Ronald Reagan started it, back in 1977. George Bush perfected the art in 1988. In the 1980s and 1990s, Democrats as well as Republicans running for president (or thinking of doing so), have followed Reagan's lead in establishing precandidacy PACs as a way of raising more money faster, without the regulatory rigors laid down by Congress and the Federal Election Commission. Marshalling years of experience on the campaign trail, Anthony Corrado has documented for the first time the fundraising and spending patterns of presidential candidates who feel forced to circumvent the system in order to...