Former McCain advisor Mark McKinnon:

If not for a major economic event that interceded a few weeks ago (for which a strong majority of voters blame Republicans), this race might still be competitive. It isn’t Steve Schmidt’s fault. It’s the economy, stupid.

Obama's run a terrific campaign, but I think it's easy for Democrats to forget this dynamic. I had a similar thought looking at the latest ABC News/Washington Post tracking poll today: Obama kills McCain on the economy, 55-40. But the candidates are tied on handling Iraq, and McCain has a two-point (49-47) edge on dealing with terrorism.A cautionary reminder for Obama's presidency. If voters don't see him--and Congressional Democrats--delivering on the economy there could be real trouble.

--Michael Crowley