Projection.
Huckabee is correct. Romney has outspent Huckabee and McCain by tens of millions and his candidacy is on the edge. He knows if he loses Iowa and NH, it is over for him. Especially, Iowa. Imagine the story Friday morning if Huckabee wins - all we will hear is how much Romney spent and he loses to a guy spending 1/20th the money. The story will sink him in NH by making him look (correctly) weak. he is desperate and that is why he has went 100% negative.
On the other hand, Huckabee is somewhat desperate as well. He almost has to win Iowa to maintain momentum into SC, where he stands a great chance at winning. If Huckabee loses Iowa, we will hear how he put up a great fight, with little resources, but in the end, fell short. The story Friday morning will read like an obituary. The same thing very much holds true for McCain in NH.
McCain is smart to be back in Iowa to a degree. He knows he will not win, but a third place will look good. More importantly, McCain in Iowa does more damage to Romney than Huckabee. If McCain can pull a couple of percentage points away from Romney, that might be enough to allow Huckabee to win the state. McCain’s big hope in NH is that Huckabee really hurts Romney in Iowa.
This is all very interesting to follow and you do not have to be a fan of any of these three candidates to enjoy the battle. Romney has the money to fight both Huckabee and McCain, but will the voters punish him for going so negative. That we will find out Thursday night.