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Walter's Perspective: Mayoral Advantage?

CHICAGO (CBS) -- Good ol' reliable Chicago. In just one day the race for mayor goes upside down.

Rahm Emanuel goes from Rambo to uh oh, from shoe-in to shoe-outta-here, to back to shoe-in. Just imagine behind the scenes in Rahm's headquarters, on Daley's telephone, among the bosses of LaSalle Street, Hollywood and the White House who all worry about how to save their guy, Rahm.

And the politicians on the Illinois Supreme Court who are beholden to political party heavyweights. Justice Anne Burke for example, whose husband is the powerhouse alderman, Ed Burke. What's she up to?

And reporters, columnists and commentators, what are we up to? I'm thinking Rahm's been on a great ride, front page and TV, whatever he does. $11 million to buy himself the mayor's office with Bill Clinton and Barack Obama pushing him into that office.

But suddenly, from entitlement to not so entitled, from pretty sure to maybe not, a Chicago story about losing an advantage, with a dash of political-come-uppance. I like it.

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