Fineman:

Sen. Hillary Clinton’s campaign is teetering on the brink, no matter what the meaningless national horserace numbers say. The notion that she has a post-Iowa “firewall” in New Hampshire is a fantasy, and she is in danger of losing all four early contests, including Nevada and South Carolina - probably to Sen. Barack Obama, who is now, in momentum terms, the Democratic frontrunner.

[. . .]

National polls still give Hillary a double-digit lead. Those polls mean nothing. What matters now is not the number but the direction, and Obama is movin’ on up at a rapid pace. Little pieces of evidence matter. In Manchester, N.H., the other day, Democratic Gov. John Lynch showed up at the Obama-Oprah rally, ostensibly to introduce Oprah, but, really to cover his bets politically. The newest polls in the state show why: Obama is tied with Hillary, and people are literally exchanging her lawn signs for his. If he can win Iowa - and it remains a big if - Hillary’s campaign could collapse. New Hampshire would almost surely go his way. The Culinary Workers in Nevada might well endorse him, as could influential South Carolina Democratic Rep. Jim Clyburn. Black Democrats have complained for years that Iowa and New Hampshire are “too white.” But the irony is, South Carolina African-Americans I talked to last weekend want to see if Obama can win white votes before they commit to him. There is no better way of doing that than in Iowa and New Hampshire. And don’t forget something else: he has 150,000 online contributors. He can raise cash fast.

If she is going to argue that Obama is unelectable in the fall - if she is going to argue that the Democrats cannot afford to take the risk on a Southside Chicago street organizer - she had better get to it in the debate this week. But it is a tricky proposition.

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