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James, just a couple thoughts. First, they set themselves up for this expectations problem by floating big numbers and even set an initial goal of $4.6M from their big donors. Some loose lips then floated a $5M goal. It seems odd to say those goals were somehow not in the spirit of the "testing the waters" limits. Second, they certainly aren't playing by the letter of the "testing the waters" rules given Thompson's own statement that he has already made up his mind to run but isn't telling us what that decision is (too clever by half, most attorneys I've consulted with agree) and setting up a fully operational campaign structure. A little candor would go a long way here. But even their strongest supporters agree that communications is not their strongest suit.

UPDATE: New York Sun isn't buying it either and the ever amusing The Shot from South Carolina is skeptical as well.