• This is a rush transcript from "The Journal Editorial Report," February 16, 2008.

    STUART VARNEY, GUEST HOST: Coming up next on the "Journal Editorial Report," he is riding high after back-to-back primary wins. Is Barack Obama unstoppable or is the wave about to crest?

    Terror on trial. The U.S. gets set to give a 9/11 mastermind his day this court but should the world be able to watch it on TV?

    Baseball steroid scandal comes to Capitol Hill. Were this week's hearings all for show or does Congress have a role in policing professional sports?

    Our panel weighs in after these headlines.


    VARNEY: Welcome to the "Journal Editorial Report." I'm Stuart Varney, in this week for Paul Gigot.

    He swept the Potomac primaries in Maryland, Virginia and D.C. He is favored to win Tuesday's races in Wisconsin and Hawaii. The emerging story line this week, the Democratic presidential hopeful Barack Obama is unstoppable. But is he?

    Joining the panel this week, "Wall Street Journal" columnist and deputy editor Dan Henninger, deputy taste paste editor Naomi Schaefer Riley, opinionjournal.com columnist John Fund and, in Washington, editorial board member Steve Moore.

    Dan, he has the momentum, the primary victory, the delegate count. He's on a role. He has money. Has he peaked?

    DAN HENNINGER, COLUMNIST & DEPUTY EDITOR: Every political prediction these days is worth its weight in word. I don't think he has peeked but I think he is finally cresting.

    He has dazzled people with his rhetoric and presentation. But after the victory this week at the Potomac primaries he gave a 25 minute speech at the University of Wisconsin in Madison, and if you look past the rhetoric and presentation and focus on the words, what you see is a candidate running on a vision of America that is grim. It is a downer. He says you know parents are competing with their teenager children for jobs at Wal-mart. He describes teachers who have to take second jobs at Dunkin' Donuts. And he is attacking the basic structure of American society. In his world, people are getting shafted at every turn.

    VARNEY: Very well received in Wisconsin though.

    HENNINGER: Yes, but this presidential election will be decided by Independents in the middle, about 35 percent of voters, who have to at some point listen to this and they will hear it over and over again and decide if this comports with the reality of their own lives. I think at the margin, Barack Obama's sheen is going to wear thin.

    VARNEY: Steve, he revealed more of his economic thinking. He certainly felted left this time around. Do you think that will lose him any support Monday Democrats?

    STEVE MOORE, EDITORIAL BOARD MEMBER: I don't know about Democrats but certainly the Independents.

    Dan, when you talked about his message being a downer, take a look at his tax-and-spending plans. I mean this is the nanny state you know times three. It is huge new spending increases in infrastructure and education and health care and job training and then massive increases in tax rates to pay for all of this. So tax rates would be as high as they were in the 1970s.

    I don't think that's a message the American people want to hear. The way to get out of economically troubled times is by raising taxes through the roof.

    VARNEY: John, two delegate count issues, Michigan, Florida and John Edward, whom we have fought heard much from lately, but he has delegates.

    JOHN FUND, OPINIONJOURNAL.COM COLUMNIST: Michigan and Florida had primaries but their delegates were disenfranchised by the Democratic National Committee because they broke the rules. Hillary Clinton wants their votes to count. She collected most of the delegates.