A round-up of this morning's must-read stories. 

IN SPEECH, BRINGING LOFTY WORDS DOWN TO EARTH
(Patrick Healy, New York Times)
Mr. Obama showed real fire, and directed memorable fire at his opponent, even on Mr. McCain’s signature issue, national security. “If John McCain wants to have a debate about who has the temperament and judgment to serve as the next commander in chief, that’s a debate I’m ready to have,” he said.

OBAMA MASTERS HIS MOMENT
(Roger Simon, Politico)
He did a little inspiration, he did a little substance, he did a little attack, he did a little defense, he did a little everything except let his audience down.  

OBAMA GETS SERIOUS
(Peggy Noonan, Wall Street Journal)
The speech itself lacked lift but had heft. It wasn't precisely long on hope, but I think it showed audacity. In fact, by the end of the speech I thought it was quite a gamble. This was not a "Happy Days Are Here Again." This was not Smiling O. He was not the charmer or the celebrity, and he didn't try much humor. Mr. Obama often looked stern, and somewhat indignant, certainly serious throughout.

FOR THE DESCENDANTS OF KING’S DREAM, A NEW DAY DAWNS
(Kevin Merida, Washington Post)
Forty-five years ago, many of those who jammed the Mall in Washington to hear a young Baptist preacher exhort the nation to be better were just trying to get the foot off their necks, win the right to vote, stay at a highway motel, eat at a decent diner. They were trying to send injustice packing. Not elect a black man president. Most had not yet envisioned that.

THE PERFECT STRANGER
(Charles Krauthammer, Washington Post)
The air of unease at the Democratic convention this week was not just a result of the Clinton psychodrama. The deeper anxiety was that the party was nominating a man of many gifts but precious few accomplishments -- bearing even fewer witnesses.So where are the colleagues? The buddies? The political or spiritual soul mates? His most important spiritual adviser and mentor was Jeremiah Wright. But he's out. Then there's William Ayers, with whom he served on a board. He's out. Where are the others? The oddity of this convention is that its central figure is the ultimate self-made man, a dazzling mysterious Gatsby. The palpable apprehension is that the anointed is a stranger -- a deeply engaging, elegant, brilliant stranger with whom the Democrats had a torrid affair. Having slowly woken up, they see the ring and wonder who exactly they married last night.

THE MESSAGE THAT THE PARTY WANTED TO HEAR
(Dan Balz, Washington Post)
Speaking to a nation fighting two wars, struggling with a weakened economy and growing doubtful about the future, Obama said he would make the fall campaign a choice between a continuation of eight years of Republican policies and a new direction aimed at ending the conflict in Iraq and easing the economic insecurities of working families.

BRING BACK THE REAL MCCAIN
(The Economist)
But it is on domestic policy that Mr McCain has tacked to the right more disquietingly. Doubtless he feels he needs to shore up his support among the conservatives who mistrust him. But the result is that he could easily alienate the independent supporters who are his great strength. Mr Obama will sensibly hope to woo them away.

HOW THE WEST MAY BE WON
(Victoria McGrane & Charles Mahtesian, Politico)
This year, Nevada finally ceased to be an afterthought in the Democratic presidential nominating process. The result is a political landscape transformed throughout the Mountain West, where an amped-up ground game has Democrats poised to alter the party’s traditional election calculus in 2008.

TOP BLACK DONORS SEE OBAMA’S RISE AS THEIR OWN
(Michael Luo, New York Times)
Mr. Obama’s acceptance of his party’s nomination on Thursday, on the 45th anniversary of the speech by the Rev. Dr. Martin Luther King Jr. during the March on Washington, signifies a powerful moment of arrival for blacks. But the milestone is especially telling for this upper-crust group, which has mobilized like never before to raise mountains of cash to power his campaign.