Fighting The Last War

Among the Democrats this year, Barack Obama and Hillary Clinton are both going to have enough money to compete. But John Edwards, who raised only $9 million in the last quarter, compared to $32.5 million for Obama and $27 million for Clinton, looks like he is going to fall by the wayside. The problem is a practical one. Edwards is hoping that a victory in the Iowa Caucuses on January 14 will boost his chances, but, given the condensed primary schedule, a victory probably won't help him enough if he doesn't already have the money to pay for advertising in the big states. Of course, Edwards could follow Steve Forbes's precedent and make a huge loan to his campaign.