Crushed By The Money

Gavin Newsom decides to throw in the towel:

San Francisco Mayor Gavin Newsom made a surprise announcement Friday afternoon that he was dropping out of the gubernatorial race, leaving the Democrats with no declared candidate for the top statewide office.

Attorney General Jerry Brown has opened an exploratory committee for governor but has yet to formally announce his candidacy.

Nonetheless, Brown has opened a wide lead over Newsom in both fund-raising and in polls.