I was just raining on the parade of an optimistic Clintonite with the proposition that most Americans won't care about a "comeback" visible only to insiders. They'll just take away the stunning fact that Hillary the Invincible has gone 0-2. (After all, was there really enough time after Iowa for most Americans to develop high expectations for Obama's New Hampshire performance?)

Maybe, maybe not, he said. But donors will be watching the outcome very carefully, and will be attuned to the insider narrative. And with a playing field as vast and expensive as the February 5 battleground, their money is critical.

--Michael Crowley