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Constitutionally, that's not so. The Electoral College chooses both the President and the Vice President, and the electors cast their votes for their parties' respective candidates. What is true is that in recent years the presidential candidate has generally been able to name his own running mate.

But don't underrate the Vice Presidency. Of the elections from 1956 on (excluding 1964, when there was no incumbent Vice President), there was only one (1976) when the Vice President was not his party's candidate either for President or Vice President. It seems that 2008 will be another exception, which is unfortunate.