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Colin Powell even admitted that he didn't want to run for office because of this risk. Do I think America is ready? no. Do I think America needs it? Absolutely.
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I work in a very white town with strong financial demographics. The polling here shows Obama ahead by about 11%. When the economy sinks, people see past a lot of their prejudicial assumptions.
When Powell was considering a run, it was a very different time. His main advisor, Alma Powell pleaded with him not to run because she was afraid he'd be shot. These are two people that formed their political beliefs around the time that King was assassinated.