Jeb Bush's campaign claims to have money.
Not enough to pay people now.
But for TV ads in February and early March.
That's the strategy his consulants are following.
It doesn't matter who wins Iowa and New Hampshire because on February 10th whichever loser has won is gonna need 26 million bucks and, even if he comes in twelfth, Jeb is the only one who'll have that because he has "inspired so many people to donate to us". He hasn't inspired so many people to vote for him. Indeed, given the way his numbers have cratered over the summer he may now have more donors than voters. But, as Mike Murphy sees it, it's the donors that matter.