I think the potential vulnerability runs deeper. Strip away the new coat of paint from the Obama message and what you find is not only familiar. It's a downer.

Up to now, the force of Sen. Obama's physical presentation has so dazzled audiences that it has been hard to focus on precisely what he is saying. "Yes, we can! Yes, we can!" Can what?

Listen closely to that Tuesday night Wisconsin speech. Unhinge yourself from the mesmerizing voice. What one hears is a message that is largely negative, illustrated with anecdotes of unremitting bleakness. Heavy with class warfare, it is a speech that could have been delivered by a Democrat in 1968, or even 1928.

Unease about the economy is real, but Sen. Obama is selling more than that. He is selling deep grievance over the structure of American society. That's the same message as John Edwards, or Dennis Kucinich for that matter. Hillary Clinton's mistake may have been to think this is 2008, not 1938, with the solution lying in leveraging votes in a Democratic Congress. Instead of Hillary's wonkish geniuses, Barack is selling the revolution -- change "from the bottom up."

Right after the Wisconsin speech, TV broadcast another -- by victorious John McCain. The contrast with Sen. Obama's is stark. The arc of the McCain speech is upward, positive. Pointedly, he says we are not history's "victims." Barack relentlessly pushes victimology.