GRAY DAVIS IS TOAST….Yeah, Arnold is running, but you have to read several paragraphs into the LA Times’ account of yesterday’s festivities to see that there was some other big news ? and not the news that Dianne Feinstein won’t be running:

Her departure from the race, while denying it the state’s most popular and prominent politician, unraveled the tenuous unity that Davis had sought to enforce among Democrats.

By late Wednesday, Lt. Gov. Cruz Bustamante, who had insisted for weeks that he would not be on the Oct. 7 ballot, announced he was entering the race.

“It’s definite,” said Richie Ross, Bustamante’s political consultant. Bustamante has scheduled a news conference for this morning.

Bustamente might be joined by Insurance Commissioner John Garamendi too, and apparently some Democrats are also trying to persuade Barbara Boxer to run. In other words, it’s a free-for-all on the Democratic side.

This is a toxic combination for Gray Davis. You can never underestimate the guy, but I think the smart money now says he’s toast. His court challenges are unlikely to go anywhere, and with credible Democrats in the race it’s going to be hard to keep Dems solidly in line to vote against the recall. He better start thinking about his post-Sacramento career.

UPDATE: South Knox Bubba has the latest entrant in the race.