It's a tragic waste of resources because we could probably be feeding a small country with all this money.

All the initiative races need a lot of money, and there's a relatively small number of contributors. There is a bottom to the well.

It reaffirms that he's not a moderate. When push comes to shove, he's another conservative Republican.

Someone living in Fresno has very different concerns from a voter in Eureka or Santa Barbara. When you're running a statewide campaign, everything has to be nuanced and addressed to a region's specific concerns.

They're clearly linked, the bonds and his re-election prospects. The unknown is whether people who were uncomfortable with him last year but who were comfortable with him before will decide for a second time if they trust him and want him to lead.

He's laid down the gauntlet. He, by his own definition, needs to get a bond on the ballot. It's wrong to say he absolutely cannot be re-elected without a bond but he's going to have a real problem explaining why there isn't a bond.