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Postman on Politics

Chief political reporter David Postman explores state, regional and national politics.

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July 9, 2008 9:41 AM

Another (losing) case against McDermott's re-election

Posted by David Postman

I’ve been reading about the liberal case against Jim McDermott for years. Many have said Seattle’s congressman is out of touch, worries more about foreign trips than local pork and even when he’s on the right side of an issue, can hurt the cause with his sometimes controversial statements.
But voters in the 7th District return him to office by consistently huge victory margins. I believe Seattle voters know McDermott’s record, as well as his shortcomings, and must believe he is doing just what they want him to. I have no polling to back this up. But I’d be surprised to find that many 7th District voters are unhappy that their congressman spends so much time worrying about, for example, health care in Africa.

Today comes yet another argument against McDermott. This time it’s at Crosscut, where former reporter, former Democratic staffer - now Group Healther - Don Glickstein covers some familiar territory. He writes about the war, McDermott’s travels and his legal troubles. He does so, though, with a level of detail and a thoroughness usually missing from more strident rants against McDermott.

But Glickstein also pokes at McDermott’s financial holdings. As he writes,

… McDermott doesn't let his progressive ideals interfere with his investments.

This was news to me. Its’ the piece of Glickstein’s story that I bet could rile McDermott’s voters.

The man who opposed the Medicare prescription drug program because he felt it "was set up to maximize profits for the pharmaceutical and HMO companies" owned more than $52,000 of Pfizer, Merck, and other pharmaceutical company stock at the start of 2007.

McDermott talks the language of addressing global warming. "A prime challenge facing our nation is the reduction of our dependence on fossil fuels such as coal and oil," he notes on his Web site. Yet he owned shares valued at more than $40,000 in Peabody Energy, the world's largest coal mining company and the target of at least two environmental campaigns.

This issue, in the hands of a capable campaigner, could possibly keep McDermott’s re-election numbers down to the low 70s.

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Posted by Tinkerbell Hilton

10:21 AM, Jul 09, 2008

I once read an unforgetable article about McDermott - that he could run naked through Safeco Field and still be re-elected. (Something like that involving him running naked). Hmm. With McDermott's recent troubles he needs a job to pay off his hefty fines too. Maybe he will sweat the low 70's, but unfortunately I don't think so. My bet is that he could pull 80 at least no matter what. Becuase with McDermott's stellar record of actually accomplishing so much for healthcare in America why would Seattle voters do anything but re-elect him? Makes total those who drink Kool-aid for breakfast!

Posted by John

10:22 AM, Jul 09, 2008

Typical of a politician follow the money and find the truth.
Same for global warming,Bio-fuels, Solar and wind.

Posted by Mike in Seattle

11:03 AM, Jul 09, 2008

The voters of the 7th district drink too much Kool Aid to ever vote McDermott out of office. They don't care he spends most of his time out of the country on tax paid junkets and does nothing for his constituents. For whatever reason Seattle votes seem indifferent to higher taxes and no results.

Posted by thehim

12:56 PM, Jul 09, 2008

Are the stocks he owns within a mutual fund or other investment where he has no idea exactly which companies are invested in? Most people have no idea exactly where their money is invested if they have some diversified portfolio being managed for them.

Posted by upchuck

2:57 PM, Jul 09, 2008

if he didn't have some investments that made him money doing 'bad' things or didn't use his perspective as a congressman to inform his investing decisions i'd bet he would be the only one...

and even so, at least he isn't voting to help those 'bad' companies do more 'bad stuff to help his investments

Posted by John

3:50 PM, Jul 09, 2008

The only good that comes out of this is he used YOUR money.

Posted by KS

9:12 PM, Jul 09, 2008

The portion of Seattle in the 7th District has a high enough inhabitation by moonbats (aka progressive neo-Marxists) to reelect McDermott for life. Of course, if Chavez, Che Guavara, Raul Castro or Darcy Burner were running, they'd also win.

Posted by John

8:32 PM, Jul 10, 2008

The guy knows where to invest, good for him.
Unfortunately he is a congressman who knows before us pee ons where to put the money.

Where is Jimd and jamesB we need their two cents on this matter.

Posted by upchuck

10:13 PM, Jul 10, 2008

progressive arguement against mcdermott???

...more like the neoliberal arguement. as a semi-active dem the only folks who i hear complain about him are the freidman (milton and thomas) fans and dlc types. as far a hong tran is concerned, i don't know what her deal was, but her complaint sounds pretty single issue to me.

Posted by John

8:43 AM, Jul 11, 2008

Is this not an ethical question?
If he were a Republican would the liberals on this board be screaming for an investigation?
The integrity of the ds in their relentless fight for a conspiracy or to find, truth, and justices is laughable.
The hypocrites are alive and well in Washington State.
Even in 2008 it is better being a Republican then the repulsive d.

Posted by R. Travaille

9:17 AM, Jul 11, 2008

All ya have to do to get him out of office is to put a "R" behind his name and nobody over there will vofe for him!!

Posted by John

11:04 AM, Jul 11, 2008

What month and year did he acquire both stocks?
I'm sure with your inside contacts this will not be a problem to find out soon.

Posted by John

11:35 AM, Jul 11, 2008
No need to read the whole story just drop down to his

"Conflicts of interest"

Posted by John

12:56 PM, Jul 11, 2008

Little jimmy boy D Seattle
$52,000 of Pfizer, Merck, and other pharmaceutical company stock at the start of 2007.

$32,000 at the start of 2007, was in agri-congolomerate Archer Daniels Midland, the nation's largest producer of ethanol, which has been widely excoriated as the most unecological alternative fuel.

DuPont, the chemical multinational that the Center for Public Integrity has linked to 103 Superfund sites, of which only 16 have been cleaned up. The United Steelworkers accuses DuPont of "greenwashing," publicizing misleading information about its contributions to fight global warming. McDermott owned more than $29,000 of DuPont stock at the start of 2007.

He also owns
1000 shares in ADM @ a cost of $23,000.00

1000 shares in Conagra foods @ cost of $22,000.00

800 shares of GE the one whos helping Iran build nukes @ a cost of $29,000.00
400 shares of Merck & co @ a cost of $20,000.00
1000 shares of Sprint/Nextel @ a cost of $20.000.00
He also has smaller stocks which I did not show.
His portfolio value is about $240,000.00 not bad for a public servent.

Normal people would invest in mutual funds however this high roller goes for the gusto!

Posted by John

1:26 PM, Jul 11, 2008

BHO, now here is a smart one in just 2 years he went from middle class to rich.

2004 net worth between $200,000.00 - $400,000.00

2006 net worth between $456,000.00 to $1,142,000

can not wait to see 2007 report.
Talk about change !!!!!

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