Ted King wrote:
[quote=Seacrest]
[quote=Kiva]
[quote=Bill in NC]
Usually the candidate who raises the most money wins.
or the candidate the media chooses to write their narrative around...
These are not mutually exclusive, and in fact, are historically complementary or tightly correlated.
(not sure which causes which)
I think something similar - not sure which causes which - is the case with the candidate that raises the most money wins. It seems that it could be just as likely that the big money people especially want to make sure they ingratiate themselves to the person who looks most likely to win the presidency (based on things like the condition of the economy) and then give that person more money so that is why the candidate with more money wins (that is, the candidate that is likely to win gets more money). IOW, perhaps it is the prospect of being the likely winner that opens the taps of more money rather than that being able to raise more money is the reason that they win. I think it's hard to tell which is cause and effect.
Certainly a portion of the front-runner's money is people piling on the apparent winning side.
Perhaps your question could be answered by the timing of the campaign income, especially further out when the winner was not so clear. Think of Obama in June, when he had wrested the nomination from Clinton, but was far from a certain winner of the election. What were his finances then compared to McCain? During how much of the general campaign were his finances ahead of McCain? Did they balloon in October when McCain was melting down?
Or, more simply "Who had more money on Labor Day, compared to to who won?" That may control for piling on the winner. Could well be the same outcome, of course, but I wonder.