Thompson’s Biggest Challenge

The Wall Street Journal takes a look at the biggest hurdle Fred Thompson has to clear: raising money. And it is a very, very high bar.

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.

The article points out that a lot of big time Republican fundraisers are already committed to other candidates. So Thompson may find that "the ship has already sailed". Then again, he may surprise everyone. There are a lot of old "conventional wisdom" articles of faith that are changing rapidly. While some politicians look askance at the internet, there really is a sea change happening due to this new medium. The previously departed ships might just hit those sea changes and founder. Perhaps Thompson is savvy enough to provide a rescue vessel.