A disorganised panic
Gordon Brown does not face an organised conspiracy to remove him as Labour leader.
What he faces, instead, is a disorganised panic.
This is in stark contrast to this time last year when a number of cabinet ministers were actively discussing resigning en bloc to force their leader out. Only a change of heart by some over the summer of 2008 combined with a worsening economic crisis saved the prime minister then.
Today some of those involved - though not all - argue passionately that it would be wrong, as well as unfair, to drop the pilot at this time.
As has often been observed, Labour's rules make it very hard for a "peasants' revolt" or a stalking horse campaign to succeed.
What's more, even though many senior Labour figures now expect to lose the next election they are united in believing that an economic recovery combined with a slip by David Cameron means that a turnaround is possible.
They believe that the Tory leader has already made a mistake by abandoning sunshine and embracing gloom. Hence Gordon Brown's contrast in his speech yesterday about the "politics of opportunity and growth" versus "the politics of austerity and defeatism."
Today Peter Mandelson puts intellectual flesh on those political bones. In a speech to the CBI, the business secretary argues:
"We will neither exit the recession as quickly as we can, nor build the future strength we need, if we allow pessimism to descend on us or lower our expectations of what we can achieve.
"A lot of research has been done over the years about how a recession affects the basic expectations of a society.
"Sometimes recession creates a sense of shared purpose. Sometimes it does the opposite, replacing the greater tolerance and optimism that often comes with economic growth with a starker and more fatalistic mindset.
"A recession, in other words, is a psychological event as well as an economic one."
Thus, Labour MPs whether pro or anti Brown will - if they can stop talking about themselves - argue that Tory talk of debt and austerity and cuts are bad for Britain.
Now, of course, there needs to be a "but" in this piece. Disorganised panic can all very easily turn into organised conspiracy if things get even worse and the leader fails to lead.
Gordon Brown can, though, still as he's done before turn things around in his party. That, of course, is not the same as turning things around in the country...