I keep hearing that Romney & Co are keeping their powder dry.
Why wait when Obama is at his most vulnerable now? The DNC convention will inevitably be treated as the Second Second Coming by the press. If Obama is faltering, they will claim he's found his voice again. If he's still competitive, they will claim he's closed the deal.
Why wait until Obama has a chance to raise more cash? If Romney outspends Obama isn't it smart to do it now in an effort to demoralize any Obama donors who don't want to back a loser, thus saving Romney from spending gazillions against any real or media-crafted Obama comeback? If Romney has the dirt on Obama that the Clintons were afraid to use then unleash the Kraken and bury Obama!