You ever make an investment that didn’t pan out? I did once, where my wife and I bought a beautiful lot of land in Pierre just above the Dam to build on… but before we could break ground, the water district put a moratorium on rural water hookups. And then after a job offer, we moved to Brookings which meant we weren’t building in Pierre.
Unless we wanted to take a complete bath, we were stuck with the Pierre land until the moratorium was lifted. After the water hookups eventually came back, we were able to sell for about what we purchased it for plus realtor fees, somewhat breaking even. If you don’t count loan payments, taxes, etc. We were out those. It wasn’t a big loan, but it still cost us money to pay for a dream that never came to fruition.
I tell that story, because it’s a lot like Justin McNeal running for Congress and getting a $50,000 loan for his campaign which was unable to get on the ballot. (Twice.)
JustinMcNeal_Oct2024Quarterly by Pat Powers on Scribd
Now, apparently Justin McNeal found a couple people – family friends I’m assuming – to hand him $975 for his campaign which flamed out for a campaign suffering from electoral dysfunction. But he continues to spend down the campaign account – this quarter around $3000. Lots of gas money that he’s claiming was “campaign related” for a campaign that hasn’t existed for a while. He’s reporting $38,845.30 cash on hand. But that includes funds from a $50,000 loan he gave himself in January.
In other words, he’s starting to burn through that loaned cash as he tries to chase something that – after failing twice in his signature collection – just isn’t going to happen.
Justin, you loaned yourself $50k, thinking you might be able to gamble that cash on a Congressional seat. And now you’re down about $12 large at the electoral roulette wheel? I think I’d be giving serious thought to limiting myself to only being down $12,000 before I’m down the full $50k.
Sometimes you need to cut your losses.