The alternative is for them to go the same route the DNC did and essentially tell the voters that their opinion only matters if the deligates & superdeligates decide to give it any weight. I am opposed to this, just as I was when the DNC rolled it out. It was a complete joke and is Plutocracy at its worst. It would, however, be one way the GOP could essentially keep the far right appeased while still getting a candidate with wide appeal on the ballot.

Let's not split hairs here, unless Obama flips his rating trends upsdie down, Kennedy vs Carter (i) part two could be a reality in 2012. The election of 2008 was anticipated to be a landslide win by Obama, when examined on a state by state basis, it was closer than expected. This was when Obama was titilating the nation. His overall popularity has halved since then. If John McCain was able to come as close as he did being as comparitive to Bush as he was leading into the election, then I tend to believe the recent polls showing Romney, Huckabee, and even Palin all beat Obama if the election was today.
Colorado
Florida
Iowa
Indiana
Minnesota
New Hampshire
New Mexico
North Carolina
Ohio
Virginia
Washington
Wisconsin
All states which were close enough in 2008 to going for McCain and all states just experienced a majority voting for Republican candidates over Democrats in various midterm elections. If these states' 2012 presidential votes are similar and all other states hold to the same pattern as the 2008 election (which benefits the GOP and is predictably likely considering the GOP base in those states got a lot stronger between 2008 & 2010), Obama will lose 223 to 315.

Of course, this could potentially save the Obama presidency instead. However, he would have to take a cue from Bill Clinton for that to happen, and I question whether than man is politically savvy enough to do that.

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If you kill me it's self defense
And if I kill ya' then I call it vengeance
Spit in your eye I will defy
You'll be afraid when I call out your name