When I went to the Clinton fundraiser last week, I found myself wondering why presidential election campaigns have to raise quite so much money? $100m is thought to be the target figure for the Clinton and Obama campaigns. After chatting with some "campaign insiders" (to use a horrid cliche), I think I have an answer of sorts.
Part of the answer is that a sort of "arms race" is going on – in which campaigns try to intimidate each other out of the race, by the sheer vastness of their accumulated financial resources.
But there is also a specific reason to do with the 2008 presidential election.


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