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Saturday, January 15, 2011

Candidate Of Big Money Prepares To Spend $1 Billion On Presidential Campaign

No, not Michael Bloomberg, Barack Obama:
Bracing for a half-billion-dollar onslaught of outside GOP cash in 2012, President Barack Obama’s advisers are quietly working to bring back together the major donor base that produced a record-breaking fundraising haul in his first run for president....

“They are getting organized in Chicago to start a massive two-year campaign, which I believe will be successful, but has extraordinarily large challenges in some of the major states,” said Philadelphia philanthropist Peter Buttenweiser, who hosted one of the first Obama presidential fundraisers in 2007 and is in talks to organize an early one for the re-election.

Obama’s team is running into resistance in at least one key fundraising hub — New York City, where some of Obama’s biggest 2008 backers have bitterly protested last year’s passage of financial reform legislation and what they perceived as an unfair bad-mouthing of bankers during the debate.

Obama was scheduled to go to New York this week to meet with about 25 large bundlers and supporters – and maybe clear the air – but that event was canceled after the Tucson shootings at the congressional event of Rep.Gabrielle Giffords (D-Ariz.), according to one prominent New York fundraiser.
So Obama plans to counter a half-billion dollar "onslaught" with a billion dollars.  Sounds like he wants to bring a gun to a knife fight, but as the article linked above makes clear, it's not going well -- yet -- with the big money interests who helped finance his 2008 campaign.

And yes, big money interests did finance Obama's 2008 campaign, so please put that myth to rest.  The supposed king of small donors actually relied just as heavily on big donors as other candidates in the past:

Despite attracting millions of new contributors to his campaign, President-elect Barack Obama received about the same percentage of his total political funds from small donors as President Bush did in 2004, according to a study released today by the non-partisan Campaign Finance Institute.

The analysis undercuts Obama's claim that his supporters "changed the way campaigns are funded" by reducing the influence of special-interest givers.

"The myth is that money from small donors dominated Barack Obama's finances," said Michael Malbin, the institute's executive director. "The reality of Obama's fundraising was impressive, but the reality does not match the myth."
It may be time for the Obama campaign to turn off the security features on the credit card operation, again.

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  1. I think that "massive two-year campaign" kicked off on Wednesday night in Tuscon.
    You probably already heard about where that weird slogan on the t-shirts came from, but in case you missed it, I covered it at my blog yesterday:
    It's from Organizing for America's 2008 Obama propaganda, apparently.

  2. Some of wallstreet will definitely donate to his campaign given the bailouts. **I wonder if the hippies at Rolling Stone will bother to do a feature on Obama's relationship and Goldman Sachs?**

    The others are a tossup. However, they are somewhat caught between a rock and a hard place. If they don't pony up, they will be targets. If they do pony up, they will be targets. So they have decisions to make. They might split the difference (60 Rep/40 Dem)

    I do expect the Republican to get a ton more from wallstreet this time around. I don't think Obama will make his billion-- at least not legitimately.

  3. Looks like some wealth redistribution to me! Just what he promised last time around. Take from the rich and...well...give to his friends and the media! (I know. Those friends and the media are one and the same.)

  4. Did everyone pay attention last week in Tucosn? The shameful memorial service and the attack on Palin as an ignoramus and/or an antisemite should have been your clue that the 2012 Presidential campaign is in full force.

  5. "It may be time for the Obama campaign to turn off the security features on the credit card operation, again."

    Yet another thing I hope this Republican majority Congress will investigate. Campaign financing, and the tactics used by OFA and the Chicago Way. Rahm being mayor won't be too harsh for the 2012 election, eh?