I like the idea Jon puts forth that Hillary is really working toward a defeat of Obama in the general election so that she can come back in 4-years and say "I told you he could not win." I think this is a very plausible strategy on her part, particularly when considered in light of other two other possibilities that easily align with this approach.
First is the possibility that something could happen to derail Obama's clear lead. Possibilities include events as extreme as his assignation to as mild as disenfranchisement of his followers caused by a bombastic ex-pastor. Events beyond Hillary's making could easily sink Obama's run for the candidacy and make her the facto victor because she is the last politician standing. America's infatuation with Obama is built upon the idea that he will not rub America's ugly racial past in the face of potential supporters.
The second possibility is that her efforts could defeat Obama and that she could win against the old white guy McCain.
What this view suggest is that Hillary wins even if she looses.
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