The Washington Post has an interesting look at Thompson's legal career and opposition to tort reform. I frankly think the larger issue for him is not his social conservative credentials (his voting record appears to have satisfied most pro-life advocates) but his legal conservative ones. In addition to opposition to tort reform he, of course, championed and until 4 years ago defended McCain Feingold, an anathema to conservative activists and First Amendment advocates of all stripes. He has also supported affirmative action. It is unclear whether he is sticking with these positions or will be "evolving," but none strike me as the product of what we think of a conservative legal disposition. If Thompson were to explain his views in depth and respond to questions as to his thinking (and possible changes of heart) it would be just the type of approach which would demonstrate his preparedness and confidence for the race.
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