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George Wallace, then governor of Alabama, was an independent candidate for the presidency in 1968. Wallace, running on a pro-segregation platform, won several deep south states in the election, but ultimately lost to Richard Nixon.
Wallace's strategy in the campaign had been to throw the election to the U.S. House of Representatives - the result when no presidential candidate wins a majority of electoral college votes - and then use his clout to negotiate his way to a win. Wallace's campaign embraced the idea that neither of the major parties successfully represented most Americans. The slogan "Win with Wallace" reflects that notion of discontent.