At the beginning of the year, Thomas Lifson, who was at Harvard Business School with George W Bush, made an interesting observation about the President. He notes that young George "was a very avid and skillful poker player" when he was a Business Administration student and that "one of the secrets of a successful poker player is to encourage your opponent to bet a lot of chips on a losing hand. This is a pattern of behavior one sees repeatedly in George W Bush's political career".

Indeed one does. In the months following Mr Lifson's observation, the President sat back, as John Kerry's consultants, the Iowa caucus voters, the Democratic Party at large, and the media convinced themselves that the one card that trumps Bush's leadership in the war on terror was Kerry's four months in Vietnam, and bet everything on it. They have just lost that hand.

Kerry is in seclusion, unable to expose himself to any but the most sycophantic interviewers, and getting whumped by hundreds upon hundreds of fellow Swift boat veterans, plus former POWs, plus retired admirals, over every aspect of his brief stay in the Mekong Delta.

The Senator put his money on the wrong war.