With Democrats headed for a man-made disaster in November and the Obama presidency increasingly looking like a quagmired domestic-contingency operation, speculation about Hillary Clinton running for president in 2012 is on the rise. We know Secretary Clinton has a strong desire to be the president, but will she step down as Secretary of State and challenge Barack Obama, the first African-American president and a fellow Democrat? And if she won her party’s nomination what are her prospects for winning the general election?

The conventional wisdom is that if President Obama begins governing more from the center after losses in the 2010 elections and gets his approval rating up around 50 percent, Secretary Clinton is unlikely to challenge him. If Obama’s approval ratings continue to tank, and he looks more like Jimmy Carter than Bill Clinton, there is a good chance Clinton will challenge Obama as Ted Kennedy challenged an unpopular Carter in 1980. Kennedy, of course, failed to capture the nomination because Chappaquiddick and other issues got in the way; and Clinton is by no means a shoo-in for the nomination in 2012 regardless of Obama’s poll numbers.

Let’s assume, however, for the sake of argument, that Hillary Clinton wins the Democratic nomination in 2012—without the majority of African-American voters that are unlikely to abandon Obama. Could she assemble a winning coalition in November, and who would be the most difficult Republican to defeat?

Assembling a winning coalition following a divisive intra-party struggle in an environment where the majority of Americans are dissatisfied with the way Democrats have been governing won’t be easy. Many disaffected Democrats, especially African Americans, are likely to stay home on Election Day. Many Independents who voted for Obama in 2008, suffered buyers remorse, and believe the country has shifted too far to the left are likely to vote Republican.

Nevertheless, Hillary Clinton would give any Republican a run for their money and indeed could win the 2012 election under the right circumstances. She’s an experienced campaigner, she has a deep reservoir of talented Democratic political operatives she can call on, and she knows every trick in the Democrats’ playbook.

Much, then, will depend on which Republican Clinton is up against. Right now the top four prospects for the Republican nomination are Mitt Romney, Newt Gingrich, Mike Huckabee, and Sarah Palin. A recent poll by Public Policy Polling matched them up against Barack Obama in a 2012 race. “He trails Mitt Romney 46-43, Mike Huckabee 47-45, Newt Gingrich 46-45, and is even tied with Sarah Palin at 46 . . .”

What’s noteworthy about this poll is not that three out of four Republicans beat Obama in these hypothetical matchups, but that Sarah Palin tied him. It’s Palin that Democrats and some Republicans have written off as the least likely Republican to win the 2012 election. The results of this and other polls belie that. Increasingly, she’s looking more like a viable candidate. As I wrote back in February, Sarah Palin’s presidential prospects are not as bad as some would lead you to believe—a judgment others now are coming to.

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