Festival Liveblog: A Conversation About the 2012 Presidential Race

Evan is up there, about to introduce panel.

State of race? Hertzberg: "It's still really close ... I think an awful lot rests on the debates." Could be some outside event that shakes up. But barring a disaster for Obama, it looks likely that it will be a narrow victory for president.

Gwen Ifill: Obama campaign is worried about lack of excitement, depressed turnout. "They are terrified about the idea of complacency."

Julie Mason: national polls don't matter that much. Battleground states favor Obama.

Ifill: "Debates matter because voters matter."

Ifill: should not set bar that debates will change outcome, but they can influence it.

Hertzberg says debates can make difference: just look at Perry's collapse. There could be a gaffe.

Julie Mason: Republicans have great opportunity here. She said you have to wonder if another GOP candidate would make race closer.

Mason says Obama and Romney have very similar demeanor, predicts they will get under each others' skin in debates

Ifill: Romney forces left nothing to chance, took out challengers one after the other.

Julie Mason about Romney: "Why is he running? I still don't know."

Hertzberg: convention was very important for Obama. Before that there was a down sense, a "dreary" feeling. Convention "lifted the mood." Called it a "joyful explosion."

Mason: Surprised that more isn't made of Romney flip flops. Hertzberg says conservatives won't let him go to the middle, forcing him to draw back.

Ifill: Romney like a businessman trying to close the deal when he made the 47 percent quip

Ifill: says disappointment in Obama from base is almost as big a threat to his re-election as economy

Julie Mason says Obama hasn't sold nation on health care. And yet so much 'hubris." Of Obama: "He has sold himself as a good guy" but not sold policy ideas.

Hertzberg of Obama: He is "such a singular creature." After saying, "he's a black American," Ifill chimes in: "So they say."

Discussion about racial politics. Hertzberg says "the viciousness" against Obama is not much different from that leveled against Clinton. But Mason says race is strong undercurrent in race, the fact that "this black man is in charge" is hard for some people to swallow. Ifill says "there is a stream of hostility toward him" that is different from other races in past

Mason: Both campaigns running on hypotheticals. Romney's tack is it should have been better. Obama's is "it could have been worse."

Ifill says VP's "can only harm you ... look at Joe Biden. God bless him ... Mr. Gaffe-meister."

Julie Mason gets biggest laughter and applause for far. Says of GWB: "The Republicans have  a restraining order on him."

Ifill predicts "nasty hand to hand combat" in final days of prez race.

Ifill says Romney won't let up:  "He's still close enough to make this a fight"

Mason says there is a "furious debate" within GOP about where party is headed.

Hertzberg: ratio of reporting to commenting is a lot lower than it's ever been, mainly because of churning in social media.

Mason says Americans want more substance out of campaign coverage. Said to much focus on silly distractions.

Ifill: downballot candidates are nervous. Trying not to get dragged into prez race.

Hertzberg on Romney: "Ideology is something that is foreign to him." Compares him to George H.W. Bush.

About how far GOP has shifted to right: "I don't even think Reagan could get nominated now."

Gridlock on Capitol Hill is the "new normal," Mason says

Hertzberg says "huge avalanche" of money will come in last weeks, and says Citizens United ruling is outrageous and "mind boggling."

Panelists take pass on predicting outcome of race. Hertzberg: "I don't have a gut feeling this time."

Longhorn band comes out. This is kind of surreal but I LOVE it. Am also a UT grad.

They just played Deep in the Heart of Texas. Now on the Eyes of Texas. If that doesn't get you pumped ... just sayin.

All panelists shaking and grooving. Evan, not so much.

This is downright patriotic.

Evan was singing along. All holding up hook 'em sign.

And that concludes this panel and Trib Fest. Thanks y'all!