This afternoon in The Situation Room, Wolf Blitzer and Jeffrey Toobin unveiled CNN Multi-Touch, a new technology that will be used for the networks coverage of the Iowa Caucuses. Transcript follows…

BLITZER: Here at CNN Election Center in New York, we’re planning to show you the Iowa caucuses as you have never seen them before. We have new technology designed to take you inside this quirky political process and to bring you up-to-the minute results tomorrow night.

Our senior analyst, Jeff — Jeff Toobin, is keeping us on top of all of this.

Show us this — this magic wall, as I like to call it.

JEFFREY TOOBIN, CNN SENIOR LEGAL ANALYST: Exactly.

So — so, Wolf, what I think people need to understand is that the Iowa caucuses are not an election. They are a caucus. And a lot of the rules that apply in an election don’t apply. For example, it’s not a secret ballot. Everybody tomorrow, at 7:00 East — Central time — is going to come in and they’re going to vote.

And what we have done here is, you and I, we’re going to be the voters. The — there are 100 question marks here. That’s about as many people who are often at a caucus. And they are going to the corner of the room who support their candidate.

(CROSSTALK)

BLITZER: This on the Democratic side…

TOOBIN: On the Democratic side.

BLITZER: … because the Republican rules are different.

TOOBIN: Exactly. The rules are different on the Republican side.

But, on the Democratic side, let’s — let’s do it. Come on, Wolf.

(CROSSTALK)

BLITZER: So, there’s 100 people here.

TOOBIN: Yes.

BLITZER: And they don’t know where they’re going to go.

(CROSSTALK)

TOOBIN: Everybody is going to vote differently.

BLITZER: We’re just randomly putting people in different places.

TOOBIN: Right. We’re not going to…

BLITZER: And the buttons become — these people, all of a sudden, they decide that they’re going to be supporters of the various candidates. And…

TOOBIN: There we go.

BLITZER: And we — we…

TOOBIN: And we have got just a few more here.

BLITZER: And we’re showing the percentages at the bottom.

TOOBIN: Right. And that’s the key thing here.

(CROSSTALK)

TOOBIN: We got one more.

BLITZER: Here’s another one right here. Come on, guy.

TOOBIN: All right.

BLITZER: This one doesn’t want to move.

TOOBIN: Here we go.

(CROSSTALK)

BLITZER: Yes. There we go.

TOOBIN: Come on. That’s a reluctant voter. There we go.

OK.

Now, the key point about the Iowa caucuses on the Democratic side are the percentages, because there’s a magic number. And that magic number is 15 percent. After the first round of voting, after the first time everybody votes, you have to be over 15 percent, or you’re out of luck.

All those candidates with less than 15 percent can’t continue to the next round. So, here in our demonstration, Hillary Clinton, Chris Dodd, and Barack Obama survive to the next round.

BLITZER: They got that 15 percent threshold.

TOOBIN: Exactly. But now…

BLITZER: And all those who voted for the other candidates, they’re now up for their second choice.

TOOBIN: Exactly. And, so, now what you and I have to do is take those second-choice votes and spread them around, because they will get a chance…

(CROSSTALK)

TOOBIN: … to vote for another candidate.

And this is one other key political issue here, which is second-choice voting.

(CROSSTALK)

BLITZER: Second round of this so-called voting.

TOOBIN: Right, because, on most elections, we don’t really care who people’s second choices are, but you only get one vote, one person, one vote.

But, here, you get two — you get two chances. And, you know, here we have a situation where Dennis Kucinich has said he has sort of urged his supporters to support Barack Obama if he’s not viable. And, in our demonstration, Hillary Clinton got 35 percent, Chris Dodd got 30 and Barack Obama got 35 as well.

This is what would be reported to headquarters at the end.

BLITZER: From this one caucus.

TOOBIN: From this one caucus. And the minor candidates, they get nothing. So, it is really a system that rewards people who can get to the 15 percent threshold.

BLITZER: So, it’s almost as important to be the second favorite, as opposed to being the favorite.

TOOBIN: As long as you’re — you — that’s right. And you have got to be above 15 percent. Fifteen percent is the key rule.

Republican, different. They are just a straight vote.

BLITZER: And Jeff’s going to be explaining all of this throughout tonight and tomorrow.

(LAUGHTER)

BLITZER: We have got a lot of technology going on.

TOOBIN: All right.

BLITZER: All right. Jeff, thanks very much.