WASHINGTON (MarketWatch) — Memo to Hillary Clinton: It’s not just about transcripts of your talks with Goldman Sachs, your emails which may or may not have contained classified information, or even what really happened that dark night of the deadly attack on American diplomats in Benghazi.

It’s about the perception of deceit, secretiveness, hypocrisy and an overweening sense of entitlement underlying these controversies. That’s what has voters worried.

After battling to a virtual tie — or perhaps even a stolen victory — in Iowa and a double-digit win in New Hampshire, Vermont Sen. Bernie Sanders has knocked Hillary Clinton off her front-runner perch for the Democratic nomination.

The race against the former first lady, former senator and former secretary of state that no other Democrat was willing to dare is being won by a 74-year-old democratic socialist who is Jewish but doesn’t practice his religion.

New Hampshire Primary Results: Key Takeaways

Clinton supporters can’t pretend that Sanders’s 21-point margin of victory on Tuesday was due solely to the proximity of Vermont to New Hampshire.

The margin was so wide because this candidate is putting the lie to the Wall Street corruption, the double dealing, and the triangulation that has sold out the Democratic Party and betrayed its voters.

Make no mistake, the momentum in the Democratic race has shifted.

Going into the Nevada caucuses, the South Carolina primary and the Super Tuesday “firewall” on March 1, Clinton will be on the defensive, despite her raft of party endorsements and her putative support among minority voters.

Women have already deserted her and Sanders may be right that once African Americans become acquainted with him and his message, they might desert her, too.

We have had two and a half decades of the Clintons and we’re tired of them. We’re tired of their sophistry (it depends on what the meaning of “is” is), their ambivalences, their greed and their ethical challenges.

While Bill Clinton is a gifted and charismatic politician, Hillary Clinton has consistently failed to make the grade.

She too obviously is willing to play the voter for a fool — from saying she used a private server for her official emails so she wouldn’t have to juggle two devices, to asking whether wiping a server clean means like with a cloth, to declaring on Sunday that she would release the transcripts of her Goldman Sachs talks when every candidate did the same for all their talks with private groups.

How stupid does she think we are?

Whether or not Clinton now ekes out the nomination with her lock on the party’s “super delegates,” or a white knight draft of Vice President Joe Biden or some other candidate is made to rescue the Democrats, or Mike Bloomberg enters the race as a spoiler — Sanders’s insurgency has irreparably damaged Clinton’s candidacy.

The validation of the Vermont senator’s surging opinion polls in the first two primary contests has punctured the Clinton balloon, pulled back the curtain on the fake wizard — pick your favorite metaphor.

If the Democrats persist in awarding her the nomination, she runs a good chance of losing to the Republican nominee, whether that is Donald Trump or John Kasich or Marco Rubio or whoever.

Sanders beat Clinton in New Hampshire across every age, gender, and income demographic except those 65 and older and those in households earning $200,000 or more.

Obviously, in a state that is 95% white, there was no breakdown in racial demographics, and it will take more than a breakfast with Al Sharpton in Harlem for Sanders to turn the tide on Clinton’s minority support.

But winning is its own message and voters who have ignored or belittled the Sanders phenomenon until now will be taking a second look.

Sanders’s lengthy victory speech Tuesday night, incorporating large parts of his stump speech, was a manifesto reaching out to those voters who might be looking at him and hearing him for the first time.

The first indication of how much momentum New Hampshire has created for him will come in the response to his appeal Tuesday night, first in an email blast and then in his speech, for those hundreds of thousands of small donors to chip in again.

Having upended this contest in a way few could have predicted, the Sanders juggernaut can then roll on to the next primaries and caucuses with a full head of steam.