WE BEGIN WITH bad news from California: Less than 1,300 hours remain until the state’s historic recall election. That means only 54 more days of Arnoldmania–or, roughly 78,000 minutes until the incumbent Gov. Gray Davis finishes the year’s second most remarkable political collapse (unfortunately for recall fans, there are no statues of Davis waiting to be toppled in Sacramento–just plenty of bad statutes that should be struck down). Thirteen-hundred hours may seem a daunting figure, but it’s not. In California political terms, it’s a nanosecond. Campaigns here run in two-year cycles, from the time they’re launched to when the ballots are eventually cast. By contrast, the recall is a two-month dash to the finish line. Sadly, come mid-October, we’ll resume our normal political reporting and turn to the latest from Iowa and New Hampshire.

Recall is a gift from the political gods–a terrific story line, and possibly a nationwide wake-up call for lackadaisical incumbents. But for Arnold Schwarzenegger, the dynamics of this race are both a gift and a challenge. The gift: Arnold for Governor, limited to a 60-day run, is all about madness and momentum. The theory goes something like this: Start with a shock announcement, let the media buzz reach a crescendo, then surf that wave straight through to October 7. No candidate has ever pulled this off. Then again, there’s never been either an election like this, or a candidate with drawing power like Ah-nuld.