[T]he playing field has changed in fundamental ways. In the traditional model, we’d see two major-party candidates, each backed by their respective national party. In 2012, President Obama’s campaign team will effectively have two extremely well-financed opponents: Mitt Romney and the RNC, which are projected to raise at least $800 million, as well as a $1 billion outside attack operation.
Obama, in other words, is going to face a far-right wall of at least $1.8 billion between now and Election Day. To say this is without precedent in a major democracy is a dramatic understatement.