Senior Editor Mollie Hemingway joined Fox News’ “Special Report” to discuss New York billionaire Mike Bloomberg’s historic level of campaign spending, and what it reveals about the power of media and establishment consensus.

Hemingway pointed out how Bloomberg’s failed campaign, despite unlimited resources, pokes holes in the popular narrative that Russia helped Donald Trump “steal” the 2016 election.

“We had years where people were saying a couple hundred thousand dollars in barely literate Facebook ads from Russians caused Donald Trump to win. Here you had a guy spend nearly $1 billion and he went nowhere. It’s a humiliating defeat for Michael Bloomberg,” she said.

Host Bret Baier drilled the point home: “So Russians influenced the election with $200,000, or $300,000 in Facebook ads? And Mike Bloomberg couldn’t get more than 50 delegates with $600 million dollars?”

“And this hurts Bernie Sanders’s message, too, because he likes to say the billionaires control everything,” Hemingway said. “Clearly Bloomberg having all this money didn’t do as much for him as Biden having the media and the establishment behind him. I would pick media and establishment over millions all day.”