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21 of 22 who spent $1 million of their own money lost

AP reports: Of the 22 candidates who each spent more than $1 million of their own money trying to win their first election to Congress, only one made it.

The lesson, say analysts, is that ready cash is less important than experience and whether voters perceive wealthy candidates as "one of them."

"Millionaires don't automatically win," said Herb Asher, a political science professor at Ohio State University. "The money just gives them instant credibility and puts them in the position to be able to run in the first place." ...

Stanley Renshon, a political psychologist at the City University of New York, said it often comes down to whether voters perceive the millionaires as one of them.

“There are millionaires of the people and then there are just millionaires,” Renshon said. “We don't mind people making money, but we don't like people who make money and think they are better than us. The secret is to be rich but not snobby.” -- News Read - TheDay.com