1952: Robert Taft/Douglas MacArthur vs. Harry Truman/Averell Harriman

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Best case for Truman.

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~20% approval ratings. Dude was toast.

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In 1948, during the aforementioned "Dewey Defeats Truman" scenario, Truman's approvals were in the 40% range - and his election was still regarded as a "major upset" against a guy that barely campaigned, and when he did campaign, was bad at it. Truman's, in 1952, are about half. Not to mention he would have difficulty holding ground in the rust belt, and Taft, while a milquetoast campaigner, would have defeated Truman handily. He was not Angle in pants.

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In 1948, during the aforementioned "Dewey Defeats Truman" scenario, Truman's approvals were in the 40% range - and his election was still regarded as a "major upset" against a guy that barely campaigned, and when he did campaign, was bad at it. Truman's, in 1952, are about half. Not to mention he would have difficulty holding ground in the rust belt, and Taft, while a milquetoast campaigner, would have defeated Truman handily. He was not Angle in pants.

Very true.
Not to mention that in this scenario Truman's VP candidate is William Averell Harriman, who while he wasn't Henry Wallace, was considerably to the LEFT of most Democrats.  I can't imagine having that kind of reputation would help the Democratic ticket at all in the South, hell a third party would probably run and win the South.
Taft would've been considered real conservative, but Harriman's liberalness would've probably helped cancel some of the disadvantage of Taft's conservatism.

This would be analogous to Bush (well, if we assume he were eligible for a 3rd term) squaring off against Feingold in 2008. Feingold would win easily.

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^^^^^
This is probably what would've happened.  While I can't see the GOP winning that many southern states (they are still the Party of Lincoln to many in the South during this time after all) I doubt that Southern Democrats would hold their noses for a Truman/Harriman ticket.  So third party dominance in the South resulting in the Republicans making their biggest gains in the South since 1928 and the Democrats being massacred in all but a few states.

Didn't Hoover make some back-door concessions to the Dixiecrats in 1928...?

I could see Taft doing the same.