Thompson and $

The Wall Street Journal has an interesting article up about Fred Thompson. Christopher Cooper writes:

As a late entry into the crowded, expensive, presidential campaign, Fred Thompson’s first big test of viability will be his ability to raise money quickly.

A major part of the former Tennessee senator’s strategy is a heavy reliance on the Internet to get his message out and to raise funds. He is also trying to tap into the large number of well-heeled Republican financiers who have yet to commit to a 2008 hopeful, amid widespread disaffection among party loyalists with the current field.

Yet a late start and signs that Mr. Thompson may adopt an unconventional campaign style — limiting in-person appearances by making extensive use of blogging and online video — could crimp the television actor’s ability to raise money over the long haul. He has suggested he isn’t enamored of leaving his family for long stretches of campaign travel. The question is whether an Internet campaign will help him raise money quickly or leave big donors cold.

Signs suggest that he won’t have trouble in the early going. In a conference call Tuesday with more than 100 supporters, Mr. Thompson flogged each to raise a quick $46,000 by early this week to become “First Day Founders,” participants said. Each can presumably meet his or her goal by tapping 20 friends to make a maximum $2,300 individual donation. If they do, Mr. Thompson will start his campaign with a quick display of fund-raising prowess and about $5 million on hand.

In other words, Thompson will be off to a great start. The question, however, is whether he will be able to keep the momentum going. My guess is, that if he wants to solely, or even mostly, rely on the Internet, he will have a big problem further on in the campaign. In the end, campaigning is hard work. You have to go out there, you have to personally talk to people. They have to see you walking through their city / state; they have to shake your hand and look you in the eye.

The Internet is useful, but can never replace personal, real life, interaction.

Besides that, some major Tennessee fundraisers have already committed themselves to other candidates. Two examples:
- Chip Saltsman raised more than $100,000 for President Bush’s 2004 race. He is now raising money for Mike Huckabee
- Ted Welch raised more than $200,000 for President Bush’s last campaign. He is now raising money for Mitt Romney

Same goes for “Los Angeles investment banker and Bush Ranger” (big fundraiser) Brad Freeman. He too supports Romney.

About Thompson Freeman said: “I think he’ll find it tough sledding — a lot of ships have sailed.”

The good news, however, is that “numerous former Bush mega-fund-raisers remain uncommitted and could be tapped. In Florida, for example, Gov. Charlie Crist has a massive fund-raising apparatus and has notably avoided formally endorsing anyone. And former Gov. Jeb Bush has yet to back anyone.”

Besides that, there are still states to tap: the Republican candidates have thusfar mostly ignored Florida, Ohio, Illinois and Michigan. If Thompson focuses on those States, he might still be able to raise a lot of $.