It is hard to disagree with Erics analysis of the situation. My standard line (being a Californian) is: The initiative process is unsound; thank God for the initiative process! The same can be said of this recall. The populist corner of my soul loves the insult to the political class that the recall represents. In that sense there is some health in it.
Although I am critical of the initiative process in the abstract, I say "thank God" for it on practical grounds, since initiatives have been crucial in advancing conservative policy in California. Without the initiative process, California would be worse off than New York--i.e., even higher taxes, etc.
We wouldnt be in this budget mess if Reagans Proposition 1--a comprehensive tax and spending limitation initiative--had passed in 1973. It was just a little bit ahead of its time, and the liberals managed to beat it back. Colorado passed a similar measure a few years ago. Guess which state today doesnt have any budget problems? Colorado.