Ron Paul's Latest 'Moneybomb' Draws $1M for Presidential Campaign

Rep. Ron Paul (R-Texas) raised more than $1 million this week for his presidential campaign through another "moneybomb," as he calls them -- a technique pioneered by Paul supporters that uses internet appeals to gin up thousands of small contributions on a single day.

This one, to mark Constitution Day on Sept. 17, raised about $1.4 million.

It was the fifth "moneybomb" of the 2012 cycle for the Texas congressman; the largest haul, of $1.8 million, came on Aug. 20 and marked the candidate's 76th birthday.

Campaign staffers say Paul has about $4.5 million in cash on hand, a relatively strong position among the GOP contenders. He is in third place in many polls, drawing roughly between nine percent and 13 percent of the GOP primary vote.

In a meeting with reporters Wednesday, Paul said his fundraising success was due in part to scores of pro-Ron Paul websites that explain his libertarian platform of free markets, personal liberty, an end to the Federal Reserve and opposition to most foreign military intervention.

Paul said the poor economy also was driving Republican and independent voters to his candidacy, due to "the absolute failure of what we've been doing," meaning government efforts to stimulate the economy and create jobs.

To read more on this story, see The Wall St. Journal article here.