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One reason could be that the person with the most third place votes, but no first place votes could win. A strong Kerry voter would put Kerry first and then just fill in his neighbors. If you really want Kerry to win, you wouldn't even put in the Libertarian or other third party candidates for fear that might have an impact. Same with the Bush people. If you really wanted a third party candidate to win, you wouldn't put Bush or Kerry anywhere on your list. Then again, a lot of reasonable people would simply rank their favorites and let the chips fall. My guess is that most people would still just make one real vote under that system.
And, oh yeah, the dems and reps would never approve. And if another party got powerful enough to effect such a change, it would probably cease to be for it.
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