How Much Will Money Matter?

Even though Mitt Romney has a marked fundraising advantage over Obama, Jamelle Bouie submits that, overall, money will play a marginal role in deciding the election:

First, anything can matter in a close election. It’s unlikely, but still conceivable, that a few extra television ads in a few more states could mean the difference between victory and defeat for Obama. Moreover, we’ve never seen a situation where the incumbent president is outspent by his opponent. This is unexplored territory, and the possible effects of that difference are unknown. By virtue of being the incumbent, Obama is already well-defined in the eyes of the public. If this were an open election, spending money to “define” him would make sense. As it stands, it might be something of a waste (though not, of course, for Romney's campaign consultants).