In economics, austerity refers to a policy of deficit-cutting by lowering spending often via a reduction in the amount of benefits and public services provided.^[1] Austerity policies are often used by governments to try to reduce their deficit spending^[2] and are sometimes coupled with increases in taxes to demonstrate long-term fiscal solvency to creditors.^[3]

Supporters of austerity predict that under expansionary fiscal contraction (EFC), a major reduction in government spending can change future expectations about taxes and government spending, encouraging private consumption and resulting in overall economic expansion.^[4]

Critics argue that, in periods of high unemployment, austerity policies are counter-productive, because deficit cutting reduces GDP (which typically means less tax revenue to pay off the debt); and that short-term stimulus is necessary to deal with deficits in the long-term.^[5]

"Austerity" was named the word of the year by Merriam-Webster in 2010.^[6]

Reasons for undertaking austerity measures[link]

Austerity measures are typically taken if there is a threat that a government cannot honor its debt liabilities. Such a situation may arise if a government has borrowed in foreign currencies that they have no right to issue or they have been legally forbidden from issuing their own currency. In such a situation, banks may lose trust in a government's ability and/or willingness to pay and either refuse to roll over existing debts or demand extremely high interest rates. In such situations, inter-governmental institutions such as the International Monetary Fund (IMF) may demand austerity measures in exchange for functioning as a lender of last resort. When the IMF requires such a policy, the terms are known as 'IMF conditionalities'.

Typical effects[link]

Development projects, welfare, and other social spending are common programs that are targeted for cuts: Taxes, port and airport fees, train and bus fares are common sources of increased user fees.

In many cases, austerity measures have been associated with protest movements claiming significant decline in standard of living. A representative example is the nation of Greece. The financial crisis—particularly the austerity package put forth by the EU and the IMF— was met with great anger by the Greek public, leading to riots and social unrest. On 27 June 2011, trade union organizations commenced a forty-eight hour labor strike in advance of a parliamentary vote on the austerity package, the first such strike since 1974. Massive demonstrations were organized throughout Greece, intended to pressure parliament members into voting against the package. The second set of austerity measures was approved on 29 June 2011, with 155 out of 300 members of parliament voting in favor. However, one United Nations official warned that the second package of austerity measures in Greece could pose a violation of human rights.^[7]

Theoretical considerations[link]

Contemporary mainstream economists consider macroeconomic policy in a dynamic stochastic general equilibrium (DSGE) framework, where fiscal policy is discussed within an optimal taxation framework that assumes a representative agent is optimizing over a long-term horizon. The reasoning behind such models is that the effect of any government deficit is mitigated by compensatory changes in the representative agent's spending decisions. This occurs because the agent will be responsible for paying off that deficit in the future. Thus, from a modern mainstream macroeconomist's point of view, reducing government deficit allows the private sector to consume more and support the economy. This viewpoint stems from their belief in the existence of a general economic equilibrium, which predicts that economic fluctuations revert back toward a "normal" state of affairs automatically. For this reason econometric models that are used in economic forecasting are calibrated to show convergence to full resource utilization and employment despite government's fiscal tightening.

Old-Keynesians, such as Alvin Hansen, had a totally opposite view: they argued that government deficits provide the private sector both with new money for saving (the deficit) and a means to save (government interest-bearing bonds), increasing private sector wealth, and this wealth effect would reduce the need to save from current income. In their view government debt enabled the private sector to continue consuming. It was therefore not a burden, at least when held domestically, but a necessity.^[8] This approach has interesting parallels with Richard Koo's recent concept of balance-sheet recession.

According to modern monetary theory austerity measures by a national government are usually counterproductive because neither taxation nor bond issuance acts as a funding mechanism for the government.^[9] Instead all spending is done by crediting bank accounts, so national governments cannot run out of money unless they have fixed exchange rate to either foreign currency or gold, or they do borrowing in foreign currencies or they are part of a larger currency area like the eurozone where they do not have the right to issue money.^[9][10]

Controversy[link]

Austerity programs can be controversial. In the Overseas Development Institute briefing paper "The IMF and the Third World" the ODI addresses five major complaints against the IMF's austerity 'conditionalities'. These complaints include these measures being "anti-developmental", "self-defeating", and "they tend to have an adverse impact on the poorest segments of the population". In many situations, austerity programs are implemented by countries that were previously under dictatorial regimes, leading to criticism that the citizens are forced to repay the debts of their oppressors.^[11][12][13]

Economist Richard D. Wolff has stated that instead of cutting government programs and raising taxes, austerity should be attained by collecting (taxes) from non-profit multinational corporations, churches, and private tax-exempt institutions such as universities, which currently pay no taxes at all.^[14]

In 2009, 2010, and 2011, workers and students in Greece and other European countries demonstrated against cuts to pensions, public services and education spending as a result of government austerity measures.^[15][16] Following the announcement of plans to introduce austerity measures in Greece, massive demonstrations were witnessed throughout the country, aimed at pressing parliamentarians to vote against the austerity package. In Athens alone 19 arrests were made while 46 civilians and 38 policemen had been injured by June 29, 2011. The third round austerity has been approved by the Greece parliament on February 12, 2012 and has met strong opposition especially in the cities of Athens and Thessaloniki where the police have clashed with demonstrators.

Opponents argue that austerity measures tend to depress economic growth, which ultimately causes governments to lose more money in tax revenues. In countries with already anemic economic growth, austerity can engender deflation which inflates existing debt. This can also cause the country to fall into a liquidity trap, causing credit markets to freeze up and unemployment to increase. Opponents point to cases in Ireland and Spain in which austerity measures instituted in response to financial crises in 2009 proved ineffective in combating public debt, and placing those countries at risk of defaulting in late 2010.^[17]

The "Age of Austerity"[link]

The term “Age of austerity” was popularized by British Conservative leader David Cameron in his keynote speech to the Conservative party forum in Cheltenham on April 26, 2009, when he committed to put an end to what he called years of excessive government spending.^{[18] [19]}

Word of the year[link]

Merriam-Webster's Dictionary named the word "austerity" as its "Word of the Year" for 2010 because of the number of web searches this word generated that year. According to the president and publisher of the dictionary, "austerity had more than 250,000 searches on the dictionary's free online [website] tool" and the spike in searches "came with more coverage of the debt crisis".^[20]

Examples of austerity[link]

This section is in a list format that may be better presented using prose. You can help by converting this section to prose, if appropriate. Editing help is available. (June 2011)

• Argentina, 1952,2012^[21]
• Cuba, 1991
• Czech Republic, 2010
• Germany, 2011^[22]
• Greece, 2010–2012^[23]
• Ireland, 2010
• Israel, 1949–1959
• Italy, 2010^[24]
• Japan, 2010^[25]
• Latvia, 2009^[26]
• Mexico, 1985^[27]
• Netherlands, 1982–1990, 2003–2006, 2011
• New Zealand, 2012^{[citation needed]}
• Canada, 1994
• Nicaragua, 1997^[28]
• Palestinian Authority, 2006^[29]
• Romania, 2010^[30]
• Portugal, 2010–2011
• Puerto Rico, 2009–2013^{[clarification needed for future year]}
• Spain, 1979,^[31] 2010
• United Kingdom, during and after the two World Wars, 2011–2014^{[clarification needed for future year][32]}
• United States, 2011-, austerity measures for approval of social security disability benefits
• Naples, Italy 2012

See also[link]

• Functional finance
• Paradox of thrift
• Planned shrinkage

References[link]

External links[link]

Look up austerity in Wiktionary, the free dictionary.

• The Austerity Zone: Life in the New Europe - videos by The New York Times
• Video: Richard Koo debates Kenneth Rogoff about the need for austerity, Institute for New Economic Thinking inaugural conference, April 22, 2010
• Socialist Studies Special Edition on Austerity (2011)

Eben Moglen
Born	(1959-07-13) July 13, 1959 (age 52)
Occupation	Professor of Law and Legal history at Columbia University, Director-Counsel and Chairman, Software Freedom Law Center
Website
http://emoglen.law.columbia.edu

Eben Moglen is a professor of law and legal history at Columbia University, and is the founder, Director-Counsel and Chairman of Software Freedom Law Center, whose client list includes numerous pro bono clients, such as the Free Software Foundation.

Professional biography[link]

Moglen started out as a computer programming language designer^[1] and then received his bachelor's degree from Swarthmore College in 1980, where he won the Hicks Prize for Literary Criticism. In 1985, he received a Master of Philosophy in history and a JD from Yale University. He has held visiting appointments at Harvard University, Tel Aviv University and the University of Virginia since 1987.

He was a law clerk to Justice Thurgood Marshall (1986–87 term). He joined the faculty of Columbia Law School in 1987, and was admitted to the New York bar in 1988.^[2] He received a Ph.D. in history from Yale University in 1993. Moglen serves as a director of the Public Patent Foundation.

Moglen was part of Philip Zimmermann's defense team, when Zimmermann was being investigated over the export of Pretty Good Privacy, a public key encryption system, under US export laws.^[3]

In 2003 he received the EFF Pioneer Award. In February 2005, he founded the Software Freedom Law Center.

Moglen is closely involved with the Free Software Foundation, serving as general counsel since 1994 and board member from 2000 to 2007. As counsel, Moglen was charged with enforcing the GNU General Public License (GPL) on behalf of the FSF,^[4] and later became heavily involved with drafting version 3 of the GPL. On April 23, 2007 he announced in a blog post that he would be stepping down from the board of directors of the Free Software Foundation. Moglen stated that after the GPLv3 Discussion Draft 3 had been released, he wanted to devote more time to writing, teaching, and the Software Freedom Law Center.^[5]

Freedom Box Foundation[link]

In February 2011, Moglen created the Freedom Box Foundation to design software for a very small server called the FreedomBox. The FreedomBox is an affordable personal server which runs only free software, with a focus on anonymous and secure communication.^[6] The foundation's purpose is to raise funds for the creation and expansion of software for the FreedomBox. Moglen hopes for upwards of $500,000 to be able to launch FreedomBox officially within a year.^[7]

Stances on free software[link]

Moglen says that free software is a fundamental requirement for a democratic and free society in which we are surrounded by and dependent upon technical devices. Only if controlling these devices is open to all via free software, can we balance power equally.^[8]

Moglen's Metaphorical Corollary to Faraday's Law is the idea that the information appearance and flow between the human minds connected via the Internet works like induction. Hence Moglen's phrase "Resist the resistance!" (i.e. remove anything that inhibits the flow of information).^[9]

Statements and perspectives[link]

This section of a biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (May 2007)

Moglen at GPL V3 conference in Bangalore, 2006

While speaking in New Delhi, India, in 2006, he remarked: "Anything that is worth copying is worth sharing." His other quotes: "The more we give away, the richer we become." And: "Note how even the smallest encounter with Free Software can make a man cheerful about the future of our judge" (said after hearing a judge of the Allahabad high court, India speak on the subject).^{[citation needed]}

Moglen believes the idea of proprietary software is as ludicrous as having "proprietary mathematics" or "proprietary geometry". This would convert the subjects from "something you can learn" into "something you must buy", he has argued. He points out that software is among the "things which can be copied infinitely over and over again, without any further costs".

Moglen has criticized what he calls the "reification of selfishness". He has said, "A world full of computers which you can't understand, can't fix and can't use (because it is controlled by inaccessible proprietary software) is a world controlled by machines."

He has called on lawyers to help the Free Software movement, saying: "Those who want to share their code can make products and share their work without additional legal risks." He urged his legal colleagues, "It's worth giving up a little in order to produce a sounder ecology for all. Think kindly about the idea of sharing."

Moglen sketches the history of copyright law as a form of industrial regulation, and analyses how the changes in technology have thrown the roles created by those laws into crisis. As part of an interview for Steal This Film in April 2007

Moglen has criticized trends which result in "excluding people from knowledge". On the issue of Free Software versus proprietary software, he has argued that "much has been said by the few who stand to lose". Moglen calls for a "sensible respect for both the creators and users" of software code. In general, this concept is a part of what Moglen has termed a "revolution" against the privileged owners of media, distribution channels, and software. On March 13, 2009, in a speech given at Seattle University, Moglen said of the free software movement that, "'When everybody owns the press, then freedom of the press belongs to everybody' seems to be the inevitable inference, and that’s where we are moving, and when the publishers get used to that, they’ll become us, and we’ll become them, and the first amendment will mean: 'Congress shall make no law […] abridging freedom of speech, or of the press […].', not – as they have tended to argue in the course of the 20th century – 'Congress shall make no law infringing the sacred right of the Sulzbergers to be different.'.".^[10]

On the subject of Digital Rights Management, Moglen once said, "We also live in a world in which the right to tinker is under some very substantial threat. This is said to be because movie and record companies must eat. I will concede that they must eat. Though, like me, they should eat less."^[11]

References[link]

External links[link]

more links can be found on wikisource

Wikiquote has a collection of quotations related to: Eben Moglen

Wikisource has original works written by or about: Eben Moglen

Wikimedia Commons has media related to: Eben Moglen

Wikinews has related news: France : Open World Forum 2010

Free software portal

• Eben Moglen's webpage at Columbia University
• ‘A lawyer who is also idealist - how refreshing’, March 30, 2006 interview in The Guardian.

Lectures / papers[link]

• Why Political Liberty Depends on Software Freedom More Than Ever, transcript of keynote speech at the 2011 FOSDEM conference in Brussels on February 5, 2011
• Freedom in the cloud: Software Freedom, Privacy, and Security for Web 2.0 and Cloud Computing, transcript of speech given to the Internet Society's New York branch on February 5, 2010
• Anarchism Triumphant: Free Software and the Death of Copyright - August 1999 PDF
• The dotCommunist Manifesto: Video of talk at UNC-Chapel Hill, Howard W. Odum Institute, 51 min, November 1, 2001
  • Transcript
• The Future of the Net ISOC-NY talk (May 2002) (audio)
• The dotCommunist Manifesto - January 2003 PDF
• Opening keynote at Wizards of OS3, Berlin, June 10, 2004, 57 min
  • Video, 20 MiB and 131 MiB MPEG videos
  • Audio, 64 kbit/s 26 MiB, 96 kbit/s 39 MiB MP3, and 88 kbit/s 36 MiB Ogg Vorbis formats
  • Text version, 42 KiB HTML, also available in PDF and PostScript formats
• Free Software and Free Media ISOC-NY talk (May 2006) (video / audio)
• Framing the Debate: Free Expression versus Intellectual Property, the Next Fifty Years paper (February 2007)
• Patent Law at a Crossroads: Bilski and Beyond Cardozo School of Law, NYC (November 2, 2009) (video/audio)
• Freedom in the Cloud: Software Freedom, Privacy and Security for Web 2.0 and Cloud Computing ISOC-NY Talk (February 5, 2010) (video/audio)
• Making History: Israeli Law and Historical Reconstruction, (2000)
• Freeing the Mind: Free Software and the Death of Proprietary Culture (2003)
• So Much for Savages:Navajo 1, Government 0 in Final Moments of Play (1999)

v t e GNU Project History GNU Manifesto Free Software Foundation Europe India Latin America History of free software Licenses GNU General Public License GNU Lesser General Public License Affero General Public License GNU Free Documentation License GPL linking exception Software GNU (variants) Hurd GNOME Bash GCC GNU Emacs glibc Coreutils Build system GNUnet Gnuzilla (IceCat) Gnash more... Public speakers Alexandre Oliva Benjamin Mako Hill Bradley M. Kuhn Eben Moglen Federico Heinz Georg C. F. Greve Loïc Dachary Ricardo Galli Richard Stallman Robert J. Chassell John Sullivan Other topics GNU/Linux naming controversy Revolution OS BadVista Defective by Design

Paul Ryan
Member of the U.S. House of Representatives from Wisconsin's 1st district
Incumbent
Assumed office January 3, 1999
Preceded by	Mark Neumann
Chairman of the House Committee on the Budget
Incumbent
Assumed office January 3, 2011
Preceded by	John Spratt
Personal details
Born	Paul Davis Ryan (1970-01-29) January 29, 1970 (age 42) Janesville, Wisconsin
Political party	Republican
Spouse(s)	Janna Ryan
Children	Elizabeth, Charles, and Samuel
Residence	Janesville, Wisconsin
Alma mater	Miami University (B.A.)
Religion	Roman Catholic
Website	U.S. Congressman Paul Ryan

Paul Davis Ryan^[1] (born January 29, 1970) is the U.S. Representative for Wisconsin's 1st congressional district, serving since 1999. He is a member of the Republican Party, and has been ranked among the party's most influential voices on economic policy.^[2][3][4]

Born and raised in Janesville, Wisconsin, Ryan graduated from Miami University in Ohio and later worked as a marketing consultant for Ryan Incorporated Central, run by a branch of his family. In the mid to late 1990s, he worked as an aide to United States Senator Bob Kasten, as legislative director for Senator Sam Brownback of Kansas, and as a speechwriter for former U.S. Representative and 1996 Republican vice presidential nominee Jack Kemp of New York. In 1998, Ryan won election to the United States House of Representatives, succeeding the two-term incumbent, fellow Republican Mark Neumann.

Ryan currently chairs the House Budget Committee, where he has played a prominent public role in drafting and promoting the Republican Party's long-term budget proposal. He introduced a plan, The Path to Prosperity, in April 2011 as an alternative to the budget proposal of President Barack Obama, and helped introduce The Path to Prosperity: A Blueprint for American Renewal in March 2012, in response to Obama's 2013 budget.^[5] Ryan is one of the three co-founders of the Young Guns Program, an electoral recruitment and campaign effort by House Republicans. He endorsed Republican presidential candidate and former Governor of Massachusetts Mitt Romney for the 2012 United States presidential election.^[6] Ryan has been considered as a possible running mate for Romney.^[7]

Early life, education, and career[link]

Ryan was born and raised in Janesville, Wisconsin, the youngest child of Elizabeth A. "Betty" (née Hutter) and Paul Murray Ryan, a lawyer.^[8][9][10] He is of Irish and German ancestry,^[11] and is a fifth-generation Janesville native. Ryan's great-grandfather is Patrick William Ryan, who founded the Ryan Incorporated Central construction business in 1884.^[12] Ryan's mother is an outdoors enthusiast who led her husband and four children (Ryan's sister Janet and two brothers, Tobin and Stan) on regular hiking and skiing trips in the Colorado Rocky Mountains.^[9][13] As a boy, Ryan attended Camp Manito-wish YMCA, a wilderness canoe tripping camp located in Boulder Junction, Wisconsin; while in college, he returned there to work as a staff member and counselor during summer vacation.

Ryan attended Joseph A. Craig High School in Janesville. In college, he briefly worked for Oscar Mayer as a Wienermobile driver.^[14] Ryan went on to graduate from Miami University in Oxford, Ohio, with a BA in economics and political science in 1992. He also studied at the Washington Semester program at American University and was a member of the Delta Tau Delta social fraternity. Following his studies, Ryan returned to Wisconsin and worked as a marketing consultant for an earth-moving company run by a branch of his family.^[13][15]

Ryan was 16 years old when he found his father in bed, dead from a heart attack at age 55. As a result, he received Social Security survivor's benefits until he turned 18. Ryan's grandfather and great-grandfather had also died from heart attacks, at ages 57 and 59 respectively.^[16]

Early political career[link]

In 2005, Ryan said, "The reason I got involved in public service, by and large, if I had to credit one thinker, one person, it would be Ayn Rand".^[17] New York magazine has claimed that Ryan requires his staff to read Atlas Shrugged.^[18] In 2012, however, he said that while as a young man he became interested in economics because of her novels, "It’s a big stretch to suggest that a person is therefore an Objectivist... I reject her philosophy. It's an atheist philosophy. It reduces human interactions down to mere contracts and it is antithetical to my worldview. If somebody is going to try to paste a person's view on epistemology to me, then give me Thomas Aquinas. Don't give me Ayn Rand."^[19]

During his junior year at Miami University, Ryan worked as an intern opening mail for the foreign affairs advisor assigned to Senator Bob Kasten of Wisconsin.^[20] Concerned that her son "...was destined to become a ski bum", Betty Ryan reportedly nudged him to accept another congressional position as a staff economist attached to Kasten's office.^[20][21] In his early years working in D.C., Ryan moonlighted on Capitol Hill as a waiter at the Tortilla Coast restaurant and as a fitness trainer at Washington Sport and Health Club, among various other side jobs.^[22]

After Kasten was defeated by Democrat Russ Feingold in 1992, Ryan became a speechwriter and a volunteer economic analyst with Empower America, an advocacy group formed by Jack Kemp, former education secretary Bill Bennett, the late diplomat Jeane Kirkpatrick, and former Representative Vin Weber of Minnesota.^[16][23]

Ryan worked as a speechwriter for Kemp, the Republican vice presidential candidate in the 1996 United States presidential election, and later worked as legislative director for US Senator Sam Brownback of Kansas. Ryan then returned to Wisconsin, where he worked as a consultant to an earth-moving company.^{[citation needed]} In 1998, he ran for Congress.

U.S. House of Representatives[link]

Following his first election to the US House of Representatives in 1998, one of Ryan's priorities as a new congressman was to convert a truck into a rolling district office. This allowed him to keep regular congressional office hours with his constituents at various locations across Wisconsin's 1st congressional district.^[24][1]

In 2002, Ryan voted in favor of the Iraq War resolution, authorizing President George W. Bush to use military force in Iraq.^[25] In 2003 he voted in favor of the Medicare Part D prescription drug expansion.^[26]

In 2005, Ryan spoke at a Celebration of Ayn Rand event hosted by The Atlas Society. During the event, Ryan spoke about the influence of Atlas Shrugged on his life.^[27]

He is one of the three founding members of the House GOP Young Guns Program.

In 2008, Ryan voted for the Troubled Asset Relief Program, the Wall Street bailout that precipitated the Tea Party movement, and the bailout of GM and Chrysler.^[28]

In 2010, The Daily Telegraph ranked Ryan the ninth most influential US conservative.^[2] In 2011, he was selected to deliver the Republican response to the State of the Union address.^[29]

In 2012, Ryan accused the nation's top military leaders of using "smoke and mirrors" to remain under budget limits passed by Congress.^[30] Ryan later said that he misspoke on the issue and called General Martin Dempsey to apologize for his comments.^[31]

Ryan's Second Budget Plan[link]

At the end of March 2012, the House of Representatives passed a newer version of Ryan's budget plan along partisan lines 228 yeas to 191 nays; ten Republicans voted against bill, along with all the House Democrats.^[32] Ryan's budget would reduce all discretionary spending in the budget from 12.5% of GDP in 2011 to 3.75% of GDP in 2050. This goal has been criticized as unrealistic since it includes spending on defense, which has never fallen below 3% of GDP.^[33] Congressman Justin Amash, a Republican from Michigan criticized Ryan's budget for insufficient cuts, its continuation of deficit spending through 2022 and beyond, and its exemption of military spending from reductions. ^[34] His budget has also been criticized because it would not balance the budget until 2035. Marc Goldwein, the policy directory for the Committee for a Responsible Federal Budget stated "We may never, as a country, have a balanced budget again, And you know what? We don't have to." Ryan saw this as evidence of the severity of the deficit crisis.^[35]

The 2012 Ryan budget also received criticism from elements of the Catholic Church, specifically from the United States Conference of Catholic Bishops and from faculty and administrators of Georgetown University. In its letter to Rep. Ryan, the group of Georgetown faculty and administrators criticized the Ryan budget as trying to "to dismantle government programs and abandon the poor to their own devices," going on to say that Catholic teaching "demands that higher levels of government provide help—"subsidium"—when communities and local governments face problems beyond their means to address such as economic crises, high unemployment, endemic poverty and hunger." The letter also criticizes Ryan for his attempts at "gutting government programs" and states that Ryan is "profoundly misreading Church teaching."^[36] A statement issued by the US Conference of Catholic Bishops criticized the Ryan budget in similar terms.^[37] Ryan rejects the bishops' criticism that his budget plans would disproportionately cut programs that "serve poor and vulnerable people."^[38] Ryan's difficulties with the Catholic Church worsened when videos of Ryan praising and endorsing the "morality" of Ayn Rand's hyper-individualist philosophy were published on Youtube in 2012. ^[39]

In May of 2012, Ryan voted for H.R. 4310 which would increase spending on defense, Afghanistan and various weapon systems to the level of $642 billion - $8 billion more than what was agreed to by President Obama and the Congress in the summer of 2011. ^[40]

Committee assignments[link]

• Committee on the Budget (Chairman)
• Committee on Ways and Means
  • Subcommittee on Health

Caucus memberships[link]

• Congressional Middle East Economic Partnership Caucus
• International Conservation Caucus
• Republican Study Committee
• Sportsmen's Caucus (Co-Chair)

Roadmap for America's Future[link]

Ryan speaking at CPAC in February 2011.

On May 21, 2008, Ryan introduced H.R. 6110, titled "Roadmap for America's Future Act of 2008."^[41] This proposed legislation outlined a plan to deal with entitlement spending.^[42] Its stated objectives were: to ensure universal access to health insurance; to strengthen Medicare, Medicaid, and Social Security; to lift debt from future generations; and to promote economic growth and job creation in America.^[43] Despite significant press coverage, it did not move past committee.^[44]

On April 1, 2009, Ryan introduced his alternative to the 2010 United States federal budget. This alternative budget would have eliminated the American Recovery and Reinvestment Act of 2009, lowered the top tax rate to 25%, introduced an 8.5% value-added consumption tax, and imposed a five-year spending freeze on all discretionary spending.^[45] It would also have replaced Medicare.^[46] Instead, it proposed that starting in 2021, the federal government would pay part of the cost of private medical insurance for individuals turning 65.^[46] Ryan's proposed budget would also have allowed taxpayers to opt out of the federal income taxation system with itemized deductions, and instead pay a flat 10 percent of adjusted gross income up to $100,000 and 25 percent on any remaining income.^[47] Ryan's proposed budget was heavily criticized by opponents for the lack of concrete numbers.^[48] It was ultimately rejected in the house by a vote of 293-137, with 38 Republicans in opposition.^[49]

In late January 2010, Ryan released a new version of his Roadmap.^[50] The modified plan would: give across the board tax cuts by reducing income tax rates; eliminate income taxes on capital gains, dividends, and interest; and abolish the corporate income tax, estate tax, and alternative minimum tax. The plan would privatize a portion of Social Security,^[51][52] eliminate the tax exclusion for employer-sponsored health insurance,^[52] and privatize Medicare.^[51][52]

On April 15, 2011, the House passed the Ryan Plan by a vote of 235-193. Four Republicans joined all House Democrats in voting against it.^[53] A month later, the bill died in the Senate by a vote of 57-40, with five Republicans and most Democrats in opposition.^[54]

Economist and New York Times columnist Paul Krugman criticized the contention that Ryan's plan would reduce the deficit, alleging that it only considered proposed spending cuts and failed to take into account tax changes. According to Krugman, Ryan's plan "would raise taxes for 95 percent of the population" and produce a $4 trillion revenue loss over ten years from tax cuts for the rich. Krugman went on to label the proposed spending cuts a "sham" because they depended on making a severe cut in domestic discretionary spending without specifying the programs to be cut, and on "dismantling Medicare as we know it," which is politically unrealistic.^[55]

In response to Krugman, economist and former American Enterprise Institute scholar Ted Gayer wrote a more positive assessment of the Ryan plan. Gayer agreed that, as written, the plan would cause a $4 trillion revenue shortfall over 10 years. He noted, however, that Ryan had expressed a willingness to consider raising rates in his tax plan.^{[clarification needed]} Gayer concluded that "Ryan’s vision of broad-based tax reform, which essentially would shift us toward a consumption tax... makes a useful contribution to this debate."^[56]

Journalist Ramesh Ponnuru, writing in National Review, argued that the revenue loss to which Krugman refers is based on a comparison between Ryan's plan and current law, which "includes middle-class tax increases... cuts in payment to Medicare providers... [and] the expansion of the Alternative Minimum Tax."^[57] He added that "current law automatically raises the tax rates to pre-Bush levels in 2013... so if you're comparing the tax level with current law, Ryan's plan represents a tax cut" and "the CBO's actual projections for the Ryan plan show a debt level in 2021 that is $4.7 trillion lower than its projections for Obama's budgets."^[57]

Rick Foster, the chief actuary of Medicare, endorsed Ryan's plan for reducing Medicare costs: "If you can put that pressure on the research and development community, you might have a fighting chance of changing the nature of new medical technology in a way that makes lower costs like this possible and more sustainable. I would say that the Roadmap has that potential. There is some potential for the Affordable Care Act price reductions, although I’m a little less confident about that."^[58]

In December 2011, it was revealed that Ryan would begin a new push for changes in Medicare in 2012 by working with Democratic Senator Ron Wyden of Oregon to modify Ryan's previous Medicare proposal. His most recent approach for semi-privatization of Medicare would keep traditional Medicare as an option for senior citizens, but would also introduce private insurance into an exchange market to compete with traditional Medicare. Seniors would still be given a voucher to purchase care if they so desired, as in his previous proposal. Republican presidential candidate Mitt Romney has supported a similar plan in his campaign.^[59]

Opposition to SOPA[link]

On January 9, 2012, four months after the introduction of Stop Online Piracy Act (SOPA), Ryan pledged his opposition to the bill, saying, "The internet is one of the most magnificent expressions of freedom and free enterprise in history. It should stay that way. While H.R. 3261, the Stop Online Piracy Act, attempts to address legitimate problems, I believe it creates the precedent and possibility for undue regulation, censorship and legal abuse. I do not support H.R. 3261 in its current form and will oppose the legislation should it come before the full House."^[60]

Political campaigns[link]

Ryan was first elected to the House in 1998, when two-term incumbent Mark Neumann retired from his seat in order to make an unsuccessful bid for the Senate. Ryan won both a Republican primary over 29-year-old pianist Michael J. Logan of Twin Lakes and the general election against Democratic opponent Lydia Spottswood.^[61] Ryan successfully defended his seat against Democratic challenger Jeffrey C. Thomas in 2000, 2002, 2004, and 2006.^[62] In 2002, Ryan had also faced Libertarian candidate George Meyers.

2008[link]

Ryan defeated Democratic nominee Marge Krupp by a wide margin in the 2008 general election.^[62]

2010[link]

Ryan defeated both Democratic nominee John Heckenlively and Libertarian nominee Joseph Kexel by a wide margin in the 2010 general election.

Electoral history[link]

Personal life[link]

Ryan married Janna Little, a tax attorney,^[1] in December 2000.^[8] The Ryans live in Janesville with their three children Elizabeth Anne, Charles Wilson, and Samuel Lowery.^[63]

Ryan is a Catholic and is a member of St. John Vianney's Church.^[64]

Ryan is a fitness enthusiast and promotes fitness as a daily routine for young people. In 2009, his exercise program was based on the P90x fitness program.^[22]

References[link]

External links[link]

Wikimedia Commons has media related to: U.S. Rep. Paul Ryan

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Dean Baker

Post Keynesian economics
Born	(1958-07-13) July 13, 1958 (age 53) US
Institution	Center for Economic and Policy Research Bucknell University
Field	Economics, Macroeconomics, Urban & Real Estate Economics[1]
Alma mater	Swarthmore College (B.A., 1981) University of Denver (M.A., 1983) University of Michigan (Ph.D.)
Information at IDEAS/RePEc

Dean Baker (b. July 13, 1958) is an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He previously was a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan.

Since 1996 Baker has been the author of a weekly online commentary on economic reporting. The Economic Reporting Review was published from 1996 to 2006; subsequently he has continued this commentary on his weblog Beat The Press, which was formerly published at The American Prospect, but is now located at the CEPR website.

Background[link]

Baker graduated from Swarthmore College (B.A., 1981), the University of Denver (M.A., 1983) and the University of Michigan (Ph.D.). As a grad student at the University of Michigan, Baker participated in, and was arrested at, two sit-ins protesting Rep. Carl Pursell's votes for military aid to the Contras. In 1986, Baker defeated Donald Grimes in the Democratic primary and ran unsuccessfully against Pursell to represent Michigan's second Congressional district.^[2][3]

Baker wrote his thesis on consumption theory. He argues that analyzing consumption requires categorizing objects, which cannot be done using only physical characteristics. The words for objects must be used, e.g., chair. These words imply socially understood uses, which define the object, e.g., a chair is used to sit on. Individuals have preferences over these uses of objects. This is at odds with consumption theory, which makes no assumptions about how individuals derive utility from objects. Baker also argues that objects' use values change with their social context, rejecting consumption theory's claim that consumption is private, and not influenced by society.^[4]

Career[link]

Before co-founding the Center for Economic and Policy Research in 1999, Baker was a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. "He has also worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD's Trade Union Advisory Council."^[5]

From 1996 to 2006 Baker was the author of a weekly online commentary on The New York Times' and The Washington Post's economic reporting.^[6] From 2006 he continued this commentary on the weblog Beat The Press, where he critiques economic reporting in the leading broadsheets, NPR and other mainstream news sources.

Financial crisis of 2007–2009[link]

Basing his outlook on house-price data-sets produced by the US government and Yale economist Robert Shiller, Baker was among the first economists to assert that there was a bubble in the US housing market in August 2002,^[7] well before its peak in December 2005,^[8] and one of the few economists to predict that the collapse of this bubble must lead to recession, although he did not project the specific behavior of the bubble's movement or its duration before collapse.^[9][10] He has been critical of the regulatory framework of the real estate and financial industries, the use of financial instruments like CDOs, and the incompetence and conflicting interests of US politicians or regulators, such as Hank Paulson.^[11]

Baker opposed the US government bailout of Wall Street banks on the basis that the only people who stood to lose from their collapse were their shareholders and well-paid CEOs. Regarding any hypothetical, negative effects of not extending the bailout, he has explained, "We know how to keep the financial system operating even as banks go into bankruptcy and receivership,"^[12] citing US government action taken during the S&L crisis of the 1980s.^[13] He has ridiculed the US elite for favoring it, asking, "How do you make a DC intellectual look less articulate than Sarah Palin being interviewed by Katie Couric? That's easy. You ask them how failure to pass the bailout will give us a Great Depression."^[14]

Bibliography[link]

• Baker, Dean (1997). Getting Prices Right: The Battle Over the Consumer Price Index. New York: M.E. Sharpe. ISBN 978-0-7656-0221-3. http://www.mesharpe.com/mall/resultsa.asp?Title=Getting+Prices+Right%3A+The+Debate+Over+the+Consumer+Price+Index.  (selected as a 1998 Choice "Outstanding Academic Book")
• Baker, Dean; Mark Weisbrot (1999). Social Security: The Phony Crisis. University of Chicago. ISBN 978-0-226-03544-4. http://www.press.uchicago.edu/cgi-bin/hfs.cgi/00/13909.ctl.  An excerpt from the book.
• Baker, Dean (2006). The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer. Washington, D.C.: Center for Economic and Policy Research. ISBN 1-4116-9395-7. http://deanbaker.net/index.php/home/books/the-conservative-nanny-state.  Note: This book is free.
• Baker, Dean (2007). The United States Since 1980. Cambridge University Press. ISBN 978-0-521-67755-4. http://www.cambridge.org/catalogue/catalogue.asp?isbn=9780521677554. 
• Baker, Dean (2009). Plunder and Blunder: The Rise and Fall of The Bubble Economy. PoliPointPress. ISBN 978-0-9815769-9-2. http://p3books.com/plunderandblunder/. 
• Dean Baker (2010), False Profits: Recovering from the Bubble Economy, PoliPointPress, ISBN 978-0-9824171-2-6.
• Dean Baker (2010), Taking Economics Seriously, MIT Press, ISBN 978-0-262-01418-2.
• Dean Baker (2011), The End of Loser Liberalism: Making Markets Progressive, Washington, D.C., Center for Economic Policy and Research, ISBN 978-0-615-53349-0. Note: This book is free.

References[link]

External links[link]

Informational

• CEPR bio
• Op-Eds and Columns
• Weblog: Beat The Press
• The Conservative Nanny State
• Dean Baker Economic Predictions
• Dean Baker at the Internet Movie Database

Media

• Dean Baker presentation on 2008-2009 economic trouble at Bucknell University
• Marketplace Public Radio (Audio): We Demand to See More Transparency, March 9, 2009
• C-SPAN's Book TV (Video): "Plunder and Blunder: The Rise and Fall of the Bubble Economy", January 27, 2009
• News Hour with Jim Lehrer (Video): "Massive Job Cuts Renew Calls fro Quick Action on Stimulus", January 26, 2009
• NPR's Fresh Air (Audio): "The Key to Economic Stimulus?", January 13, 2009
• Bill Moyers Journal (Video), August 8, 2008
• Dean Baker argues that the debate over the economy should not be over whether to regulate, but how in the Boston Review
• Video (and audio) of debates & discussions involving Baker on Bloggingheads.tv
• Dean Baker: Banks Could Be Big Winners of President Obama’s Foreclosure Prevention Program - video by Democracy Now!

Peter Schiff

Austrian School
Born	(1963-03-23) March 23, 1963 (age 49)
Nationality	United States
Field	Financial Economics
Alma mater	U.C. Berkeley (B.B.A.), 1987[1]
Opposed	John Maynard Keynes,[2] Alan Greenspan,[3][4][5] Ben Bernanke,[6][7][8] Paul Krugman,[9] Christopher Dodd,[10] Barack Obama,[11]
Influences	Irwin Schiff, Ludwig von Mises, F.A. Hayek, Murray Rothbard

Peter David Schiff (pronounced /ˈʃɪf/; born March 23, 1963) is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist^[1] of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut^[12] and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.^[13]

Schiff frequently appears as a guest on financial television and is often quoted in major financial publications. He is host of The Peter Schiff Show, a radio show broadcast on terrestrial and internet radio. He is a frequent guest on internet radio^[14][15][16] as well as the host of the former podcast Wall Street Unspun.^[14][17] In 2010 Schiff ran as a candidate in the Republican primary for the United States Senate seat from Connecticut.^[18]

Schiff is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets as well as foreign stocks and currencies.

Early life and education[link]

Peter Schiff was born and raised in New Haven, Connecticut. His father, Irwin Schiff, is a prominent figure in the U.S. tax protester movement, currently serving a 13-year sentence for tax evasion.^[19] Peter Schiff attended Beverly Hills High School in California,^[20] and graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting.^[1]

Financial career[link]

Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage.^[1] In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital.^[21][22] The company today has more than 15,000 clients^{[citation needed]} and six offices nationwide, with its headquarters in Westport, Connecticut.^[12][21][23]

According to a 2005 article in The Advocate of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers "who think like him". The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees.^[24] The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York City. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.^[25]

Economic forecasts[link]

Peter Schiff voices strong support for the Austrian School of economic thought, first introduced to him by his father.^{[26][27][28][29]}

2002–2008[link]

In his 2007 book Crash Proof, Schiff wrote that United States economic policies were fundamentally unsound, and predicted that the United States dollar would lose much of its value.^[3] Schiff believed that the imbalance between the amount of goods the U.S. consumed and what it produced would eventually lead to problems for the U.S. economy.^[30][31] As a remedy Schiff favored increased personal savings and production which he said would stimulate economic growth.^[32] Schiff cited the U.S.'s low personal savings rate as one of the causes of its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in the year 2000.^[33] Schiff attributed the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.^[34]

In a May 2002 interview with Southland Today, Schiff predicted that the economic downturn triggered by the bursting of the dot-com stock market bubble, an event that he had also forecast well in advance, would lead to a bear market likely to last "another 5 to 10 years."^[35][36] Later that year, following a 30% decline in the Dow Jones, Schiff reversed his call, and became bullish on U.S. stocks in nominal terms. However, he remained bearish in gold terms. In November 2002, as Schiff predicted, US stock indexes began a nominal bull market uptrend that held steady for five years,^[37] until reversing course in 2008, when they began a decline to less than half of their peak 2008 values,^[38] followed in 2009 by the Dow climbing 61% from its low point over the following year.^[39] However, priced in gold, U.S. stocks remained in a bear market the entire time. In May of 2002, the date of the Southland Today interview,^[40] the Dow Jones was worth over 34 ounces of gold. By 2011 the Dow fell below 6 ounces of gold, a nine-year decline of over 80%, in line with Schiff’s 2002 forecast.^[41]

In an August 2006 interview he said: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States."^[42] On December 31, 2006 in debate on Fox News, Schiff forecast that "what's going to happen in 2007" is that "real estate prices are going to come crashing back down to Earth".^[42]

As part of these exchanges on Fox News and his repeated appearances on financial news network CNBC, Schiff had mentioned factors such as speculators and "the absence of lending standards" which are now seen by many^[43][44] to indeed be contributing factors to the housing crisis which began in 2007. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.^[45] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."^[46]

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US.^[3] Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while "nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs".^[47][48] In his book Crash Proof, he described several aspects of the U.S. economy that would lead to a recession.^[3]

A YouTube video entitled "Peter Schiff was right" became popular in late 2008 and 2009.^[49][50] The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005 to 2007. In the video segments Schiff explains the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom."^[22][51][52]

2009–present[link]

Despite predictions regarding the housing bubble and automotive industry difficulties coming to fruition, as early as 2009 Schiff was receiving criticism due to the performance of some of his client's accounts in 2008, as well as controversies over the predictions themselves. In January 2009, economic blogger and investment adviser Michael Shedlock reported, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008."^[53] Later that week an article appeared in the Wall Street Journal reporting that Schiff's broker-dealer firm, Euro Pacific Capital Inc., "advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers" and that instead, the dollar advanced against most currencies, "magnifying the losses from foreign stocks Mr. Schiff steered his investors into."^[54]

The Director of Communications at Schiff's investment firm responded to the original Shedlock piece by saying, "While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, [Shedlock's] estimates for the size of our typical client losses are exaggerated and unfair."^[55][56] Schiff personally responded to Shedlock's criticism by saying, "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive" and called Shedlock's blog entry "nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career," adding that losses were felt mostly by recent clients and not by others.^[57]

Schiff responded similarly to criticisms made by Wade Slome of Sidoxia Capital Management, LLC. in a September 2009 blog entry entitled, "The Emperor Schiff Has No Clothes."^[36] Schiff stated not only were the losses suffered by his clients in 2008 highly exaggerated, but also that most of those losses have already been recouped, stating that many who were down then are now up, and most long-term clients were never down at all, but merely temporarily lost some of the profits they had earned over the years.^[36]

The January 2009 Wall Street Journal article discussed the value of Schiff's predictions, and stated how deficiencies "made mincemeat of investors who took his advice in 2008."^[54] In an interview the following week Schiff likened himself to billionaire investor Warren Buffett, saying they were both "buy and hold" long-term investors. Contrasting his negative press he compared claims about accounts managed under Schiff's firm to the stock market value of Buffett's company, saying: "His approach is you buy stocks and you never sell them—you hope to never sell them—and Berkshire Hathaway is down 40% in the last thirteen months; I don't see the Wall Street Journal saying 'Warren Buffett made mincemeat out of his clients.'"^[58] The Wall Street Journal also published a letter written by Schiff in response to his critics saying: "My central investing premise, a weakening dollar and safety in gold, commodities and foreign stocks, didn't materialize in 2008. But all the ingredients were (and remain) present for those movements to occur. Over the past year, market reactions that I didn't foresee—massive global deleveraging, a knee-jerk 'flight to quality' into U.S. Treasuries and a sharp counter trend rally in the U.S. dollar—have kept the scenario from playing out."^[59]

In a November 2009 videoblog, Schiff said that five stocks he picked for Fortune Magazine in January 2009 had gained a total of 360%.^[60][61]

In a March 2009 speech Schiff said that it would be impossible for the U.S. debt to China to be repaid unless the U.S. dollar's value is substantially diluted through inflation. In September 2009 Schiff said that "I would not be surprised to see [gold] at $5,000 over the next several years" and that the 2009 stock market rally was a "bear market rally".^[62]

According to economist Paul Krugman, Schiff's Austrian approach to economics led him to incorrectly predict hyperinflation in the United States.^[63]

Political career[link]

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, he said: "We need a plan that stimulates savings and production, not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change—for the better that is—Ron Paul is the only candidate capable of delivering it."^[64]

In 2008, Schiff also endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.^[65]

In an interview in February 2009, Schiff's position was summarized as a nonpartisan critique of American policymakers, comparing former presidents George W. Bush to Herbert Hoover and President Barack Obama to former president Franklin D. Roosevelt, with neither of the more recent incumbents comparing favorably to the earlier ones.^[66]

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation.^[67] Schiff says that the economic crisis of the late-2000s provides an opportunity to transition from borrowing and spending, to saving and producing. He is critical of the U.S. government's efforts to "ease the pain" with economic stimulus packages and bailouts. According to Schiff, the U.S. government's approach of replacing "legitimate savings with a printing press" could result in hyperinflation.^[68]

2010 U.S. Senate campaign[link]

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd.^[69][70] Approximately 5,000 people made campaign contributions using the web site.^[69] On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign.^[71] In a May 2009 video blog, Schiff said that he was seriously considering a run for the senate and when questioned by a Washington Post reporter, he said the chance of him entering politics was "better than 50-50".^[72] In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points.^[73] On July 9, 2009, Schiff launched an exploratory committee and an official campaign website.^[69] He began accepting donations in an attempt to see if "people who really believe in freedom, liberty, sound money and the constitution are prepared to support that with an actual political contribution or to volunteer their services and work on this campaign." He received over 10,000 donations and many e-mails from around the world.^[69]

After giving some hints on The Daily Show^[74] Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC Morning Joe show.^[18][75][76] By October 2009 Schiff had received more than 10,000 telephone calls and letters^[69] and raised over $1,960,000 (USD) in campaign contributions.

At the May 2010 Republican convention, Linda McMahon received the most delegate votes but not enough to prevent an August primary election. U.S. Rep. Rob Simmons received more than the required 15 percent of the total votes necessary to force the primary. Schiff then collected the signatures necessary to earn a position on the August 2010 GOP primary ballot, submitting at least 400 signatures over the state requirement.

In July 2010, Schiff's campaign received endorsements from Steve Forbes and Ron Paul.^[77][78]

In the Republican primary, held on August 10, 2010, Schiff lost the nomination to Linda McMahon.^[79] McMahon collected 49% of the vote, with Simmons on 28% and Schiff 23%.^[80]

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.^[81]

Broadcasting[link]

From 2005 to 2010 Schiff hosted a weekly podcast named Wall Street Unspun. In October 2010 Schiff began hosting a new radio show named The Peter Schiff Show. The show is broadcast weekdays from 10am-noon ET on internet and terrestrial radio. The show has featured guests such as Ron Paul, Rand Paul, Niall Ferguson, Dennis Kucinich, Rick Santelli, and others.^[82]

Books[link]

Peter Schiff is the author of six books published by John Wiley & Sons. His book, Crash Proof 2.0, appeared on both the New York Times and Wall Street Journal bestseller lists.

• Crash Proof: How to Profit From the Coming Economic Collapse, February 2007, ISBN 978-0-470-04360-8 1
• The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008, ISBN 978-0-470-38378-0 2
• Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, September 2009, ISBN 978-0-470-47453-2 3
• The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010, ISBN 0-470-64399-4 4
• How an Economy Grows and Why it Crashes, 2010, ISBN 978-0-470-52670-5 5
• The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country, 2012, ISBN 978-1-250-00447-5

References[link]