Edwards ahead of Giuliani

in terms of cash on hand, at any rate. According to Opensecrets Edwards had $13 million on hand at the end of Q2, latest reports from the Giuliani campaign indicate $16 mil on hand after Q3 but only $11 mil of that is available for spending in the primary race. Assuming Edwards took in more money than he spent this quarter and that almost all of the Edwards money is for the primary he should be well ahead of Giuliani at this point.

More ominously for the Republicans, Obama at second place in the Democrat money race has more cash on hand than the entire Republican field and Clinton outpaces Obama by a Giuliani.

These figures would be bleak enough for the Republicans, but consider the very different nature of the races.

An early retirement would be unthinkable for Romney or Giuliani, its all or nothing for both men. Neither shows the slightest interest in the second place on the ticket and it isn't likely to be on offer in any case. Its going to go all the way to the end leaving the eventual nominee with nothing in reserve.

The democratic race on the other hand is much less symmetric. The Clinton camp holds a commanding lead in the polls, both nationally and in the early states. Florida's decision to buck the party and hold its poll early may well be decisive. If Clinton wins Florida, Ohio and New Hampshire decisively, Obama may be forced to conclude this is not his year. Unless the Democratic race has turned unexpectedly nasty by that point the number two slot is almost certain to be offered to him and he is almost certain to accept.

The net result is that the Republican nominee is almost certain to end the primary season in debt while the Democrat might emerge with the bulk of the Clinton/Obama stash intact. At current fundraising rates that could easily top $100 million. Enough to buy one heck of a lot of advertising before the convention.

Its not only the Presidential race that may be affected. With a purse that size there will be more than enough to defend any swiftboating attacks and the opportunity to forgo time fundraising for the Presidential election to support the House and Senate campaigns.