Well, well. Suh-PRIZE, suh-PRIZE, suh-PRIZE. It looks like someone finally got through to the brain of Senator Jim Bunning, who released a statement this afternoon, (via the Lexington Herald-Leader) that he was ending his re-election bid:

saying he has not raised the necessary funds to run an effective campaign.

Maybe someone talked straight to him this weekend in Cooperstown. (As a member of the Baseball Hall of Fame, I assume he visited there this weekend since it was Induction Weekend)

So where does this leave the folks in Kentucky? Well, for one, it will be the first open Senate seat for the state since Bunning replaced the retiring Wendell Ford in 1998.

The front runner for the Republicans is probably the current Kentucky Secretary of State, Trey Grayson. Grayson has been considered a strong candidate, even before Bunning’s withdrawal, although he always claimed that if Bunning did go ahead and run, he would bow out.

A Republican ‘dark-horse’ for this seat is a fellow by the name of Rand Paul. If that name is at all familiar, it may be because Rand is the son of Rep. Ron Paul.

Now for the Democrats, there are two leading candidates. The current Lt Governor, Daniel Mongiardo, who lost the 2004 Senate race to Bunning. There was speculation on Mongiardo’s sexual preference during that race which has seemed to lead Mongiardo to fully embrace homophobia and work against LGBT rights for the citizens of the Commonwealth.

The other major candidate for the Democrats is the current state Attorney General, Jack Conway. In fund raising for the 2010 Senate Race, Conway has far out-raised Mongiardo in the second quarter of 2009.

I’m going to go out on a limb here, and predict that progressives will most likely find Conway a voice of reason.

Let the speeches begin.