Man Up, Politicos, and Pay Your Campaign Debt
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
Democracy is also a form of worship. It is the worship of jackals by jackasses. It is the theory that the common people know what they want, and deserve to get it good and hard."
|Newt Gingrich, debtor.|
Newt Gingrich recently ended his bid for the White House. His unwillingness to depart reminded me of a scene from the original Wall Street film when Gordon Gecko dresses down the naive Bud Fox: "What are you, 12th man on the deal team, last to know?"
Really Newt? You couldn't have figured out that you had zero shot 10 states ago? The reality of Newt's situation is: What is the motivation for him to quit early anyway?
Newt was spending money he did not have, and quite frankly will never really have to repay. Does this sound familiar? Why shouldn't he continue to run for office? By spending money he does not have, nor has any idea on the means of repayment, with zero repercussions for wasteful spending, campaigning is like a modern-day political jobs training program.
Craig Holman, a government affairs lobbyist for the group Citizen Union, suggests that Newt Gingrich was very undisciplined in his spending, saying, "He was reckless in running up these bills, especially in the last month or so of the campaign when it was quite clear that Mitt Romney would be the nominee." The Gingrich campaign finished the month of March with $4.3 million in debt, an increase of $1.5 million from the end of February, according to the Federal Election Commission.