Let me state at the outset that I respect and admire Obama. He has done the impossible in just 13 months and is running an admirable campaign.
So, the question is, does Obama have too much money that he is spending it on campaign tactics that may not be working?
Why did he lose in Texas, Ohio and Rhode Island.
I have a hypothesis that during the run up to Tuesday he spent so much money on tactics that he overwhelmed the voters and they may have turned against him in frustration. In particular, phone calls and robo calls.
While I do not have specific data on how much he spent on phones, there is ample evidence that Obama used his fundraising success to, according to the Times, "attempt a knockout blow".
Indeed, according to the New York Times 3.2.2008:
Mr. Obama, campaign officials said, has spent about $10 million on television advertising in Texas since early February; Mrs. Clinton has spent just less than $5 million. Mr. Obama has spent about $5.3 million for television advertising in Ohio, compared with just under $3 million for Mrs. Clinton, the officials said.
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