Peter Schiff was right, but will he be right for 2010?

Peter Schiff is a fiscally conservative economist, investor, writer, speaker, video blogger and commentator who is famous for his bearish financial predictions. People laughed at him from 2002-2007 when he proclaimed that the United States economy was on the verge of financial collapse. In 2008 that all changed when the sub prime housing market bubble burst and unemployment numbers began to rise all in the midst of bailouts and the Federal Reserve printing money like it was going out of style. But unless you watched CSPAN or the Fox Business channel you would have never known who Peter Schiff was. Thanks to a youtube video titled Peter Schiff Was Right he soon became an internet celebrity.

Over 1.5 million views and counting it proved to be quite the catalyst for his career, but perhaps not in the sense most people would predict. Instead of his brokerage firm Euro Pacific Capital being the sole beneficiary of all the attention another door opened for him in politics. Thanks to the support of tens of thousands of fans from across the country Schiff announced his intent to run for Connecticut Senate in 2010. Although a rookie in terms of politics, many supporters believe he stands a fighting chance against dethroning 5 term Democratic Senator Chris Dodd.

Christopher Dodd is no stranger to controversy thanks to the Countrywide Financial loan scandal and his involvement with banks such as Fannie Mae and Freddie Mac. Two of the banking juggernauts which were bailed out by the feds using tax payers money because they were deemed "too big to fail." As the chairman of the Senate Banking Committee, critics of Dodd have claimed he ignored warning signs which led to the financial crisis in 2008.

Too Big to Fail? Perhaps Schiff supporters in Connecticut will have the last laugh.