In part one I offered the psychology and the emotional explanation of "why it's finally over."

In a nutshell, Hillary had one last "moment" of opportunity to "change the game," and she did not. Barack beat her fair and square in a big show down state, North Carolina (tenth most-populous in the Union). Democrats in North Carolina were attentive and cognizant of the stakes, and they chose him over her. Done deal.

Why she will actually quit:

The Practical Reasons.

1. She is a practical politician. Lyndon Johnson purportedly said, "if you can't walk into a room and know who is for you and who is against you, you shouldn't be in politics." Hill and Bill understand who is for them and who is against them and time has run out to change that complex but clearly unfavorable calculus. They wake up this morning to the inescapable conclusion that this thing is all over.

For the record: it was not over until last night, which is why they stayed in when so many people told them to quit. But it is over this morning.

2. Fighting on once you have lost is poor form and bad politics. Once Lee was cut-off from joining Johnston in April of 1865, he faced a monumental decision. Did he "go see General Grant" or take his fight into the hills and stage a guerrilla war? Hill and Bill will follow Lee's gentlemanly example and choose not to "devastate the countryside any further."

She will shut down her campaign and begin to do things to help her party and the man who defeated her. Anything short of that will garner nothing but ill will from too many Democrats. Will there be hard feelings? Yes. Will she need to grit her teeth and smile as she forces herself to tell huge crowds that Barack Obama is the most qualified man to be president of the United States in 2008? Yes. But she will be a trooper.

What does she have to gain by being a team player?

She is relatively young at 60. And life takes funny turns. She had to play this like it was her one and only chance--but, in truth, it may not be. Who knows? But what she does between now and November will determine her political viability over the course of the next ten years. Moreover, being president is not the only mode of serving your country with honor and distinction.

She must be a good soldier. She must show grace in defeat.

3. Money (the most compelling of all the practical reasons). At this point, who would invest in this sinking ship?

Next Question: Is she VP material?

No. There is no place for her on this ticket. If elected, she and Bill would overshadow the young president during the early stages of even the most successful of Obama administrations. Moreover, although I continue to believe that she could have beaten McCain in the General Election, why place a national politician with such high negatives in the second chair? How would that help?

Is there a need for unity? Not really. The Hillary supporters are going to be frustrated and a bit bitter for a time, but all that will wear off between now and Labor Day. Hardcore Hillary-ites are going to support Obama all the way in the fall. An Obama loss would have created a crisis (with "millennials" and African Americans), which could have only been alleviated by an Obama conversion. Not so with a Hillary defeat.

Speculation in re VP: I look for Obama to pick a less-famous white woman (from the Midwest maybe).

Anyhow, the party is finally over. The Clintons had ample opportunity to take their case to the people--and the people have spoken. All that is left now is deciding on the protocol for a graceful exit.