Trump Can't Trump the GOP

In class we are constantly discussing the possibility of a third-party run for the presidency, especially whether or not Donald Trump would try if he does not win the Republican nomination. In a commentary piece in the Chicago Tribune, Megan McArdle argues that, in fact, Trump is too poor to stage a third-party run.

"I direct you to his personal financial disclosure form, which said he had about $300 million in cash and marketable securities. That's a lot of money! Stunningly, however, it is not enough money to run a major presidential campaign, which now clocks in at around $1 billion.

If Trump runs as a third-party candidate, the money to do so is going to have to come mostly out of his own pocket. The Republican Party's traditional donors certainly aren't going to help him. And so far, he's shown no ability to raise the kind of staggering totals that, say, Bernie Sanders has managed to get from small donors. Trump's campaign has raised just $25 million, of which only about $8 million comes from sources other than Donald J. Trump. He's raised less in small contributions than Ted Cruz or Marco Rubio have.

He could maybe mortgage some of his interests, borrowing a billion dollars to fund a campaign. But this seems ... unlikely. For one thing, by the most generous non-Trump estimates of his net worth, that would mean mortgaging about a quarter of his assets for a near-certain loss. Or mortgaging less but spending down all his liquid assets."

Now, Trump could be crazy enough to do it. Looking at his track record in business he isn't afraid of going bankrupt, but as McArdle suggests, is he willing to take the chance? And are bankers crazy enough to lend him money to try for a general election campaign?