THE RETURN OF SARAH - AT 9:06 A.M. ET:  We've noted several times our doubts about Sarah Palin.  When she was chosen as vice-presidential nominee by Sen. John McCain last fall (seems like years ago, doesn't it), it seemed that a star was born.  Her speech to the Republican National Convention was a gem.  And she clearly had an appeal to the male contingent.

But Sarah quickly ran into the media buzz saw, and she was unprepared for what followed.  Biased journalists like Charlie Gibson and Katie Couric did their thing.  But one thing in politics worse than biased journalists is not being ready for them.  It's part of the tool kit.  And Sarah wasn't.

Now she's back, and we watch, as she continues to turn voters on or off.  The Anchorage Daily News has a well-reported, neutral and careful story about the return of Sarah:

Gov. Sarah Palin returned to the national stage in a big way this past week, rocketing back into the national consciousness with her David Letterman feud, slams on the Obama administration and drama with national Republican leaders.

While Palin won't say if she is running for national office, there is no shortage of people offering advice and declaring her to be an inspiration or making her a punch line. Her trip to the Lower 48 over the past week has the country again fascinated.

And fascination brings press.  And press, hopefully a good press, brings the money and the excitement.

"She is who people are talking about," said Matthew Dowd, a former top strategist for George W. Bush and Gov. Arnold Schwarzenegger. "That trip demonstrated that whatever people's feelings about her, she is a point of conversation. So depending upon her, she has the potential to emerge as a leader of the Republican Party."

"Potential."  One of the most dangerous words in politics.  Many a concession speech has been given by politicians with "potential."  The question in Sarah Palin's case is whether her potential can be translated into acceptance across a wide enough part of the political spectrum to get her elected.

You really have to think of her on a debating stage opposite President Barack Obama to realize the climb she has before her.  And the only position, realistically, that she can hold between now and 2012 is governor of Alaska, which didn't exactly bowl over the country last fall.

But as in the presidential campaign, Palin continues to be very polarizing. On the national level, many seem to either love her or deeply dislike her. Her supporters will hear a Palin speech or interview and declare her brilliantly in touch with regular Americans and their values. Critics dismiss her as not being presidential material -- and worse.

And, finally...

Greg Mueller, a national Republican consultant, said Palin has a huge grass-roots network and will have no problem raising money.

He said Palin is a "softer version of Margaret Thatcher." She can unite the social, limited-government and foreign policy conservatives, he said, and could be just what the voters are looking for after they are disillusioned with the Obama years.

"The more she is attacked by the Washington establishment and elite media and people like David Letterman, the more people are going to come out and support her," he said.

He suggested Palin follow a Ronald Reagan model, leaving Alaska when appropriate, giving speeches in smaller towns and talking to local press.

"Katie Couric doesn't have a lot of fans in Des Moines, Iowa, and Manchester, New Hampshire," Mueller said. "Sarah Palin does."

We'll see.  Endlessly fascinating.

June 15, 2009