The Democrats' convention is going very well, better than the GOP's - as even Republicans like Peggy Noonan have noted (and she was writing before Clinton's speech). This week may well turn out to be the hinge that swings the 2012 election towards Obama.
But isn't it a little worrying for the Democrats that the convention's star performer - other than the Obamas - is a man who has been an ex-president for twelve years?
It reminds me of Alex Ferguson dragging the 37-year-old Paul Scholes out of retirement to save Manchester United. It works - Scholes has proved he's still the best midfielder around, just as Clinton proved he's the best endorser. But ultimately, it's a sign that there are no comparable stars on their way up to take the place of the old masters.
As Ross Douthat notes, the Republicans have a much deeper bench of talent right now. Chris Christie, Susanna Martinez, Marco Rubio, Scott Brown, Bobby Jindal, and Paul Ryan are all distinctive and appealing politicians who are building a national reputation for themselves. Any one of them could be a credible contender for 2016 or 2020.
Who are the Democratic equivalents? Because if it's only Julian Castro - a nice but bland city mayor - then the party is in more trouble, long-term, that perhaps it realises right now.