Would you buy $4 billion in bonds from this man? That's the question facing Gov. Schwarzenegger. He's made himself the voice of a radio effort to sell bonds to cover the state's short-term operating expenses. It's a tough time to sell bonds, in the middle of a credit crisis. Standard & Poor's Ratings Services has publicly questioned whether the state will be able to sell the bonds. S&P put California's bonds on negative credit watch as well. (California's credit rating also has suffered from persistent deficits).

If Schwarzenegger can convince people to buy the bonds, it would prevent the state from encountering a cash crisis in the next few weeks, as some, including S&P, appear to be anticipating. But if he can't, it's a body blow to the state -- and to Schwarzenegger's credibility. The S&P report says: "Without a successful infusion of cash over the next six to eight weeks, however, we believe, the state may be required to defer spending by executive order, schedule a special session of the legislature and/or possibly slow payments to local units, including school districts." (The S&P does end with an oddly hopeful note; California is so accustomed to managing bad budgets that it will probably muddle through this as well.)

The governor considers himself a top-notch salesman. This may be the most important test of salesmanship that he's ever faced.

Here's a link to the S&P report. A free registration is required.