Politicians’ kids suffer, we know that

Their children suffered.

No, we’re not talking about the Kennedys or even the Gores, who have had many heartaches relating to their kids. We’re talking about former US Senator, presidential candidate and proud liberal, George McGovern (pictured, at left, with John F. Kennedy).

His son just died today at age 60. “Steven McGovern, son of former SD senator, dies” dateline: Sioux Falls, SD. His sister, Ann McGovern, was quoted, “Steve had a long struggle with alcoholism. We will all miss him deeply, but are grateful that he is now at peace.”

This reminded us of the father, George, 90, who wasn’t mentioned, though he is still alive and living in Florida, after a stint (see below) living in other states, according to info listed here. Also noted in this extensive review of George’s very productive life writing, lecturing, speaking, was this sad note:

“On the night of December 12–13, 1994, McGovern’s daughter Teresa fell into a snowbank in Madison, Wisconsin while heavily intoxicated and died of hypothermia. Heavy press attention followed, and McGovern revealed his daughter had battled her alcoholism for years and had been in and out of many treatment programs while having one extended period of sobriety.”

But the thing we remembered about this super-liberal man, was this:

McGovern had made several real estate investments in the D.C. area and became interested in hotel operations. In 1988, using the money he had earned from his speeches, the McGoverns bought, renovated, and began running a 150-room inn in Stratford, Connecticut, with the goal of providing a hotel, restaurant and public conference facility.

It went into bankruptcy in 1990 and closed the following year. In 1992, McGovern’s published reflections on the experience appeared in The Wall Street Journal and the Nation’s Restaurant News. He attributed part of the failure to the early 1990s recession, but also part to the cost of dealing with federal, state and local regulations that were passed with good intentions but made life difficult for small businesses, and to the cost of dealing with frivolous lawsuits.

McGovern wrote, “I … wish that during the years I was in public office I had had this firsthand experience about the difficulties business people face every day. That knowledge would have made me a better U.S. senator and a more understanding presidential contender.”

Would someone give that book to the current President? And all the other people in Congress, both Dem and Rep, who have never run, or tried to run, a business?

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About InvestingforOne

I've been investing in various assets by myself using a discount broker for many years. Over that time, I've developed some theories that others might find useful. Plus, there is more to investing than money. Time, talent, work, friends, family all go into developing a good and satisfactory strategy.
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