.
I think Warren is one of the only people I know that can restore balance to our economic system that deperately needs to be "papered over" properly. If any of you are worried about your money being worth anything remember that you can buy Gold, Silver or some other rapidly appreciating commodoty you need not be "Papered up" yourseves. The wealthy elite do this frequently because they (unlike the masses) know (and laugh at) paper money when regarded as something of value. To them it is little more than a permission slip or for lack of a better description "casino points or credits" that can be used for merchandise.
Warren has also indicated that the IRS places so little importance on cash as money that if you dare pay your taxes in cash, they will carefully count it, give you credit (a reciept), and after you leave drop the entire pile in their shredder. Those shreds are then happily resold to tourists visiting Washington D.C.
(Press Release Submitted by Warren Mosler.) Waterbury, CT - August 30, 2010, Warren Mosler, Independent candidate for US Senate, former Tea Party Democrat, and frequent speaker at Tea Party rallies, lashed out today at the political movement for its ill-thought demands to balance the budget which he contends is based on abject ignorance and counter to true Tea Party values. “The Tea Party’s demands to balance the budget and reduce the Federal deficit aren’t merely misguided, but dangerous, and would cause the worst depression in history,” stated Mosler, a financial expert with 37 years of experience in monetary operations. “I have been, and continue to be, a strong supporter of the core Tea Party values of lower taxes, limited government, competitive market solutions, and a return to personal responsibility. However, their proposals to balance the budget are the same suicidal policies that caused the 6 horrible depressions in the U.S. over the past 200 years. At the worst possible time to take money out of the economy, the Tea Party’s proposals would remove an estimated $1 trillion and cause the worst depression in world history, destroying tens of millions of jobs and ruining our children’s future.”
A Brief Explanation of the Modern Monetary System Modern money, after the demise of the gold standard, is akin to a spreadsheet that simply works by computer. As Fed Chairman Bernanke explained on national television on 60 minutes, when the government spends or lends, it does so by adding numbers to private bank accounts. When it taxes, it marks those same accounts down. When it borrows, it simply shifts funds from a demand deposit (called a reserve account) at the Fed to a savings account (called a securities account) at the Fed. The money government spends doesn’t come from anywhere, and it doesn’t cost anything to produce. The government therefore cannot run out of money, nor does it need to borrow from the likes of China to finance anything. To better understand this, think about when a football team kicks a field goal; the number on the scoreboard goes from 0 to 3. Does anyone wonder where the stadium got those 3 points, or demand that the stadium keep a reserve of points in a “lock box”?
Moreover, government deficits ADD to our savings - to the penny - as a fact of accounting, not theory or philosophy. This means the Mosler payroll tax (FICA) holiday will directly increase incomes and savings, thus fixing the economy from the bottom up. For example, if the Mosler tax cut amounts to $20 billion per week, that will be the exact increase in income and savings for the rest of us as anyone in the Congressional Budget Office will confirm. For the Federal government, taxes don’t serve to collect revenue but are more like a thermostat that controls the temperature of the economy. When it is too hot, raising taxes will cool it down. And in this ice-cold economy, a very large tax cut is needed to warm the economy back up to operating temperature.
While Mosler fully supports the Tea Party desire to cut taxes, and recognizes the need to cut wasteful and unnecessary spending - in fact, his economic proposals will save the government hundreds of billions of dollars of unnecessary interest expense - he also recognizes, that tax cuts have to be much larger than spending cuts in order to ensure that less money is taken out of the economy, and not more as the Tea Party is currently demanding.
About Warren Mosler
Warren Mosler is running as an Independent. His populist economic message features: 1) a full payroll tax (FICA) holiday so that people working for a living can afford to buy the goods and services they produce. 2) $500 per capita Federal revenue distribution for the states 3) An $8/hr federally funded job to anyone willing and able to work to facilitate the transition form unemployment to private sector employment. He has also pledged never to vote for cuts in Social Security payments or benefits. Warren is a native of Manchester, Conn., where his father worked in a small insurance office and his mother was a night-shift nurse. After graduating from the University of Connecticut (BA Economics, 1971), and working on financial trading desks in NYC and Chicago, Warren started his current investment firm in 1982. For the last twenty years, Warren has also been involved in the academic community, publishing numerous journal articles, and giving conference presentations around the globe. Mosler’s new book “The 7 Deadly Innocent Frauds of Economic Policy” is a non technical guide to the actual workings of the monetary system and exposes the most commonly held misconceptions. He also founded Mosler Automotive, which builds the Mosler MT900, the world's top performance car that also gets 30 mpg at 55 mph.
In recent months, GDP numbers have rebounded - primarily as a result of record low interest rates reliquifying the credit market and government stimulus jolting consumer spending. Although the "positive growth" has delighted Obama's economic brain trust, it has done little to boost the fortunes of Main Street. As I have said many times, GDP largely measures spending, and spending is not growth.
Last Friday we received the latest indication that the real economy is not recovering in the slightest. The Labor Department reported that non-farm payrolls increased by 431,000 jobs in May. In a press statement, the President himself crowed at the news, noting that the official employment rate fell to 9.7% from 9.9%. However, just inches below the headline, red flags were everywhere. Only 41,000 of those jobs were generated in the private sector - far below the median forecast of 180,000. Even more troubling was the fact that the Census Bureau alone accounted for 411,000 new jobs, which were almost exclusively temporary positions.
Rather than a recovery, the jobs data seems to indicate that we are still mired in the first economic depression since the 1930s. Back in 1931, two full years after the Crash of 1929, there were still very few people who thought that the recession then underway would one day be called the Great Depression. (See my commentary from March 1st "Don't Bet on a Recovery)
Increased spending, financed by unprecedented borrowing, will prove to be just as temporary as a US census job (unless, in the name of stimulus, Obama decides to make "people counting" a permanent function of the US government.). When the bills come due, the next leg down will be even more severe than the last.
The swelling ranks of the government payroll, and the shrinking number of private taxpayers footing the bill, will guarantee larger deficits and a weaker economy for years to come. In addition, the artificial spending has prevented a much-needed restructuring from taking place, leaving our economy far less efficient than before the crisis began. In other words, we have dug ourselves into a much deeper hole while failing utterly to build any means to climb out.
One reason that we have thus far been spared the full wrath of Washington's poor decisions is that we are still benefiting from problems abroad, particularly in the eurozone. As sovereign debt issues have temporarily caused a flight to the dollar, our economy has benefited from lower interest rates and restrained consumer prices.
However, EU member-states have shown some willingness to confront their problems by cutting government spending - correctly ignoring US government suggestions that they do the opposite.
Just today, newly elected UK Prime Minister David Cameron prepared his constituents for austerity. Citing a budget deficit that is currently running at 11 percent of GDP, Cameron indicated that government spending would have to fall in order to maintain solvency and a high standard of living.
Cameron went on to say, "Greece stands as a warning of what happens to countries that lose their credibility, or whose governments pretend that difficult decisions can somehow be avoided." This type of realistic sentiment is completely absent in our current leadership in Washington, even though the US deficit is 9.9 percent of GDP and mounting. Meanwhile, the tough decisions being made by European governments will start to rebuild investor confidence in the euro.
Once the euro finally stabilizes against the dollar, I expect commodity prices to resume their rise, especially oil. Normally, the uncertainty created by the disastrous oil spill in the gulf, and the resulting moratorium on deep-water drilling, would have sent crude oil prices skyrocketing. However, fears of a global slowdown, euro weakness, and general risk aversion have held prices in check. As Asia continues its growth and Europe regains its footing, I expect a delayed surge in oil prices, which will put yet another obstacle on the road to US recovery.
Our last remaining leg of support has been the activity of Asian central banks, who have continued in their herculean efforts to prop up the dollar and bail out Americans with low interest rates and cheap imports. However, when sovereign credit risk eventually rears its head in America, look for Asian policymakers to finally wise up. Once that prop is removed, there will be no questions about the gravity of our situation - and little dispute that it amounts to a depression.
The real danger will be if we follow our own foolish advice that Europe appears to have rejected. Treasury Secretary Timothy Geithner has bluntly suggested that European governments should print and spend money in order to keep their economies out of recession. In reality, cutting government spending is a far better stimulus. Maintaining lavish budgets through the use of the printing press will only result in disaster. Not only will such action fail to avert a double-dip recession, but it will practically ensure an inflationary depression.
As I have said before, we can't simultaneously grow the economy and grow government. The latest jobs report shows that we are just growing government. If that trend doesn't soon reverse, investors will start betting on the collapse of the dollarzone.
Our guest speakers at tomorrow's Independent Town Committee meeting will be Millionaire financial genius, former Presidential Candidate, and this years Independent Senate candidate Warren Mosler. Warren will be accompanied by last years Republican congressional candidate Boaz Itshaky and state party agent Mike Telesca.
Boaz and Mosler will be discussing the problems facing America, its impact on states and municipalities and their plan and ideas moving forward.
Seating is limited so please RSVP in advance if you will be attending with more than just yourselves.
Meeting will begin at 7:00P.M. in the meeting room at Citrus in Milford. To RSVP call (203) 247-4357.
Gayle Slossberg announced her Senate bid yesterday on the steps of the Milford Hospital. Gayle said she chose her venue based on the tax she opposed on Hospitals throughout Connecticut. Gayle said "the Milford Hospital like most hospitals and businesses in this recession is struggling, the Tax that Hartford wanted to levy would have cost Milford Hospital over One Million Dollars in new taxes, taxes that the sick would have had to pay." Gayle said that "a hospital that is already involved in closing units and laying off people should not have to deal with the added injury of new taxation."
Gayle alleged that the only thing that stood between the new tax and the wishes of the Senate was her "resolve to fight to the late hours of the evening and early morning making a case for its defeat." Gayle said that her efforts are the principal reason "the Hospital Tax failed to become law."
Gayle said that the coming years are going to be particularly difficult for the state of Connecticut, and she promised to "protect the middle class" from new and unwarranted taxation. Gayle also said that her approach to new bills is to look at each one as they come up, she does a "Cost Benefit Analysis" and makes her decisions based on what is best for the people of her district and Connecticut.
Gayle a mother of Three also said "she wants to build a Connecticut where kids can thrive and prosper and is committed in keeping our state affordable and attractive to businesses and students who want a good education."
Gayle was greeted by several members of the local press, party leaders from all three local political parties Republican, Democrat, and Independent and is cross endorsed by the Independent Party. Gayle has been a supporter and advocate of the Citizens Election Program of which encourages candidates to take a pledge to refuse PAC funding and encourages ordinary people to participate in politics.
Gayle's main opponent this year will be once again The Orange Town Attorney Vincent Marino who challenged her on her voting record last year. He was widely remembered for his conservative stance and the signs he peppered the streets of Milford with pointing to websites challenging Gayles record.
Chester is a model town in the state of Connecticut, and so is its very proud Republican Mayor Tom Marsh who has the honor of presiding over the states most desirable town. Tom Marsh is currently a Republican seeking the Independent Party nomination to run for Governor.
He attended this evenings Milford Independent Town Committee Meeting along with Dr. Mertens who is also seeking the party nomination for the U.S. Senate. Both Mertens and Marsh were this evenings guest speakers and each spoke as to their unique qualifications for public office.
Mertens indicated that he is "ready to fearlessly confront the nations challenges," and criticized the failed policies of the two party system. Mertens who is a Engineer and teacher by trade, called Obamacare "flawed and is disappointed with the bill in its current form" but has agreed that something has to be done about this nations troubled health system.
He said Obamacare is a "starting point" and it will need serious reform if it will work for the people of Connecticut. Mertens also agreed with Telesca that the 15 state lawsuits challenging Obamacares Constitutionality are good. He and Mike both believes that the courts will make a determination on whether or not the "Commerce Clause" is in fact an issue. Mertens is also sceptical about its legal defeat, as he is of the opinion that the bill may not be un-Constitutional enough to satisfy the courts legal standard.
Mike Telesca, a cancer survivor himself, stated that during his treatment he was faced with severe financial challenges. Telesca said that "the hospital was charging him upward of $20,000.00 a day.." He said "a decision had to be made and I left the hospital many times earlier than I should have so I welcome anything that reforms this system of care."
Tom Marsh, was asked about his vision for Connecticut and quickly pointed out that there is party gridlock in the state Capitol. The Republicans want to stop spending, and the Democrats are under the direction of the unions. Marsh said that the "Current Speaker of The House Chris Donovan has more in common with a labor representative than a representative of the people."
Marsh also criticized Rells leadership, citing that "Hartford has not had any solid leadership in many years." Running as an Independent now, he believes, is the right move, especially with civil unrest and the steady public outcry for change that continues to grow.
Marsh said that he believes Voters will soon realize that there needs to be a "third choice come November" and he is hoping that those disenfranchised voters will be more inclined to vote for him on the Independent line.
Both Marsh and Mertens have websites highlighting their positions and views on state and Federal Issues and encourage everyone to take the time to read what they published. Mertens said that if "every person in Connecticut took take the time to read just the first page on my website I would be elected."
U.S. Senate candidate John Mertens will speak at the Milford Independent Party Town Committee Meeting on March 31st at 7 PM, at the Stonebridge Restaurant, 50 Daniel St., Milford. Mertens is a Professor of Engineering at Trinity College in Hartford, Connecticut, and also teaches courses in public policy and environmental science. The meeting is free and open to the public.
Mertens became the first candidate in the country to earn a 2010 ballot line for U.S. Senate at the Connecticut for Lieberman Party statewide caucus on January 13th. He is also seeking the nomination of the Independent Party.
Mertens presents over thirty detailed position statements and solutions to long-term problems on his website: www.Mertens2010.com
The Peter Schiff HQ is off to a great start, and with Dodd out of the race a new playing field in the exciting race for Senate is emerging.
Peter Schiff who opened his HQ in Milford last November has since met up with the Independence Caucus of Connecticut and has begun putting himself on record regarding the issues.
The above clip is one of many now posted on Youtube, but is my personal choice as it pertains to education and school vouchers. There are other videos available and anyone who is interested in learning about the Schiff campaign can visit his website at www.shiffforsenate.com or click on the Shiff banner ad to the upper right of this article.
Peter Schiff is endorsed by Ron Paul, has the unilateral support of the CT Tea Party Movement and the Milford Independent Party. Schiff opened up his HQ in Milford because of the outpouring of support lent to him here.
Thus far to date Peter Schiff has raised 1.4 Million in contributions, dwarfing all of his opponents with the exception of self funded Millionaire Linda McMahon.
To volunteer or lend your support to the Schiff campaign contact Len Greene at (203) 450-8817 or stop by their campaign HQ on Old Gate lane in Milford, CT.
There certainly was much sadness and excitement this morning when Chris Dodd took Michael Moore's advice and decided to resign for the "good of his party." Dodd's resignation comes during a tumoltous period, one marked with tea party protesters, and scandals that included "sweet heart" deals on mortgages, and AIG bonuses.
Dodd stepping aside will certainly be "bitter sweet" for the Democratic party, but just as soon as he resigned Connecticut's Attorney General Richard Blumenthal expresed interest in a run for the Senate.
Dodd is expected to make an announcement to the media soon, and give more details surrounding his decision not to sek re-election. Most onlookers this year are of the opinion that Dodd's record low poll numbers, and pressure from within his own ranks are behind the Senators decision.
Sometime ago Dodd was diagnosed and succesfully treated for prostate cancer, and health concerns are not expected to be an issue that has led to his decision.
Keep tuned in to the major news networks this evening, as more news is to follow on the race for senate Christine Stuart of Connecticut News Junkie has also extensively covered the Blumenthal bid. To read more, click HERE to access her article today.
At a senior living facility in West Hartford on Saturday morning, six candidates challenging U.S. Sen. Chris Dodd gave what were billed as their first stump speeches.
Hosted by the Federation of Connecticut Taxpayers five Republicans and one candidate seeking the nomination of four minor parties made their pitches, shook some hands, and met each other for the first time.
Former U.S. Rep. Rob Simmons said he shook hands with Peter Schiff and said, “I recognize you from TV.” Schiff, the broker and financial pundit who entered the race a few weeks ago after receiving more than $1 million in campaign contributions, said he too recognized Simmons from television.
“He’s a very smart, capable guy with a lot to offer on economic issues,” Simmons said of Schiff.
Schiff, who was the first candidate to speak Saturday, talked about why he entered the race. Having admittedly advised his clients for years to invest their money abroad, Schiff said he’s concerned about what Washington has been doing to the American dollar.
Rather than simply observing as a spectator and trying to protect his 15,000 clients from what’s happening in Washington, Schiff said he decided maybe it was time for him to go to Washington.
“Instead of trying to protect them from the misguided policies in Washington, maybe it’s time I actually went to Washington and tried to do something about it,” Schiff said.
When speaking about the current economic crisis and the housing bubble that burst, Schiff said, “all of this is the consequence of the stimulus under Bush.” He said the only difference between President George W. Bush’s stimulus and President Barack Obama’s stimulus is that Obama’s “is bigger and is going to do more damage.”
Schiff said Bush embraced the rhetoric of a free market system, but in reality was “the Herbert Hoover of our generation.”
While Schiff played up his financial expertise and downplayed partisan politics, Simmons talked about his military experience, his opposition to taxes, and his disdain for the policies of the current administration.
“I didn’t spend 20 months in Vietnam and I didn’t spend 10 years in the CIA fighting communism during the Cold War to come back home to my country, to come back home to my home state, to see the principles and the values for which we fought now put aside,” Simmons said.
Simmons, who has embraced the tea party movement, said he added a tea bag April 15 to the copy of the U.S. Constitution he carries around in his pocket. He said one of the biggest problems the country faces is apathy and now with the tea parties and town halls people are engaged in the political process.
“I’ve have done my best to oppose higher taxes, which I say take away our freedom,” Simmons said.
John Mertens, the Trinity College engineering professor who is seeking the nomination of the Green, Libertarian, Independent and Connecticut for Lieberman Party nominations spoke about how sending candidates from the two major parties has not solved “our huge, long-term” problems.
“I offer you calm, intelligent, nonpartisan problem solving,” Mertens told the crowd. He went on to talk about his solutions for Medicare, Social Security, and the national debt.
He advocated for getting rid of the alternative minimum tax and increasing the top tax rate as the only way to deal with the national debt.
None of the first three candidates even uttered Dodd’s name until state Sen. Sam Caligiuri spoke.
Caligiuri, the youngest of the candidates and perhaps the underdog on the Republican side, received several bursts of applause during his speech.
He talked about his career in politics in Waterbury and Hartford, his family, his desire to push for Congressional term limits, and the need to defeat Dodd.
“I believe Chris Dodd has failed us by not doing his job,” Caligiuri said, adding that when Obama was asked the reason for the economic crisis during his first few weeks in office, the president cited the housing bubble and the credit crisis.
“He’s right,” Caligiuri said, “but when he said what he said, he was indicting Chris Dodd’s failed leadership as chairman of the Senate Banks Committee.”
He said Dodd stopped doing his job because “he came to take our vote for granted a long, long time ago.”
“We’re not just going to hit Chris Dodd hard and on the issues, but I’m willing to take us into the future and away from what Chris Dodd has come to represent, which is career politicians that have been in power for so long and with so little accountability that they literally think they can do and say anything they want and still get themselves re-elected,” Caligiuri said. “I’m telling you, my friends, as sure as I’m standing before you this morning, that I am committed to changing Washington in ways career politicians simply cannot do.”
Caligiuri who said he has refused to take campaign contributions from political action committees, said he knows he is looking at a huge fundraising disadvantage. However, he said the power of his message ultimately will win him the Republican nomination. He said he knows he needs money to get his message out to voters, but also that the positive response he received Saturday from the breakfast crowd was “not the exception, it was the rule” thus far in his travels across Connecticut.
Both Simmons and Caligiuri said they understand the political process better than the other GOP candidates and have been seeking delegate support to win the Republican primary, while self-funded candidates like Linda McMahon have been blanketed the state with advertising.
McMahon was accompanied Saturday by lobbyist and campaign strategist Patrick Sullivan of Sullivan and LeShane.
McMahon spoke mostly about what motivated her to get into the race and she didn’t appear to stray far from the dialogue in her campaign commercials where she talks about going through a bankruptcy and rebuilding her company.
McMahon, the World Wrestling Entertainment CEO who stepped down from her post last week to focus on the race, said, “I’m running because I think our country is at a point of crisis.” She talked about the mounting national debt, how difficult it is for businesses to get credit, and the recent headlines about a New York terrorism plot.
“I can’t sit on the sidelines. I’ve got to jump into the fray. I’m not a career politician, I’m a business woman,” McMahon said. “I built a company from the ground up, from sharing a desk in the basement to having a company now that’s traded on the New York Stock Exchange. I know what it’s like being a young entrepreneur who can’t get credit. I’ve been there when your house gets auctioned off.”
In closing her speech Saturday, McMahon — who decided to spend her own money to fund her campaign — said she will accept donations from supporters of $100 or less, and that she will not accept money from political action committees.
The final candidate to speak Saturday was Tom Foley, the Bush administration’s former ambassador to Ireland who also was one of Bush’s top fundraisers. According to his bio, Foley also served in Iraq as director of private-sector development for the coalition provisional authority. He oversaw state-owned businesses and developed a plan to re-establish a private-sector economy.
Foley walked through the doors Saturday just in time to hear McMahon before he spoke about getting his son ready to go to college. As his son was filling out college applications last winter, Foley said it occurred to him that his son may not have the same opportunities that were available to prior generations.
“That got me thinking about making sure our government gets this right,” Foley said. A Greenwich businessman with a degree in economics, Foley jumped into the race in June.
He said he’s not as worried that the “wheels are going to come completely off” the financial and economic system, but is more concerned that the current administration thinks last November’s election was a mandate to push through its policies.
“There’s a movement toward a Europeanization, if you will, of this country, which I don’t think the voters support and I certainly don’t support,” said Foley, who served as ambassador to Ireland from 2006 until January of this year.
He said he’s been traveling all around Connecticut this summer and believes there’s a gathering storm to make change in 2010.
As Foley left the senior living facility Saturday, he turned to Republican Party Chairman Chris Healy and asked if there were anymore candidates getting into the race.
Healy shook his head and said, “Not that I know of.”
The long wait is finally over, Peter Schiff the economist and CEO of Darien's Euro Pacific Capital officially put his hat into the ring this morning. Peter also sent out the e-mail below to his supporters as of last night:
Based upon the unbelievable support that I have received 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. I will announce my candidacy on MSNBC's Morning Joe show on Thursday, September 17 at8:15am eastern time. Sorry for the short notice, but its important to honor commitments and keep these things under raps until the day the news breaks.
At this time last year I could not have imagined that that I would be making such an announcement today. I had never intended to become a candidate for public office. But these are extraordinary times. Our economy is falling apart in front of our eyes and Washington seems intent on making the wheels come off even faster. At a time when we desperately need adult supervision, the economically illiterate are running the show. As I love my country, it now seems clear that I must try to do something help. The emotional and material support I have received from across the country has made the decision much easier.
So today it begins. As I'm sure you are aware, the rules in politics bear only scant resemblance to those which govern polite society. As a result, I am wading into strange waters, and I'm sure strange things will happen. But I promise to maintain my composure and give it my best shot. Based on the support that I have received thus far, I fully expect to be facing down Chris Dodd in the general election just 14months from now.
As my campaign takes flight, I appreciate the patience and trust that you have shown. To commit time and money to a long shot candidate for high office is a hard choice. I hope to repay that trust with a first class campaign.
I look forward to your feedback and your continued support.
Peter Schiff
On a quick personal note I would like to thank Peter and his Brother Andrew who spoke to me in detail on several occasions regarding the Schiff Campaign and the support pledged to him by the Connecticut Independent Party, the CT Tea Parties, and the US Campaign for Liberty.
Senator Dodd in an effort to recover from the repercussions of the "Dodd Clause" of the AIG contract is still drawing fire. Dodd was accused of allowing AIG executives to pay contractual bonuses with taxpayer bailout money.
For obvious reasons, the general public is outraged over this practice. Had AIG entered bankruptcy protection chances are that none of those bonuses would have ever been paid. Under bankruptcy law AIG could have been forced to restructure itself, and as a result been able to legally not give bonuses to the people responsible for the global economic "Melt Down."
The pandemonium of fear in Washington however, took control of AIG and nearly 3/4 of its stock. AIG was deemed too important of a company, and as such categorized as of "too big to fail." Federal Reserve Bank Chairman Ben Bernake (A self proclaimed expert on the Great Depression) said the "bailout was the right thing to do because a lack of a bailout during the Great Depression is what induced the economic hardship on Main Street."
Peter Schiff, a potential contender against Chris Dodd and expected to have raised his first One Million Dollars on line, said that "Bernake's actions just put off our economic problems to a later date and more severe consequences are later expected." Schiff suggested the Federal Reserves motto ought to be "What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date." Schiff may be running against a full slate of Republican contenders, including Rob Simmons, Linda McMahon (Owner of the WWF), and others who have yet to formally announced.
The Connecticut waters are certainly filled with sharks, and a wounded Chris Dodd is entrenched in a moat as he is under fire from his many critics. One such critic Senator John Cornin put this advertisement on Google titled "Dump Dodd." These public criticisms in tandem with the public view are responsible for eroding his approval rating to a record low of under 41%. and many political science experts are of the opinion this very well could be his last term.
Dodd has also announced that he is ill with prostate cancer, and as such earned the kind supportive words of many local leaders including Gubernatorial candidate Jim Amann and all who wish him well. Some are concerned that Dodd may have an epiphany and realize his re-election is futile. He may ultimately decide to retire on his own terms. However honorable this may be, (especially in lieu of the acrimonious nature of the general public and their sentiments toward is work in the last few years) it is not likely to happen.
Well all that is left to say is that Dodd's ego is even bigger than his Prostate. Read the story below...
Warren is a brilliant economist, at first I doubted his wisdom because it has all the attributes of a cruel paradox. Then I realized that Warren is spot on. Our deficit does not matter because it has "NO VALUE" our Dollar is nothing more than paper and ink and our debt could be eliminated by losing electricity and having those computer digits die in the circuits that created them. 
