Candidates begin to jockey for 2008

Edwards was out of the gate before the 2004 dust had settled

There's bad news for people who are sick to death of hearing about the 2004 race for the White House: The 2008 race has already begun.

In fact, some argue that John Edwards, who lost his bid to be vice-president, fired the starting gun even before his running mate John Kerry conceded the race.

Mr Edwards made one last effort to rally the Democratic faithful in Boston on election night as the result hung in the balance.

The race had begun to tip against the challengers, but there was still a possibility that provisional ballots might save the Democrats.

"It's been a long night, but we've waited four years for this victory," Mr Edwards went out into the night to tell supporters.

"We can wait one more night. John Kerry and I made a promise to the American people that with this election, every vote would count and every vote would be counted," Mr Edwards said.

Hours later, Mr Kerry did admit defeat. That set Mr Edwards up as a leading candidate to carry the Democrats into 2008.

But Mr Edwards gave up his Senate seat to run for the White House this year, and having lost, he does not have an obvious pulpit from which to preach for the next four years.

Return to the White House

Hillary Clinton, the wife of the former president and now a senator in her own right, faces no such handicap - and London betting parlours consider her the favourite, with odds of 5-1.

The bookies like Hillary's chances

Whether the Democrats lean towards Mr Edwards or Mrs Clinton will say a great deal about how they see their future.

Mr Edwards is charismatic and young - some say too young - and a Southerner, which will make him immediately appealing to some strategic thinkers.

Only Southern Democrats have been elected to the White House in the past 40 years. Some argue that the Democrats cannot win with a Northerner.

But Mrs Clinton's supporters think a credible female candidate might break the Democrats' Northern losing streak.

Women back the Democrat party in disproportionate numbers and make up the bulk of primary election voters, potentially giving a female candidate an edge.

Mrs Clinton is undoubtedly a force to be reckoned with. She is a prodigious fundraiser who has positioned herself as a centrist in the Senate, taking an interest in security and defence.

Crowded field

The two will not have the Democratic field to themselves - a handful of governors are likely to test the waters, including Iowa's Tom Vilsack, Illinois's Rod Blagojevich, and perhaps New Mexico's Bill Richardson.

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Indiana Senator Evan Bayh is also reported to be considering a run.

And John Kerry has not ruled himself out in 2008, although modern losing candidates have traditionally not made second attempts.

While the Democrats jockey for position in opposition, Republicans too are looking to 2008, since President Bush cannot run again.

Vice-President Dick Cheney is not likely to run - he has had heart problems and will be 67 in 2008 - leaving the Republican field as wide open as the Democrats'.

The Republican leader in the Senate, on the other hand, is openly positioning himself for the race.

Bill Frist, a medical doctor from Tennessee, has been a senator for 10 years and is a close ally of President Bush.

He campaigned on behalf of a number of Republican candidates for Senate this year, and with his party's increased majority in the upper house of Congress, his political stock will be high.

Rudy's return

But his name recognition is low compared to some who are eyeing the White House, such as former New York Mayor Rudy Giuliani.

Mr Giuliani has been a highly-sought public speaker since leaving office and is considered a possible Cabinet contender.

Giuliani's stock is high after his strong response on 9/11

But he is a moderate on many social issues such as abortion and gay marriage.

As with the Democrats' choice between Mr Edwards and Mrs Clinton, the Republicans would be making a strong statement about what sort of party they want to be if they nominate Mr Giuliani.

Arizona Senator John McCain - who lost the party nomination to Mr Bush in 2000 - might also be in the running, along with Homeland Security Secretary Tom Ridge, Governor George Pataki of New York and Senator Chuck Hagel of Nebraska.

And of course there is another Bush in the wings - Florida Governor Jeb, the president's younger brother.

He has said he is not planning to run, but few are ruling him out.

The British bookies put the best odds on Mr Giuliani for the Republicans - 15/2.

If they are right, 2008 could be a rematch of the 2000 New York Senate race that never happened. Mr Giuliani dropped out for health reasons, and Mrs Clinton won.

He might have a second chance at her in four years - with much higher stakes.