Frustrating finance...

So HRC can swallow her pride and get along with Obama. Does that mean he (read: his supporters) should forgive her debts? She should be paid for her cooperation with larger party goals? Should future candidates be encouraged to spend recklessly knowing that at least their opponent might pay for their mismanaged campaigns?

It's all the evidence I need that our system is broken. I speak for a lot of Obama supporters when I say that I didn't pledge much, but it was what I could, and now to see potentially $10 million handed over to old-school Clinton loyalist media groups, well, that's upsetting.

Is it too much to ask that my $50 will be spent promoting Barack Obama?

At least Bubba is out of the country, back to his foundation work. So he can go from heaping criticism and lewd remarks toward Obama on a daily basis, and then shift rhetoric to talking about global poverty. Very ex-presidential. Witness Clinton returning to his assumed role as this sort of hyper-powerful global CEO with no accountability. I think he could probably raise that $10 million himself with just a few speaking engagements.

MORNING UPDATE: MSNBC calls Obama the Nominee, McCain Struggles in Primaries

After Obama's strong performance in N.C. and Indiana last night, Clinton is on the ropes, digging again into her personal pocketbooks to fund her campaign. Meanwhile, commentators on MSNBC are calling Obama the nominee. Over in the McCain camp, folks are trying to figure out how 26% of N.C. voters and 22% of Indiana voters went against the old man.

Money Talks: Obama's Record Fundraising

$32.5 million in the second quarter. It's an absolutely stunning number, especially when taken in its historical context. For your consideration: Bill Clinton's total during the same period in 2005, the previous Democratic record, was just $9.6 million.

So what do Obama's second quarter numbers tell us about the state of American politics? Well, now more than ever, candidates travelling the road to the White House must pay a steep toll, a toll that prohibitively expensive for "second-tier" candidates and, it seems now, for some "first-tier" candidates. Consider John Edwards, who with just $9 million in the second quarter seems strapped for cash next to Obama and Clinton.

It's enough to breed some serious cynicism, until we take a closer look at the numbers.

In six months, 258,000 people have donated to the Obama campaign. Thousands of those donations have been contributions of less than $50. Thousands more of those contributions have not been monetary donations at all, but instead, donations of time from folks who are testing their political voices, exercising political action, and placing their trust in a candidate for the first time in their lives.

When we speak of Obama's donors, we're not speaking about people who simply showed up to a fundraising dinner, cut a check for $2,300, and snapped a photograph with the candidate that they can hang in their corner office. Thousands of Obama's supporters have never donated to a campaign before in their lives. These are people who have finally encountered not just a candidate, but a man, and a family, who have inspired them to believe in America again, to believe that we can turn this country around. Barack Obama has inspired Americans across economic, social, and ideological lines to believe that we all have more in common than we think we have, and that a little bit of time and a little bit of hope, from a lot of people, will make an enormous difference in this nation and in this world.

Campaign finance is too often a depressing subject. It's not right that "second-tier" candidates have already been buried under the piles of money available to the "top-tier" campaigns. It's not right that candidates have to raise $32.5 million to have the establishment stand up and take notice. It's not right that 2008 is going be our first billion dollar presidential campaign.

But money talks. It's a political reality, and a dismal one at that. But what makes the Obama campaign special, and full of hope, is that the $32.5 million represents the voices of everyday Americans contributing what they can, when they can, be it $50, $5, or five hours of time at a grassroots event. Ultimately, the Obama campaign is winning the financial race because it is interested on more than simply monetary contributions. It is interested in contributions of time, ideas, and hope.

When you run a campaign like that, you discover that thousands of people have been waiting their entire lives to contribute to something bigger than themselves. That's the sort of campaign that breaks records, and makes history.

Who Wants to be a Millionaire?

Financial disclosure forms filed by presidential candidates Wednesday show Barack Obama as the least wealthy of the top-tier presidential candidates, despite the fact that his family reported $991,000 in income last year.

It was an unusually high-flying year for the Obama family, however. $572,000 of the reported income was from Senator Obama's book sales, which surged as he gained national recognition for his leadership on issues like Iraq, alternative energy, health care, and the genocide in Darur.

The Chicago Tribue reported that Senator Obama's financial portfolio is divested of all companies that do business in Sudan.

While Obama obviously won't have to cut coupons to put food on the table, the Obama family fortune is downright meager when compared to the other candidates. Let's take a look, shall we?

• John Edwards. $479,000 last year in salary. More than $7.5 million from investments with Fortress Investment Group, a New York hedge fund. Net worth is estimated between $22 and $62 million dollars. He said he worked only a few days a month at the hedge fund, so maybe he just didn't know that Fortress owned offshore funds that served as tax havens for investors. Maybe he didn't know that the firm's portfolio included subprime lenders, which provide high-risk loans that often target minorities. Maybe he just didn't know.

• Lovely Hillary Clinton. Well, she requested a 45-day extension to file her papers. She just needed to get everything in order. I'm going to guess she's doing all right, though. As for Bubba, Former President Bill Clinton earned about $10 million in speaking fees last year.

• Speaking fees! Former New York mayor Rudolph W. Giuliani (R) raked in $11 million by speaking at events around the globe, reminding everyone how qualified he is on issues of national security. His empire, sadly built on the ashes of the World Trade Center, is worth somewhere between $20 million and $70 million. Hate to be harsh on Rudy, but let's face it--just a few years ago his net worth topped out at about $1.8 million

• Former Massachusetts governor Mitt Romney became the richest candidate by buying and selling more than 180 companies through private equity funds. His net worth is somewhere between $190 million to $250 million. A healthy chunk of that money goes to the Mormon church, though. It's a rule.

• Sen. John McCain (R-Ariz.) is married to the millionaire daughter of an Arizona beer tycoon. Pretty cool.

So many choices. Hedge fund warrior. Former first lady. Former mayor cashing in on a national tragedy. Uber-wealthy private equity Mormon. Husband of a beer princess. Best selling author.

Hmm...I do love beer. And princesses. But I can't really jive with McCain's stance on Iraq.

I'm going to have to go with the best selling author. I'm sure Senator Obama wouldn't mind if you checked his book out from the library or borrowed it from a friend.

[Full disclosure: The author, a high school teacher, earned $42,448 in 2006. He has filed for an extension to report his net worth, which he will begin to calculate once he pays off his student loans.]

Obama Weekend Reading

• From the Guardian Unlimited: Obama calls for debate footage to be publicly available "for free and without restriction."

• From the Chicago Tribune: Pill-popping loud mouth Rush Limbaugh continues to bombard his audience with his patently racist "Barack the Magic Negro" song.

• From the Washington Post: Columnist Sally Quinn on why Barack Obama needs to introduce America to his staff.

• From the Associated Press: How presidential candidates pay for the private jets and charters they use to dart around the country.

UPDATE: Long Time Clinton Donors Defect to Obama Camp

In another display of the widespread hunger for a new type of politics, a report released Sunday showed that several key members of the Democratic establishment, long time donors to the Clintons, are now aligned with Barack Obama.

This revelation comes at an unfortunate time for Clinton, after first quarter fundraising results showed Obama nearly matching her donations, despite her long established and powerful network of supporters.

Already buffeted by enormous grassroots support, Obama's message is gaining traction with the traditional Democratic stronghold. With so much at stake in the 2008 election, expect more Clinton money to land in Obama's coffers.

Leading by Example, Obama Returns Lobbyist Contributions

Senator Barack Obama's campaign announced Friday that more than $50,000 of donations would be returned after discovering that the contributors were lobbyists.

In keeping with his principle of not accepting special interest money, Senator Obama again demonstrated his commitment to steering U.S. politics in a new direction.

Obama supporters can take comfort knowing that the enormous funds raised by the Obama campaign in the first quarter came from legitimate sources, including more than 100,000 small donations from individuals who are ready for a new and hopeful chapter in American history.

Any honest candidate in the 2008 election will follow Obama's lead.

Obama's Fundraising Efforts Set Him Apart

Pundits forecasting our nation's first billion dollar election may have to raise their estimates.

After a first quarter that left his rivals flush with cash, Senator Barack Obama is widely expected to release his first quarter fundraising results Wednesday. Speculation runs rampant that he will equal or top the $26 million reported by Hillary Clinton.

Clinton's record-breaking figure, further beefed up by a $10 million transfer from her Senate campaign fund, is a massive war chest, yet many believe that Barack Obama's community-based fundraising will put him in a position to meet or top Clinton's funding. Regardless of whether he ends up the top fundraiser, he leads his rivals in number of individual contributors with more than 82,000 donors and counting. These numbers suggest a widespread and growing base of support in these early weeks.

As candidates have scrambled for cash, Senator Obama has distinguished himself by offering thousands of young Americans the chance to participate in events with tickets priced as low as $25, a grassroots effort in sharp contrast to other candidates who may charge hundreds of dollars per event.

While other campaigns flaunted their fresh funding, the Obama campaign distinguished itself by holding back a few days, continuing to give the public its message of change and hope, rather than rush to deliver the press a bank statement.

Meanwhile, Senator Clinton, sitting atop $36 million in cash, continues to advocate for publicly financed federal campaigns.

"I believe we have to move, eventually in our country, toward a system of public financing that really works for candidates running for federal office. I will support that as president," she said recently.

How generous of you, Senator Clinton.

As First Quarter Ends, Obama Surpasses Fundraising Goals

First quarter fundraising draws to a close this Saturday, March 31st, and Senator Barack Obama has easily surpassed his fundraising goals of 75,000 supporters and 100,000 donations.

Recent totals show Obama with more than 78,000 supporters and more than 102,000 contributions heading into the weekend.

March 31st is Barack Obama's HOPE. ACTION. CHANGE. Community Kickoff Day. Thousands of events will be hosted at homes across the country in an effort to build awareness and support for the Obama campaign. Click here to find an event near you.

As Campaign Evolves, Obama Must Get "Policy Serious"

Aside from well-publicized attacks from Fox News, Senator Barack Obama has faced very little scrutiny from the mainstream media. For the most part, he is hailed as a "rock star" candidate with legions of adoring supporters in tow.

Now, as the first quarter of 2007 draws to a close, the reality of a marathon campaign sets in. The mainstream media has finally shown Obama in a more realistic lens. Having experienced his first minor missteps in recent weeks, the Illinois Senator finds his star settling back to Earth, at least for the time being.

Of even greater concern, however, is the notion that Obama has thus far soared on style and alone, and that unless he takes some serious policy stances, and soon, he may find himself flying on vapors.

Cheers to the mainstream press for asking a little more of Obama at a time when he really needs to capitalize on his momentum and differentiate himself from the competition on a policy level.

When campaigns report their quarterly fundraising numbers on March 31st, Hillary Clinton should come up strong, especially following her visit to California. Naturally, speculation will percolate whether Obama can compete with the Clinton money machine, especially with so much of the campaign trail left to blaze.

This subtle change of sentiment on behalf of the mainstream media, coupled with increased fundraising pressure from Clinton, means that now is the perfect time for Obama to get serious , to satisfy those Democrats who are sitting on the fence, hungry for serious policy discussion.

What subjects can Obama tackle to set himself apart from the pack? He's proven himself on the Iraq issue. Health Care is Hillary's pet project. The economy shouldn't be a major issue until gasoline breaks above $3.00 again.

Spring Break is over, Senator Obama. Let's hear more of what you have to say about education.

Campaign Finance

George Will of the Chicago Sun-Times comments on the unintended consequences of campaign finance reform.

http://www.suntimes.com/news/will/281950,CST-EDT-geo04.article

Welcome to Blog Obama '08!

Greetings,

The 2008 Presidential campaign is off to the earliest start in political history, and already this race for the White House is poised to break many records. The '08 candidates will likely spend more than $1 billion combined, spending in record amounts to reach voters via both traditional and new media. Fortunately, the Internet provides users with unprecedented access to frank and uncensored discussion of political issues. This blog aims to serve as a forum for discussion of Illinois Senator Barack Obama's Presidential bid, as well as the issues at stake in this election.

Welcome to the discussion, and remember: No matter who you support, don't forget to vote.