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The reason the caucus is particularly important is two-fold. First, it is the earliest actual gauge of how America feels about the candidates. Second, it is a caucus style forum so people just don't show up and cast a vote. They actually discuss and barter and this teaches candidates more precisely how their campaign is perceived and also teaches them what issues make people switch camps and stand with them. An early win in Iowa means that you are winning the perception battle, a loss means you need to fix your campaign and quick.
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"The courts that first rode the warhorse of virtual representation into battle on the res judicata front invested their steed with near-magical properties." ~27 F.3d 751
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