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Hillary is a known quantity, has the most name recognition.
Those who are undecided would be less likely to be her followers, or they would not be undecided in the first place.
As they get more info on the other candidates, especially if one becomes the alternative to Clinton, there is lots and lots of room for a surge for someone other than Clinton.
If Obama wins Iowa, he will have a good chance at NH with all the momentum and media coverage. Then a win in SC would just about seal the deal....
I think a lot of hillary's early lead, particularly among blacks, stems from the perception that obama did not have a chance.
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