I'll post the full memo below the fold, but the fact that this memo is there is a bad sign for Romney.  As Wonkette noted, it sounds like the Facebook statuses you put up right after a breakup to insinuate that you are balls deep in hot persons and laughs and fun and rainbows.

For some reason, the memo invokes the Reagan/Carter fight of 1980, and how Carter was way ahead, but then lost.  As if the Iranian hostage thing wasn't a factor, or Carter's malaise speech, or the fact that Reagan is charismatic and Romney isn't.

Also note that the memo addresses North Carolina, saying that Obama's ad buys are down, indicating that he has given up on it.  Yes, perhaps that is true.  Because he doesn't need North Carolina anymore.

That and the rest of the memo seem to be saying, "We're doing stuff.  Therefore, we won't lose."