First, it lends gravitas to the Register's endorsement process. Nobody can accuse them of just going for the winner or the candidate who is most pro-business. McCain is far behind in the polls in Iowa and nationally, and he has several competitors for most pro-business Republican. The nod for McCain thus adds more credibility to the newspaper's endorsements this year.
Second, though McCain is currently not doing well in Republican polls, he is very popular with Democrats and independents, who respect him for his integrity. In the eyes of Democratic and independent voters, it lends more respect to be paired with McCain than most the other Republicans.
Third, this endorsement, plus the simultaneous endorsement of McCain by the Boston Globe, could give a real kick-start to his campaign. Again, since he is popular with independents, some independents in Iowa and New Hampshire may decide to caucus for him instead of for Obama in the Democratic primary. A third benefit for Hillary.
I guess you could say that the first two factors are positive for Obama as well, since he was paired with McCain in the Boston Globe endorsement. And the Globe does have influence in New Hampshire. But, since it is out of state, I doubt if it has as much influence as the Des Moines Register does in Iowa. And the Iowa vote is first. And, most importantly, the third factor mentioned above is potentially negative for Obama in Iowa and especially in New Hampshire.
The bottom line. Winning the Des Moines Register endorsement was wonderful for Hillary. And having McCain get the Republican endorsement made it even a bit better.
Of course the main danger would be if McCain got enough momentum to win the nomination. He would be a formidable opponent for any of the Democratic nominees.
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