Now Edwards Camp Wants Public Financing -- Fancy That

John Edwards is a walking contradiction. He supports the working man but pays as much for a haircut as some low-income workers earn in a week. He wants predatory lending protections for the poor. Yet he has worked for and invested in a hedge fund that foreclosed on subprime mortgage holders -- most recently noted in Iowa. So is he a principled populist interested in the plight of the common man or just an opportunist in search of a political strategy?

Edwards' decision yesterday to accept public financing and criticize his opponents for not doing the same -- a tactic he rejected in the spring -- tells me that he's an opportunist hoping to get our votes.

According to the Center for Responsive Politics, the 2008 presidential campaign will easily surpass prior election spending. The center predicts that primary spending alone will exceed $500 million. That's a huge amount of cash rolling in to campaigns, with the Democrats holding a solid lead over Republicans.

All of the top campaigns -- Edwards' included -- began with high-dollar goals that would not require public financing. His campaign raised $23 million through the second quarter ($14 million in the first and $9 million in the second) and rumors suggest he'll have raised $7 million in the third quarter. But the funding has tapered off each quarter. At this rate, the campaign won't reach its $40 million goal before heading into the Iowa caucus.