So what 'buys' you elections is not money, but people willing to give you money. Big difference. Your own money doesn't really help much. Talking about money buying elections is like blaming ice-cream for shark attacks (both shark attacks and ice-cream eating occur mostly in the summer).Self-Funders Mostly Lose, Again
Following a long tradition, Tuesday's elections did not go well for self-financed candidates. Forty-nine congressional candidates spent more than $500,000 of their own money in 2008. Only 24 of them even made it to the general election, and just six House candidates and one Senate candidate won, although four House races had not been decided by Wednesday.
I saw a meta-analysis of that study done, which showed that virtually none of the electoral success can be explained by the self-funding. I could have sworn that was at fivethirtyeight.com, but it doesn't seem to be there.