Money-wise, it's a two-man race

Other GOP hopefuls, such as the surging Herman Cain, argue that a strong message that resonates with grass-roots voters will propel them to victory, with or without hefty campaign treasuries. But history suggests that presidential nominations are ultimately won by organization, media exposure and lots of face time with voters — all of which cost plenty of money…

In one recent paper examining the 2008 primaries, Dino P. Christenson of Boston University and Corwin D. Smidt of Michigan State University noted the rapid rise and fall of GOP long shot Mike Huckabee, whose campaign quickly deflated after his Iowa caucus victory because he did not have the resources to compete in subsequent contests.

What’s more, they said, fundraising success begets even more fundraising, as major donors and party activists flock to candidates who show the ability to attract financial support.

“It is unclear how much of a causal influence money has on nomination victories, but it is generally accepted that having large sums of money is a necessary component for candidates to compete and win their party’s presidential nomination,” the researchers wrote.