Republican state treasurer candidate Thomas Ravenel rebuked Board of Economic Advisers Chairman John Rainey in an open letter Thursday, saying Rainey opposed his nomination and represents failed "old ideas."

Ravenel said he was including a copy of the book "Economics for Dummies" with the letter.

Rainey, a Republican, last week said Ravenel is a "dilettante" whose election would financially damage the state. Rainey said he rejected Ravenel's overture to join his steering committee because "he would not commit to me to stay there for four years" and not challenge U.S. Republican Sen. Lindsey Graham in 2008.

On Thursday, Rainey said he would have no immediate comment on Ravenel's letter.

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Offering what he said was unsolicited advice, Ravenel said in the letter, "Before you take to name-calling me again in French ('Dilettante') -- you might want to read the attached book I bought just for you."

Caught between a major party figure in Rainey and a candidate nominated by GOP voters, state GOP Chairman Katon Dawson sided with Ravenel, saying, "Thomas will be a tremendous treasurer and do a great job for South Carolina. I don't know what else to say."

In the letter, the wealthy Charleston developer proffered a mock apology, writing, "I didn't realize when I didn't bow to your demands, I was in effect, rejecting South Carolina's kingmaker."

Rainey is widely credited with convincing Mark Sanford to run for governor in 2002. After his election, Sanford appointed Rainey to the BEA post. He is a lawyer and heads Easlan Capital.

Ravenel's open letter was posted on the Web site http://www.schotline.com/.

In an interview, Ravenel said, "The lines between Democrats and Republicans lately have become blurred because of people like Mr. Rainey who don't necessarily represent the principles I believe in -- lower taxes, limited government.

"I'm not used to being really deferential to the fat cats. (Rainey) was a little angry at the audacity that I wasn't going to capitulate to his demands. People are afraid of him because he's got a lot of money, but I'm not afraid of him."

Ravenel said Rainey rejects "new Republican ideas like prosperity-producing tax cuts, choice and competition in education while arrogantly making demands of me."

Instead, Ravenel said Rainey clings to "old ideas" while seeking to bolster the candidacy of Democratic Treasurer Grady Patterson.

As treasurer, Ravenel said he will have to deal with a $27 billion unfunded state employees' pension liability and overhaul financial strategies that left the state's investments "lagging behind the 49 other states."

Ravenel's letter didn't address whether he would challenge Graham in 2008, midway through the next treasurer's term. He has repeatedly declined to say he wouldn't.

State and federal campaign finance reports show Rainey and his wife, Anne, have given thousands of dollars to Graham and Greg Ryberg, Ravenel's major opponent for the state treasurer's nomination.