Obama Fundraising in the Bay Area 2011

"Sept. 26--President Barack Obama collected $3.5 million to $5.5 million at back-to-back fundraisers Sunday evening in Silicon Valley's toniest cities, on the eve of a town hall meeting on his American Jobs Act plan at the business networking site LinkedIn (LNKD).

"This is the president's second visit to the Bay Area in six months, and his sixth visit since taking office. He's here to take advantage of the generous fundraising support he receives: Contributors from the area's three major cities coughed up $35.5 million for his 2008 campaign, and at least about $2.2 million for his re-election as of June 30." See http://seekingalpha.com/news-article/1907714-obama-visit-to-the-bay-area-nets-millions

Even assuming that Obama raised $5.5 million this past weekend, the total contribution from the most progressive and one of the wealthiest regions in the country comes to $7.7 million so far, about 5 times less than his first presidential campaign bid. Although it is possible that he can make it up in the upcoming year (one), month (one) and change (puns intended) before the election on November 7, 2012, his advisers ought to be concerned when their goal is $1 billion as reported in the Daily Mail Reporter on April 5th, 2011. Someone thought then that it could be achieved: "'It's definitely within reach, as he raised three quarters of a billion last time,' said Michael Malbin, executive director of the non-partisan Campaign Finance Institute." See http://www.dailymail.co.uk/news/article-1373178/Barack-Obama-launches-2012-election-bid-1bn-campaign.html

To be clear, 1 billion is 1,000 millions or 1,000,000,000. $7.7 million is 0.77% of a billion dollars. Therefore regions outside of the Bay Area would have to come up with 99.23% of a billion or 992 million 300 thousand dollars to help Obama realize his billion dollar dream. He could dream that Warren Buffet who is worth about $50 billion these days, who does not mind paying taxes and whose secretary is in a higher tax bracket than he would just write a check, an even billion to make it simple, to close the gap. It is 2% of his net worth. The estate tax is a whole lot higher. Besides, the remainder $49 billion is still good money. By putting it in a 30-year US Treasury bond, yielding 2.99 percent today, a year's interest on the $49 billion will come to 1 billion 465 million 100 thousand dollars ($1,465,100,000). So not to worry, Mr. Buffet would not be poor for long.

The Buffet check is not going to be in the mail. It is illegal. There is a maximum a person can contribute to a federal candidate (see http://www.fec.gov/pages/brochures/citizens.shtml). What Obama is getting is a dose of his own medicine, watching the hands that feed him becoming a little less willing, in order to save up for the taxes they would have to pay under his proposals. His best hope for a second term is having an idiot of a candidate run against him.