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I think if you don't get 15% in a caucus location, you relocate your vote to your second choice. That's usually not a giant factor, but there's a lot of pressure this year to resolve the race into Clinton v. Anti-Clinton. I am guessing that Edwards is fading fast, and that Obama will be the big beneficiary. Clinton will hold what she holds... she's strong among those over 50, and they're pretty dependable caucus goers.
My guess is that Obama will take Iowa with a big number, maybe something like 40% to 32% for Clinton, and everyone else will under perform. Going into New Hampshire the race will already be down to Clinton and the consensus anti-Clinton. From that point, it's probably a replay of McCain-Bush or Hart-Mondale, with some drama along the way, but Clinton grinding ahead in the delegate count state by state.
The Republicans may go the opposite way, fracturing the field even more, rather than coalescing. Huckabee should finish a strong second to Romney's bought-support. Then Guliani ambushes Romney in NH. Mitt wins Michigan. Huckabee emerges as the christian dark-horse... A real mixed-up mess. Florida should give Rudy a tough-to-top delegate lead in the week-by-week tallies. Thompson's absurd campaign wrecks the party dream of a consensus candidate that doesn't piss off the christian right.
Desperate to have a candidate before the convention, the pug party big boys probably fall in line behind Rudy eventually, though God knows why.
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