Dick Morris and  Eileen McGann

Hillary and Bill have made an unpleasant discovery over the past three months: Without the ability to pass out coveted goodies, like over-nights in the Lincoln Bedroom, invitations to White House coffees and state dinners, trips on Air Force One, weekends at Camp David, lucrative government contracts, top appointments, and the power to sign or veto legislation, their ability to raise money is far less than it once was.

That’s one of the key reasons why Hillary came in second in fund-raising for the first quarter.

For years, people have wondered whether the Clinton money machine was based on ideology and personal loyalty, or just the plethora of presidential perks at Bill’s disposal. The first quarter results give a resounding answer: It’s the perks, stupid.

Coming from nowhere, without any strong pre-existing donor base, Senator Barack Obama’s sensational showing in the first quarter — amassing $25 million in campaign contributions — has left the Clintons sputtering. And his astonishing bottom line is only part of his surprise upset in beating Hillary. While she narrowly edged out the new kid on the political block in the total amount raised, Obama outscored Hillary 2:1 where it really counts: the number of individual donors. This is a big win for Obama and demonstrates both the depth of support for an attractive alternative to Hillary, as well as the finely tuned organizing skills of the first term senator.

In the first three months of 2007, 100,000 people gave Obama money, while Hillary’s fund-raising base was only half as large with 50,000. That’s a big difference, especially when the distant second place went to the former first lady — who, along with her former president husband, has been cultivating fat cat Democrats and building a donor network for more than 16 years. Even with Bill — the man she calls the ‘most popular man in the world’ — working overtime to track down every last Clinton supporter with money, she (and he) could only attract half as many donors than a rookie from Illinois — so much for popularity.

And Obama’s money just keeps on coming! His campaign announced that he raised an additional $500,000 online in the 24 hours since he announced his total on Wednesday. That means that he raised almost $7.5 million to Hillary’s $4 million from online donors. And Obama has added another 4,300 new donors!

Dick Morris and Eileen McGann

Dick Morris, a former political adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of 2010: Take Back America. To get all of Dick Morris’s and Eileen McGann’s columns for free by email, go to www.dickmorris.com