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Yes, the Hanna Republicans were strong, but this wasn't entirely implausible.
My prediction? Roosevelt wins the election. Taft didn't have the backbone to run (He wanted to be in the SCOTUS anyway), and with the Republicans' resources, Roosevelt's campaign would have been well oiled and definitely a lock for the presidency.
However, I think Roosevelt would have followed Wilson's progressive economic policies, continued to be the trustbuster, and he would also have created the Federal Reserve System.
OTOH, Roosevelt would have jumped at the chance to go to war, right after Bismarck sank the Lusitania. But instead of suffering because we entered too early, we would have benefited, as Roosevelt would have quickly committed a lot of troops to the effort, and quickly beat the Central Powers.
Here's the election.
1912: Theodore Roosevelt/Elihu Root (Balance the ticket)
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