THEIR COMEBACK WILL BE THE COUNTRIES COMEBACK AS WELL

According to the latest edition of the Economist,

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The September 29th issue of the National Journal, an inside-the-Beltway magazine, contains a striking news item. Hillary Clinton has quietly signed a deal with the University of Illinois to house her presidential library. The university will put up $15m to help finance the construction and operation of the huge building on its Urbana-Champaign campus, close to where Hillary Rodham was born.

This was, of course, a joke—but it contains a serious point. The political establishment is betting heavily that Hillary Clinton will become America's next president. And it has reason. Mrs Clinton is way out in front of the Democratic field. The latest Washington Post/ABC News poll puts her 33 points ahead of Barack Obama and 40 points ahead of John Edwards. She raised $22m in the last quarter—more than Mr Obama at $19m and much more than Mr Edwards at $7m.

And this is odd, since she is one of the most hated figures in American politics. During the 1990s she embodied everything that conservatives hate about female professionals: a bossy harridan who disparaged stay-at-home mothers, tried to reorganise the health-care system that makes up one-seventh of the American economy, and stayed with her tom-catting husband to further her political ambitions.

And yet here she is, with her husband, looking likely to break all sorts of records. If she wins, Mrs Clinton will be the first female president of the United States—a banner headline in itself—and Mr Clinton will be the first male first spouse. She will be the first president married to a former president.

Mrs Clinton is clearly a formidable candidate for the presidency. She has the most powerful name in the business now that the Bush brand is tarnished. She has a smoothly working political machine. She has a wealth of experience in both the legislative and the executive branch. And she exudes competence. All told, she looks likely to translate this into both the Democratic nomination and a victory in November 2008.