See post here, from Eriposte. (There's a lot to it.) (Italics and bold in the original were stripped by Blogger, but I've added the bold back.)
Having been rather busy last week, I'm a bit behind on blogging. I thought the best way to catch up and comment on the state of the race is to respond to Steve's question on why Sen. Clinton☼ would stay in the race despite facing significant debt ($). West Virginia aside, I can think of so many reasons. Here are a few, not necessarily in order.
Political: Sen. Clinton appears to be staying in the race because she really believes she has a much better chance of delivering the White House to Democrats in November than Sen. Obama.☼ I have seen a lot of discussion in the blogosphere about who has a better chance of winning against Sen. McCain☼ and obviously supporters of Sen. Obama and Sen. Clinton both have strong views about their respective candidates' electability. My view has been unchanged since December. I strongly believe Sen. Clinton has a much better chance of beating her Republican opponent - esp. Sen. McCain - than Sen. Obama, once the GOP and media attacks begin. The events of the last couple of months have only solidified my view. More importantly, neither candidate will have enough pledged delegates to cross the delegate threshold (more on this below), there is just a slight difference between Sen. Clinton and Sen. Obama on the popular vote and she's still got a shot at coming out ahead on this metric when all the races are over (see Jay Cost's spreadsheet where Sen. Clinton just beat his popular vote estimate for WV, and Cost's article from last week "Not Quite Yet"). Moreover, according to the rules of the primary, the role of superdelegates is to exercise independent judgment, and given the other not so minor detail that Sen. Obama has not won yet, there is absolutely no reason for her to quit now. The fact that her chances of winning are low doesn't mean her chances of winning are zero. When you are this close on the popular vote and creaming your opponent by over 40% after he has been crowned the nominee (by the media and big chunks of the blogosphere) then you have every reason to stay in the race. [Fun fact: Nebraska - discussed later in this post].
Don't Let The Media Define the Rules of Elections: One of the fundamental values I have sought to see in Democrats is that they not quit before the votes are counted and certainly not quit because the media asks them to quit. I was appalled at what happened in 2000 when Vice President Gore was hounded in the media and declared a "sore loser" even before a Florida recount. I was very disappointed in 2004 when Sen. Kerry☼ gave up quickly without a proper recount in Ohio, ostensibly because he didn't want to be branded a "sore loser". I am sick and tired of Democrats who refuse to stand up for democracy and who are more concerned about what elitist jokers like Tim Russert, David Broder, Frank Rich or (fill in the blanks) think of them than they care about the Democratic party's ideals - one of which is making sure as many people can vote and another being that every vote should be counted. So, if Sen. Clinton can afford to campaign till June 3rd and she and her supporters continue to fund her campaign (I certainly will), I would consider myself indebted to her if she does exactly that and demonstrates that the era of the media ordering candidates around is effectively over. I want a Fighting Democrat as President and as good as Sen. Obama may be as a candidate, there's only one Fighting Democrat left in this race and that's Sen. Hillary Clinton (also see here). As Emily's List President Ellen Malcolm said recently in her op-ed focusing on the calls for Sen. Clinton to quit - "winners never quit and...quitters never win". In fact, there is simply no other American candidate in modern history that I'm aware of who withstood absolutely unprecedented and sustained levels of hostility in the media and blogosphere, was outspent by huge margins in state after state (even WV), was insulted and demeaned in the worst manner possible - sometimes by alleged progressives, and yet, stayed resolute and focused and revealed the true fighter that she is. Her blowout victory in West Virginia where she amassed an impressive popular vote gain under record turnout follows a series of victories in big states despite calls for her to drop out - this is particularly noteworthy coming as it did after the morale-depressing commentary in the media last week about how the race was over. [Big bonus for Democrats if Sen. Clinton becomes the nominee: She is building a massive base of Democratic voters who don't trust the media to tell the truth about Democrats (like her) and who have deep contempt for the gasbags in the media. This is a dream come true for me because building voter skepticism about the media has been one of the principal failings of the Democratic party for a long time and she's almost single-handedly accomplishing what to me should be one of the holy grails of Democratic and progressive politics, i.e., making voters realize that the media is elitist and often dishonest in how it transmits false, often Republican (and increasingly fake "progressive") talking points about Democrats. Another holy grail that she's on the right side of - she has been long been firmly in support of funding alternative progressive institutions and groups outside the Democratic party apparatus that are critical to ensuring the long term success of the progressive movement; contrast that with Sen. Obama's inclinations.]
Universal Healthcare: Yet another reason why she should not drop out has to do with one of the biggest issues facing the country - something that affects the poor and working class of all races and backgrounds - universal healthcare. As I have said before, Sen. Clinton represents the only remaining opportunity to really get universal healthcare passed in the next 4 years. Granted, the chances of her getting it passed are less than 50% but those odds are much better than the odds that truly universal healthcare will get passed by an Obama administration (0%). To me, this alone is an important enough reason for her to stay in the race to be the Democratic nominee, especially given the other considerations above. . . .