This article makes a surprisingly good case. The premise is that if Schwarznegger were to run (by the grace of a Constitutional amendment to allow foreign presidents) in 2008, Stewart would be the only hope for the Democrats and for the nation.
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I don’t know how old the article is, but Schwarznegger is a great deal less popular in California these days than he used to be. At present there’s no confirmation that he will even run for a second term.
If his governorship does go completely down the tubes, it will be be consistent with the only other governor to ever win in a recall election.
Apparently something similar happened in South (or was it North?) Dakota during the 20th century. The governor that replaced the one who lost the recall election did such an incredibly bad job that eventually the people elected the guy they’d originally kicked out as a senator.