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I've always felt that Bailey is a man that you want to keep around, as I would hate to see what another pitching coach could do with that wonderfully talented arm.
Even though it seems like he has been in the Majors for awhile, Bailey is still only 24-years-old, and has electric stuff.
Also, it seems like he is finally figuring out his craft, but we were also saying the same thing last year, and he struggled at the start of the 2010 season, so he will have to prove himself for that six month marathon known as the regular season.
I think his track record, in limited moments, shows that he's not a "bust," and when you look at contributors to the 2010 team, Bailey deserves honorable mention, but it's time for him to take the next step.
If he doesn't make the rotation coming out of spring training, which I think is a possibility, he will certainly be the first man called upon if someone gets hurt or is ineffective.