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Former Alaska governor Sarah Palin spent Memorial day re-stoking speculation that she would enter the 2012 presidential campaign. Her unconventional “One Nation” bus tour hit most of the Eastern Seaboard’s historic hot spots (Mount Vernon, Liberty Island, Fort McHenry) – and it ended in New Hampshire, site of the nation’s first presidential primary.

On the heels of social conservative Mike Huckabee and Tea Party favorite Donald Trump both bowing out of the GOP nominating fight, it seemed that Palin’s presidential aspirations – pilloried by the left and dismissed by the “lamestream” media – had been revived. Polls reflected this resurgence, as Palin quickly moved into second place behind GOP frontrunner Mitt Romney – whose multiple flip-flops and previous support for socialized medicine have many righfully questioning his staying power as the presumptive GOP nominee.

To say nothing of his suitability to challenge another architect of socialized medicine …

Anyway, since Palin’s bus tour ended earlier this month the reality TV star and Tea Party diva has inexplicably crawled back into her Alaska shell. In fact it appears as though she has canceled – or indefinitely postponed – a pair of scheduled trips to early-voting Iowa and South Carolina.

What’s Palin doing?

Nobody seems to know … but it appears obvious now that Palinpalooza will not be coming to the Palmetto state this month after all.

“More than a few of Palin’s core supporters have grown impatient and confused about her strategy, venting their frustration on Internet fan sites,” reports Real Clear Politics.

We took a dim view of Palin in our initial assessment of the 2012 field, saying that she was “prone to excessive hyperventilation over all sorts of perceived indignities.” More recently, we expressed doubt that Palin would “be able to resist the whinier angels of her frequently atonal nature.”

Having said that, we’ve repeatedly expressed our hope that a Palin candidacy – in the event it materializes – might prove us wrong.

After all, were Palin able to offer concrete tax relief and spending reduction proposals (i.e. exceeding the deficit reduction plans currently being offered in Washington) as well as real entitlement solutions, there’s a good chance she could win over many of the independents who are currently so leery of her candidacy.

Obviously for that substantive reinvention to take place, though, Palin must first be a candidate – which at this point remains infuriatingly undetermined.

What do you think? Will Palin jump in? Should she jump in? Vote in our polls and post your thoughts in our comments section below …