Making the case for a brokered GOP convention

With mainstream Republicans struggling to overcome the rise of outsider candidates, some say the party could face something it hasn't seen in nearly 70 years: a brokered convention.

The term refers to a condition in which no candidate has the required amount of delegates to secure the nomination. The party then takes the battle to the floor where a nominee is decided.

The fractured nature of the race leading up to the 2016 nomination has Greg Valliere, who as chief political strategist at Horizon Investments is one of the leading voices on the Wall Street-Washington connection, thinking that a brokered convention could happen for the first time since 1948.

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"A lot is at stake," Valliere said Tuesday at the Schwab IMPACT 2015 conference in Boston. "I can't tell you tonight who the winner will be."

He said Donald Trump probably won't be, because voters don't want to "hear him say for the next year that everything stinks." Nor does he give Ben Carson much credence.

Instead, he thinks the race will come down to five candidates who will battle it out among mainstream GOP voters (in ascending order).