Echoing a discussion that’s engaged other members of the chattering classes in recent days, Commentary blogger Seth Mandel asks whether the 42nd president really wants the 44th president to win re-election in November.

Mandel believes the answer is yes, but not necessarily because Bill Clinton has any great love for Barack Obama and his policies.

[P]olitical talk shows and round tables seemed consumed by the Clinton-Obama dynamic—have you heard that a source told a source who told a reporter that Clinton told Ted Kennedy that Obama would have been carrying Bill and Ted’s bags just a few years before he had the audacity run for president against party royalty? Yes, you have heard. Everyone has, because no one will stop talking about it. It comes from Ryan Lizza’s comprehensive review of the relationship between the two men, which also offers a good window into how Clinton weighs using his powers of persuasion. (Clinton finally decided Obama’s election was worth supporting because with his wife as secretary of state he could fundraise the heck out of rich foreign donors for the Clinton Global Initiative. Welcome to the mind of Bill Clinton.)

But that nugget of information about the Global Initiative stands out to me far more than some of the other pieces of the story. And that’s in part because of what Jonathan wrote about earlier: the possibility that Obama may run again 2016 if he loses in November. Every guest and “expert” called upon to opine on Clinton’s motives took for granted the idea that Clinton does not want Obama to be reelected, and therefore his speech this week is intended to play scorpion to Obama’s frog.

But I’m not so sure. If Obama loses in November and decides not to run again in 2016, the path is basically cleared for Hillary Clinton. But if Obama loses and decides to run in 2016, it will almost surely herald the end of Hillary’s hopes for the presidency. Even if Obama loses in November and gives Hillary the shot in 2016, it would mean she would have to unseat a sitting president—far from impossible, but a challenge nonetheless.