tim phillips, thanks for coming back to the show. >> good to be here.ant to start talking about super pac's a little bit. the prevailing wisdom coming into this race was they matter a lot. so far, they seem to have left almost no mark. even though millions of dollars have been spent. what do you make of the super pac phenomenon? tim: i think a lot of donors are going to give a second thought to super pac investments. they are short-term strictly, no long-term value and you , cannot hold them accountable as an owner. , youan institution like us can hold them accountable for how they spend your money over the long-term. i think a lot of donors are going to look back at the summer of 2014 with some regret. summer of 2015, i'm sorry. john: do you think that is particularly true for candidates like jeb bush where a lot of money has been raised and spent already to negligible affect? >> i think about the bush campaign, the walker campaign, but i think a lot of donors will rethink their approach. the old idea of spending 1000 groups every week and doing it 6-8