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Elizabeth and John Edwards have just finished their press conference disclosing the return of Mrs. Edwards cancer. The candidate and his wife vowed that there will be no suspension in the John Edwards presidential campaign. They made the announcement with a united and relaxed front that they will indeed soldier on.

Mrs. Edwards cancer recurrence is something she should be able to control with little detriment to the campaign schedule or her health (at least that’s what Dr. Bernadine Healy said on MsNBC and I don’t see any reason for Mrs. Loop to lie to us). In fact this diagnosis really is that of a “manageable affliction” (my term) which many people carry with them for years. So now everything’s back to normal , right?

Wrong. Even though John Edwards may not know it, he’s done.

Before everybody starts throwing things at the computer and peppering me with expletive-filled emails, to demonstrate the level of respect I have for Mrs. Edwards read this excerpt from a post I did in February:

In 2004 it was Elizabeth Edwards who helped establish her husband John in the hearts and minds of Iowans. So much so that today she is considered to be one the most liked and respected people by average Iowans. Again, the value of a quality spouse for a candidate who is stretched thin cannot be underestimated.

The premise of that post, “The Spousal Wildcard“, was how important a role the spouse can play in the early (especially pre-primary) stages of a presidential campaign. And in the case of candidates struggling to reach the top-tier (Hillary and Obama are head and shoulders above Edwards everywhere except Iowa) the candidate’s spouse becomes even more valuable. In John Edwards case, Elizabeth Edwards is a better campaigner and politically more attuned than her candidate husband. She is the core of his campaign.

In case you’re thinking, “didn’t he just say that she has a manageable affliction? So what’s the big deal?”

The big deal now has little to do with Elizabeth Edwards physical impact on the campaign - let’s assume they told us the truth today (we have no reason not to) and she will be just as active as she was before. The big deal now is the impact Mrs. Edwards‘ health shadow will have on the campaign.

She may be fine, perhaps even better than she was yesterday. If I was a betting man, I’d put money on the wager that John Edwards’ poll numbers will go up (the average Joe and Joanne love fighters against the odds). His campaign will likely ride this wave for the next few weeks, but campaigns don’t live on public opinion alone - they need money. And Mrs. Edwards illness will close wallets and checkbooks faster than a sex scandal with a bimbo on a boat (for those of you not familiar with Gary Hart, Donna Rice and ‘Monkey Business’…).

John Edwards will not be able to overcome this hurdle. Sure he’s the darling of labor and the trial lawyers, but those folks know a bad investment when they see one and Edwards just went from a steady momentum building populist to the guy whose wife is sick… again. People and groups that write checks with lots of zeroes will be very hesitant to make the early and continuing investments necessary to get Edwards through 2007 and into the official primary season.

No matter how many doors he and Mrs. Edwards knock on in Iowa, no matter how many times she goes on Oprah to declare her health, the money will run out. And then John Edwards will be out.