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Impressive -- not the money, so much as the ability to convince Matt Drudge to spin it.

Once again, the bottom line:

## In practical terms, there's little difference between $19M and $22M. Both Clinton and Obama will have enough money to run exactly the type of campaigns they want to. In fact, in total, Obama has raised more money for the primary than Clinton has... about $2.9M. Subtract the $10M Clinton transferred in, and Obama has raised -- active-verb-raised -- $12M more than Clinton has for the primaries.

## Institutional donors are starting to fall in with the herd, and the herd is running towards Clinton at this point. All the talk of her "frontrunner" status is manna to the ears of Terry McAullife and Jonathan Mantz; no one wants to be left out.

## The political elite expected Clinton to have a good quarter; she did; in equity terms, today's numbers are already priced into the market. Except for the fact that politics is not like the stock market, and artificial indices can often drive rallies.

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