The Democrats' Dollars Doyenne

Political Players is a weekly conversation with the leaders, consultants, and activists who are shaping American politics. In this edition, CBS News' Brian Goldsmith talked with Beth Dozoretz, the first woman to serve as DNC finance chair (from 1999-2000), about the Democratic presidential field, and how her party caught up to the Republicans' money machine. The following is an edited version of that conversation.

CBSNews.com: How do you assess the first quarter fundraising results from the Democratic candidates?

Beth Dozoretz: I think what it shows is that the Democrats are going to be able to put together a significant amount of money. And they will be more than competitive for the general.

CBSNews.com: The first-tier candidates have raised at least $14 million this quarter. The second tier candidates are raising $5 million—which, four years ago, would have put them in contention for front-runner status. Why has the price of success gone up so much?

Beth Dozoretz: I think it is a direct correlation to the discontent in the country about what's happening with this administration. I think people are more engaged than I've ever known them to be, and I think many, many people in this country, on both sides of the aisle, think that we're going in the wrong direction. And they feel that it is imperative that they participate. And a way that people can participate, a way that somebody can show their interest, is to contribute.

CBSNews.com: With all of the built-in advantages the Clinton campaign has, should we be surprised that just 50,000 people out of their list of 250,000 donors actually contributed?

Beth Dozoretz: I don't think so, and I think 50,000 is a very significant number.

CBSNews.com: How do you think Barack Obama, who's only been in national politics for two years, out-raised the Clintons in primary campaign money?

Beth Dozoretz: Barack Obama has a powerful message, and people are very hopeful in the country, and they are responding to him. But I think that people are responding very strongly to Hillary Clinton as well, and while he's had a very strong presence on the internet -- I think that accounts for some of the numbers -- and Hillary has had an incredibly strong showing with individuals across the country.

CBSNews.com: Take us inside the meetings where presidential candidates try to convince big fundraisers to sign on with them. What does it take to impress these people? I mean, are they looking for electability, ideology, personal simpatico -- what is it?

Beth Dozoretz: Yes to all of the above, but also, let's remember personal relationships. And in many cases, people have longstanding relationships with candidates, and that's where their loyalty is driven from.

CBSNews.com: When soft money was eliminated by McCain-Feingold, it's obviously the people that can raise a lot of $2,000 contributions from their friends who are the real powerhouses of presidential fundraising. How much does it take, do you think, to become a significant bundler in 2008?

Beth Dozoretz: Well, let's remember that it isn't only about $2,000 contributions. First of all, it's about the Internet. That's the door that Howard Dean opened. It's about people raising at all levels, from $250 to $2,300. And I think in each campaign, that would be different. I think probably in the Barack and Hillary campaigns if you raise in excess of $50,000 dollars, and certainly in the $100,000 range, that is considered extremely helpful.

CBSNews.com: Why do you think the Democratic field, for the first time since 1976, raised more money in the first quarter than the Republican field?

Beth Dozoretz: I think it goes back to the Democrats watching over the last years how much money Republicans had, and how that influenced elections -- and understanding that these are the rules that we're playing with, even though some of us may think that the money's gotten out of hand. You have to play the hand you're dealt. So, when you're in this to win, and money is part of that equation, then that's the rallying cry. And I think Democrats realize that in order to take back our country, we're going to have to find the money to be able to do this.

CBSNews.com: What do you think, if anything, has improved technically about the way that Democrats are raising money? It just seems like there's a much broader universe of money out there than there was even four and eight years ago.

Beth Dozoretz: Well, I think it all goes back to the same, which is the motivation on the part of the Democrats.

But e-mail is a tool that was unavailable to us in years past. When I began fundraising, you had to call every single person. You could send some sort of a note, or a fax, but it was never as effective as a personal phone call.

CBSNews.com: Are people looking for the same kind of interactions with the candidates that they were 20 years ago? I mean, in order to raise money, does it still require the candidate calling the the contributor, or the fundraiser personally, and developing that bond?

Beth Dozoretz: Oh, I don't think the candidate could ever call everybody in any campaign, at any time.

But I think that if their emissaries, the people who are raising money, are sufficiently motivated and informed, and can speak for the candidate, that's helpful. And obviously, the events where people can come and be with the candidate, whether it's at a big gala or in a private home—those are still extremely important.

By Brian Goldsmith