In keeping with this morning’s posting, I’d urge my colleagues covering the race to be a little less slack-jawed at Obama’s enormous fund-raising numbers and probe further to ask, “What’s he doing with this money? What’s he getting for all the money he’s spending?”

For example, much was made a few days ago about Obama’s spending on advertising in Florida. Obama has spent $6.5 million and run 9,785 television ads in the Sunshine State; McCain has spent zero to run zero. (This isn’t counting national ads by both campaigns that run in the state.) Starting in mid-June, Obama did start to pull ahead in some polls, but the last three polls in the state have McCain by 3, McCain by 6, and McCain by 4.

Similarly, the Obama campaign has spent $2 million on general election ads in North Carolina; McCain has spent zero. The last four polls in North Carolina? McCain by 3, McCain by 4, McCain by 4, McCain by 6.

Like John Paul Jones, in those states McCain has not yet begun to fight.