Here's better formatting:

Here's a rule I would like every political reporter, campaign official, TV talking head, and politician in the United States to follow. Go ahead and say, if you like, that Hillary Clinton retains a serious chance of winning the Democratic nomination. If you say this, however, you must describe a set of circumstances whereby this could happen. Try not to make it sound like a fairy tale.

Yes, Obama has dropped a few points in national polls, and Clinton has picked up a few points, putting her in the lead. The Gallup Tracking Poll had it 49-45 for Clinton on April 30, compared to 50-42 for Obama on April 15. That isn't surprising in a week when Obama's former pastor, the Rev. Jeremiah Wright, elaborated on his most controversial statements at the National Press Club (click here for the video), prompting Obama to distance himself more emphatically ("I will talk to him perhaps some day in the future. … Inexcusable. … I do not see that relationship being the same after this") than he had earlier in a stirring speech on race.

The only number that matters, however, is 2,025, which is how many delegates a candidate will need to secure the nomination. Obama has 1,488 primary delegates to Clinton's 1,334, according to the Associated Press delegate tracker. Add in superdelegates and Obama has 1,736 to Clinton's 1,602. Obama needs 289 more delegates to win the nomination. Hillary needs 423. There are three ways to win these additional delegates:

Except that the superdelegates aren't pledged and can change their minds. Argue that Obama has it locked up, but we've seen supers switch already. How likely is a mass defection? I can't say, but I would caution that overconfidence is not the antidote to pessimism. Hard work is.