After a summer of bad headlines for Sen. Edwards, including haircuts that cost more than a car payment and the hedge fund foreclosures, the most tangible setback of his campaign occurred today: he is going on the dole--taking public money for his campaign.
Clinton and Obama have eschewed public financing because they can raise more money without it and can spend whatever they want in the early primary states. Edwards had previously said that he would also opt to forgo federal matching funds. This reversal represents a reversal of fortune for the Edwards campaign: it doesn't take much reading between the lines to realize that he is saying that he just can't compete against Sens. Clinton and Obama.
John Edwards thought that he could make it a two-person race against Hillary. He didn't count on the strength and fundraising prowess of Barack Obama. I am no Obama fan but it is clear that when it comes to money, he and Hillary Clinton are in a league beyond Edwards.