we need to keep fighting as if we're 10 down
"However, there are some caveats to take into consideration. Firstly, Obama's support is notoriously soft. We saw that against Hillary in Texas, Ohio, and Pennsyvania, where the electorate actually moved away from Obama and towards Hillary in the final days of polling.
We also saw it post Republican convention where his lead went from +8 against McCain to -6 in the space of a weekend. Additionally, throughout this entire Presidential race up until the economic crisis began in September, Obama's leads have fluctuated wildly from +15 to -6. The electorate's trust of Obama is subject to a rapid erosion of support given the right set of circumstances.
Secondly, undecideds typically broke against Obama in the primaries. We saw this in New Hampshire, and in many other states throughout the battle with Hillary. If voters still have reservations at this point about siding with Obama then the probability is that they will resort to their fears and concerns, as opposed to their hope and desire for change, even in this political climate. Also in the 2006 mid-term elections, we saw a similar trend in favor of Republicans and against the Democrats.
It has been forgotten, because of the innumerable tight victories Democrats were able to eventually win, but the Democratic lead going into that election should have, in reality, resulted in far more emphatic margins. The United States, ultimately, is a center right nation and these natural proclivities amongst the electorate will always work against Democrats in the closing days of most political races, in my opinion.
Taking this into account I think it's fair to estimate that undecideds in the last 3 days will predominantly break to McCain by a margin of 65% to 35%. What this means is that if Obama is leading 50-46 heading into the weekend before election day, we will probably be looking at a final result of something like 51.4 - 48.6 in favor of Obama. The difference undecideds can make is negligible unless McCain is able to draw level.
The Intrade Predication Market gives McCain a 15% chance of victory and I think this sounds about right. However, news cycles like yesterday or today are crushing for McCain. The Colin Powell endorsement not only elevated Obama's standing on national security issues, but Powell also launched into a stinging attack on the McCain campaign, the selection of Palin as a candidate for VP, and on the Republican party for its conduct in general (video below). In actual fact, Powell went much further than endorsing Obama as was expected. Instead, he turned into a fully fledged advocate providing some of the most effective arguments for Obama's candidacy that we have heard this election season."
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