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I think, when trying to understand why Hillary Clinton keeps running, you have to take into account the world in which she lives, the people she meets, the feedback she gets. What looks impossible from the outside may seem merely unlikely from the inside. Mike Crowley did a good job getting at this last night:
In the bunker there exists a different reality. In the bunker, Hillary is the winner: of the popular vote, of a series of big swing states, of the authentic American vote. In the bunker, Hillary is introduced by the indefatiguable Terry McAuliffe as "the next President of the United States!" When asked about the reality outside the bunker—that Obama supporters were in a minor rage over Hillary’s speech-- McAuliffe looked at me incredulously. “Tonight was Hillary’s night!” he exclaimed. “We won tonight! We won in South Dakota! We keep winning!”[...]Attending an event like tonight’s helps to explain how Hillary carries on in the face of it all. She spends her days surrounded by people who believe in her passionately--who "grab my hand or grip my arm, to look me in my eyes and tell me, don’t quit, keep fighting," as she put it in a campaign email tonight--and all the moreso the more hopeless her cause seems. These people will undoubtedly tell her to carry on. That much was clear from the chant of “Denver! Denver!” which came up tonight, and which drew no strong rebuke.If you were Clinton and, on the one hand, you had your hated adversaries in the media clamoring for you to drop out, and on the other, you were mobbed, every day, by devoted supporters who had invested their hopes in you and begged you to keep up the fight, and you yourself wanted to continue prosecuting your case, well, what would you do?