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But there is also the psychology of the electorate at work here. Even if you're not "competing" in the early states, you have to show people something if you want them to get jazzed about your candidacy. There are going to be the core group of true believers for practically any candidate, but you have to attract the undecideds and convert some of the early choosers for other candidates. Giuliani didn't do much of anything.
And while all the media attention and excitement were focused on Iowa and New Hampshire, and while Romney, Huckabee and McCain were trading turns as the Flavor of the Hour, Giuliani wasn't getting mentioned. The stink of the loser began to attach to him, and when he didn't have anything more distinguishing to say than "Bra-awk! 9/11! 9/11! Bra-awk!", it was pretty easy for him to get tuned out by the public.
Then, of course, there are his looks and personality. As shallow as we human beings are, we still make a lot of judgments on attractiveness and likeability. Giuliani isn't attractive, and his personality isn't very likeable, and the more the average person is exposed to those two front doors into his candidacy, the less likely they are to vote for him.
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