Interim Liberal leader Bob Rae has thrown the race for the Liberal leadership wide open by making it clear he won't be a contender. And the once-mighty party that was so diminished in the last election faces bolstered Conservative and New Democrat camps whose leaders would like to see the Liberals evaporate. But though Bob Rae is stepping aside he's not stepping away. We talk with him about the party, parliament and political life beyond the leader's office.

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Part One of The Current

Satire

It's Thursday, June 14.

The federal government says the updated F-35 cost estimates it promised to deliver by now could still be months away.

Currently, they're still in the process of estimating how long the estimation is going to take.

This is The Current.

Bob Rae Bows Out: Feature Interview

Interim Liberal Leader Bob Rae once hoped to become Prime Minister of Canada. But with his decision yesterday not run for the permanent party leadership, it looks as if he's abandoned that dream.

We reached Bob Rae in the House of Commons lobby just minutes after making his announcement.

Bob Rae's dreams of becoming Prime Minister are all but over. Not that he doesn't have the credentials: lawyer, MP, former MPP, former Premier, composer, singer and piano player. Here he is last year, singing and playing Same Boat Now with backup from students at Toronto's Dixon Hall music School.

This segment was produced by The Current's Howard Goldenthal.

Other segments from today's show:

• Checking-In: Bill C-31, Mario Gutierrez and grades
• Shareholder revolts over executive compensation