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Well one issue is that it would require every candidate for nomination to run a national campaign from day 1. As of right now a relatively little-known candidate can gain attention and more money by concentrating on a few early states and coming up big (according to this line of thinking) whereas they could never establish themselves as national candidates unless they were already national figures. In some ways this is what happened with Clinton in 1992, but we also have to remember that almost all of who would have been considered the usual Democratic suspects that year found excuses not to run because they thought nobody would be able to beat Bush Sr. in the aftermath of Desert Storm.
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