Clinton campaign advisers I spoke with say she almost certainly would have pulled the plug on comprehensive health-care reform rather than allow it to monopolize the agenda for 15 months. She would have settled for a few popular items such as children’s coverage and a ban on exclusions for pre-existing conditions. That would have left millions uninsured, but it also would have left Democrats in a stronger political position and given them more strength to focus on job creation and other matters, such as immigration and energy.

The Clinton campaign advisers acknowledge that she probably would have done the auto bailout and other things that got Obama labeled as a socialist. The difference is that she would have coupled that help for big business with more popular benefits for ordinary Americans…

Most important, there can be little doubt that, whatever policies emerged, she would have maintained a laser focus on the economy; after all, she did that during the 2008 campaign, when it wasn’t as central an issue. She got little credit, for example, when she gave a speech in Iowa in November 2007 warning about the dangers of new financial instruments. Now, it seems prescient; then, it sounded boring.