Morning Line: 2012 GOP Nomination Odds

NEW: 2012 GOP Nomination Morning Line January 2011:

Romney 5/2
Pawlenty 7/1
Huckabee 7/1
Daniels 9/1
Palin 11/1
Gingrich 11/1
Thune 15/1
Jeb Bush 15/1
Barbour 20/1
Field 15/1

Preview:

There are two parallel GOP primaries. The social conservative primary is between Huckabee and Palin plus outsiders such as Pence and Bachmann. The winner of that primary goes up against the Establishment Republican primary, between frontrunner Romney and everyone else. The winner of the Establishment Republican primary should win the nomination. The best chance for the winner of the Socon primary is winning Iowa and running respectably in NH while Romney collapses, and then winning in South Carolina and Florida, taking a commanding lead before the establishment wing of the party can compose itself and unite behind someone else.

The candidates with the best cross-appeal to both factions are Gingrich and Barbour.
Barbour was going to be my long-choice for the nomination. The very day I was going to write about that, he shot himself in the foot in the Weekly Standard interview.They would have a great opportunity should Huckabee and Palin both decide not to run.

Despite my making Mitt the favourite, I would definitely not place my bet on him. 43 years ago his father was the favourite for the 1968 nomination, before collapsing in the winter of 1968 after admitting to/complaining about being "brainwashed" by the generals about Vietnam. Romney doesn't excite many people, has the burden of explaining the difference between his Massachusetts health care plan and Obamacare, and is still mistrusted by people who are suspicious of a Republican who tried to beat Ted Kennedy by running to his left.

Compare my odds with the results of the recent Republican Insider poll, converted into odds:

Romney 4/1
Daniels 7/1
Pawlenty 8/1
Thune 9/1
Palin 10/1
Huckabee 13/1
Barbour 13/1

I think that the Insiders underrate the degree to which Daniels has pinned a target on his back by his call for a truce on social issues. Socons will now exert themselves for his defeat. The Insiders, obviously appreciative of the difficulty that any Socon will have, still underrate Huckabee's high favourability with the race. Thune is apparently a highly thought-of establishment dark horse; Gingrich didn't even make the top 7.