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Three reasons:
1. I don't see Hillary wanting the VP spot. I have yet to even see a HIllary surrogate suggest this as a possibility. Hillary's ego is way too large, and it would require eating some massive crow about Obama's electability. This is wishful thinking.
2. Hillary on an Obama ticket would help. It would not galvanize the right wing, because they already detest the idea of minority president, and Hillary as a VP does not present as ominous threat. If anything, Hillary as VP comes off as humbled, which takes the edge off of Hillary. Indeed, Hillary could use a VP slot to humanize her more, since she has to display some humility to accept it, rather than bravado she displays as the Presidential wannabe.
3. Hillary as VP allows her to do what she does best (attack) while leaving Obama free to do his thing (sunny optimism). No one is going to expect Obama to control Hillary, so Hillary can do the Cheney thing, an attack McCain, while Obama goes about sounding Presidential. Also, Hillary and Obama do have strengths and weaknesses that are complementary. Conversely, attacks that work on Hillary don't work on Obama (she's divisive and she's woman) while the Obama attacks don't work on Hillary (he is not white and he is a man).
So, it is not going to happen, not because Obama would never take her, but because Hillary has not even suggested the possibility.
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