The question for Democrats is an urgent one: Coming out of Iowa, do they see a candidate who can beat this man?

Biden faces questions about whether he has the vigor to prosecute a bruising general election campaign. Buttigieg’s experience in government consists of having been mayor of the fourth-largest city in Indiana.

Warren sorely needs a fundraising boost. Klobuchar finished a strong fifth, if there is such a thing as a strong fifth, but Iowa looked like her best shot for vaulting into the top tier, and she couldn’t make the leap. That leaves Sanders, who has the money and organization to win in New Hampshire and perhaps get on a roll. But the Democratic Party establishment, or what’s left of it, worries that Trump would successfully demonize him as some sort of latter-day Bolshevik.

Which brings me back to Bloomberg, whose campaign operation with its “sheer size and machine-like efficiency” is a sharp contrast to the utter shambles in Iowa. It is hard to imagine a party that includes Sanders and Warren coming together behind a mega-billionaire. It is hard to imagine a party that believes income inequality is a critical problem coming together behind one of the 10 wealthiest individuals on the planet. It is hard to imagine a party so reliant on African American turnout coming together behind the man responsible for stop-and-frisk.