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If Gephardt can win in Iowa, esp. if it's an upset over Howard Dean, he instantly becomes a strong candidate, and could turn the fight for the nomination into a 3-way battle between him, Dean/Kerry, and Edwards/Lieberman/Graham.
Let's say that an Iowa loss cuts Dean's momentum and Kerry wins in NH. Then let's say that Edwards or Lieberman (or, in theory Graham) wins in SC. It becomes a battle between Gephardt, Edwards, and Kerry. Gephardt would be a very strong candidate in many states. The dynamic between him and Edwards will, in this case, be interesting. They're both running as populists, Edwards as a more new-democrat one. Which one will voters prefer? Edwards or Gephardt, and if they're divided, will Kerry be the nominee? That's certainly possible. But it's also very possible that in a 3-man contest, Gephardt will come out on top. He can appeal to many culturally-conservative areas, like Edwards, and he has more experience, which could have appeal. However, if they prefer Edwards as a new face, then he could benefit.
Of course, if Lieberman or Graham emerges as the survivor of SC, then the dynamics are different. You get a moderate-liberal (Kerry), and economic-liberal (Gephardt), and a centrist. Gephardt again has a strong chance here, but so does Kerry. So it could well, in this case, come down to Gephardt v. Kerry
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