Al's Morning Meeting

Now look, this is no knock on Joe Biden -- but how can you be one of the most powerful guys in the U.S. Senate and once you back out his debt, have a negative net worth? No wonder the guy is running for office, he can't afford to retire! Moreover, how does THAT turn into an asset? Heck if a guy can't make some dough in his lifetime, what makes you think he can manage the country's finances? (Take a look at his finances. Will say one thing, he does a nice job with disclosure compared to some of his colleagues.)

Looking over the main speeches of the DNC, I have been amused/amazed by how often speakers have referred to their penniless humble roots, as if that makes them more like the rest of us.

According to financial disclosures that members of the House and Senate must file each May, U.S. Senators are worth, on average, more than $10 million. Their colleagues in the House average personal wealth of more than $5 million. Click here to look up the personal finances of any House or Senate member.

It is a refrain of the old American Dream/Rags to Riches notion. Except today's politician doesn't want anything to do with claiming they are rich. They should. Except for Biden, they are rich. And I say, so what?

They should be rich if they have worked hard, saved and invested well and been successful. Do we want a president who doesn't have squat in the bank? Do we want them worrying about whether they have enough money to send their kids to college while they should be running the country? Wouldn't that make them more likely to try to cash in while they are in The White House?

Some of our most admired leaders were rich guys: Kennedy, FDR and even George Washington owned five farms (a fact that McCain should cite when chided for owning all those houses). And in all three cases, rich presidents helped poor folks with programs like Social Security and the beginnings of the Civil Rights legislation that Lyndon Johnson signed after JFK's death. The colonies loved George Washington despite his wealth. No wonder, he worked his saddle-sore heinie off trying to save the country and died two years after leaving office.

Back in March, The Washington Post pulled together some estimates of candidate wealth:

Sen. John McCain, R-Ariz.

Net worth: $25 million-$38 million

Details: McCain and his wife Cindy have substantial real estate holdings in Arizona -- including a home worth more than $1 million and land worth between $1.5 million and $3 million. Most of the wealth comes from Cindy, who has more than $1 million in beer distributor Hensley & Co., which her father founded. McCain has written three books.

Sen. Barack Obama, D-Ill.

Net worth: $1 million-$2.5 million*

Details: In January 2005, Obama agreed to a $1.9 million advance from Random House for two non-fiction books and a children's book, of which $200,000 is being donated to charity. One of those books -- "The Audacity of Hope" -- has been a huge best seller since being released in October. He owns a home worth at least $1.6 million in Chicago.

*His wealth is likely to have increased significantly because of the huge success of "The Audacity of Hope"

Sen. Joe Biden, D-Del.

Net worth: $100,000-$150,000

Details: Biden has spent virtually his whole life in public service and does not have much else aside from investments in a small array of mutual funds and cash accounts. He received a $112,000 advance from Random House for a book in 2005.