REICH: Well, again, California is the future. It means that, essentially, the ground war, the organizing on the ground, is really less and less important. And if you can spend a huge amount of money -- or you, like Jerry Brown, have a brand-name recognition -- you can get through and possibly be elected. But if you don't have a lot of money of your own and don't have brand-name recognition, you can basically forget it.
WILL: But California also has a history of very rich candidates losing. There is such a thing as declining marginal utility of the last dollar spent, and the Republicans may be reaching that.
DAVIS: And we're seeing campaign finance reform, really, that parties are -- they -- they no longer have the value. What's happened is the money has moved away with the political parties with the new (ph) -- out to the Tea Party, the Club for Growth, MoveOn.org, to labor. So the party establishments don't have the kind of power they once did.
REICH: But connect the dots. I think this is a very important point, Tom. I mean, we've got so much anger in the electorate. Why? Because, A, we've got an economy that is not functioning for many people. B, we have a lot of physical representation of things out of control, such as the blow in the -- in -- in the gulf.
And, thirdly, we have political parties that people now feel are not representing them at all. So there's this kind of anti-establishment earthquake going on in the country, and politicians ought to be aware. It's not just incumbents.
TAPPER: Donna, I just -- we only have 30 seconds. You just talked to the South Carolina Democratic Party chair, Carol Fowler, about this bizarre nomination of Alvin Greene. Very quickly, what did she tell you?
BRAZILE: It's a mystery. No one understands it. They can't -- no one can explain it. And there are all kind of conspiracy theories out there. Some of them I might ascribe myself to at some point. This guy came from nowhere, walked in with a cashier's check with his name scrawled on it, went back home to his dad's house, never campaigned, never cut a radio spot, a robo-call, and won.
TAPPER: OK, well, the roundtable will continue in the green room on abcnews.com, where later you can also find our fact checks. We've teamed up with PolitiFact to fact check the show.