Edwards wows the crowd

Yesterday, ABC News’ indispensable daily report, The Note, playfully tried to prod the presidential campaigns into disclosing figures for first quarter fundraising. As of about 24 hours ago, none of them were budging.

The totals are of great interest to political insiders, even more important that early poll numbers, because it reflects an ability to generate broad support, not just initial name recognition. If you can raise big money in Q1, in other words, you’re a legitimate contender. If you can’t, you’re not.

The Note acknowledged that no one wants to go first. What if you put out your numbers, thinking you’ve done well, but you end up embarrassed when your rivals’ report dwarfs your own?

John Edwards’ campaign decided to lead the pack — in more ways than one — by announcing the campaign had raised a very impressive $7.4 million in the first quarter. As presidential campaign news goes, this is huge.

As Chuck Todd, editor of the widely-read Hotline, told the Charlotte News & Observer, “This is incredibly important. This is what makes John Edwards a top-tier candidate in 2004 instead of a rookie candidate running to build a name for himself for 2008.”

To put Edwards’ totals in a historical perspective, the North Carolina Senator’s $7.4 million is just $200,000 less than George W. Bush raised in Q1 of 1999, and Bush had a lot of wealthy friends. As the LA Times described it, Edwards’ fundraising for the quarter is “one of the best first-quarter performances ever.”

I had heard rumors that Edwards was going to report sums of between 4 and 5 million, but that now appears to have been part of the campaign’s game — lower expectations, then impress the hell out of everyone. Regardless, Edwards’ total will either be the best of the Democratic field, or a close second to Kerry (who should disclose today or tomorrow).

This has to solidify Edwards as a genuine, top-tier contender for the nomination. To be sure, he hasn’t had the best of winters, culminating in hundreds of Democratic activists in California literally booing him a month ago for his support for the war in Iraq. But his fundraising report is so strong, it’s the kind of news that makes the other bumps in the road seem a whole lot less relevant.

Once all the FEC reports are filed and disclosed, I’ll be releasing my first-ever Carpetbagger Report Rankings for the Democratic presidential field. If you’d like to get in a plug for your favorite candidate, you can start lobbying me now.