"Axelrod is endeavoring not to panic." So reads a sentence in John Heilemann's exhaustive article on Barack Obama's campaign in this week's New York magazine.

Heilemann is a fine reporter and was co-author with Time's Mark Halperin of a best-selling book on the 2008 presidential campaign. While his sympathies are undoubtedly with Obama, he does a fine job of summarizing the arguments and tactics of both sides.