Sending an ex-president, who should be above it all, on the attack is basically squandering Clinton’s main asset – the (former) popularity of her husband. Bill Clinton slammed Obama and the media in an uncharacteristically caustic speech last night. As a certain persistent poster has pointed out about 30 times in the past couple of days, I greatly underestimated Obama’s political abilities when I predicted Clinton would be the next president. Not only that, but I’ve apparently overestimated Clinton’s. I said that the Clinton campaign was made up of professionals who would not lose their cool. Well, they’re losing their cool.

It’s not that Clinton’s accusations are misleading. They are.

He took out of context Obama’s 2004 statement that he did not differ with Bush on the war. The statement was about Bush’s handling of the war, not his initiation of it (which he opposed). Yes, that comment is subject to fair criticism as well, knowing what we know of Bremer’s sudden dissolving of the Iraqi military, etc. – as is Barama’s 2004 comment that while he opposed the war he wasn’t sure how he would have voted on the war power resolution. But Clinton’s omission of context seems clearly intended to create the impression that Obama supported the invasion itself. He didn’t.

Clinton also slammed the media for not covering Obama’s early campaign flier calling Clinton “the senator from Punjab” in reference to financial support for Clinton from companies who have been outsourcing to India. But Obama withdrew the flier and apologized for it. And the media covered it in detail.

It’s not that the Clinton campaign is going negative. It is. But that’s the nature of the beast and while voters moan about negative campaigning, they don’t react against it in the polls. More often they reward it.

The problem is that it reveals the Clinton campaign as desperate. That’s not what they needed to project. They should have congratulated Obama on his wins and said “see you on the campaign trail.” They’re looking like the proverbial deer glaring into the headlights.

And they’re out of money. Losing union support. Abandoned by former allies (Update: or maybe not).

Meanwhile, Obama took the high road. I don’t have the exact quote, but he came across quite compassionately (who knows if he’s sincere, but he seems to be) in suggesting that he understands their frustration and it is what it is. As much as I hate the term, that’s by any reasonable definition “presidential.”

Clinton’s last bid may be a “Hail Mary” try for the Hispanic vote on Super Tuesday. I think it’ll fall short, as well as any Michigan or Florida strategy. There is one other option being discussed, but I’m going to have to cover it in an addendum later.

Meanwhile you can hear my less than articulate endorsement of John Edwards on the KMUD news tonight.

Photo comes from NY Daily News.

Addendum: Heraldo notes that Chris Kerrigan will head home from his stint with the Edwards campaign after today’s primary. Heraldo also discusses Edwards’ reaction to Clinton’s Pat Schroeder moment.