Money

Thanks to the cravenness of the GOP-dominated Supreme Court, the Republicans now have access to millions in undocumented campaign money, to include undisclosed foreign money; they are also using state legislatures to attack Democratic funding streams such as unions and lawyers.

But they do have some problems: Obama is also a superb fundraiser, GOP donors are reluctant to give to this very weak field of presidential candidates, and Michael Steele’s management of party finances was so awful that he left the party with a $24 million debt: Barbour was forced to warn state Republican parties to get out and raise their own money, and the new RNC chief has little money for turnout operations, even after cutting staff. In 2011 the DNC has raised twice as much money as the RNC; they are already about $10 million ahead for the year. This will force the GOP to rely on state organizations and independent groups like American Crossroads, which will make it harder for them to coordinate their strategies.

Having campaign money is great, but it only gets you so far. In 2008 Hillary spent $29 million in Iowa alone, and came in third there. In the same year Romney outspent Huckabee $107 million to $16 million, and Huckabee outlasted him.

Interestingly, some donors are saying they want to hear the candidates talk the Tea Talk before they donate: that would indicate that the money advantage which the Wall Streeters might enjoy over the tea party, might be smaller than thought.