Allahpundit points to a column by Peggy Noonan who thinks it is time for a third party to emerge.
I have a inronclad opinion of third parties born out of historical study: third party efforts rarely succeed on lower-level elections, and even when they do, the effort never survives more than a few years, maybe a decade. On the bigger elections, they simply divide the vote of either the Republicans (Ross Perot, 1992) or Democrats (Ralph Nader, 2000), depending on the third party candidate's platform.
Bottom line: third parties have extremely small chances of success. The closest there ever was a successful third party was the Republican Party (anti-slavery platform) born from the ashes of the defunct Whig Party (pro-slavery) in the mid 1800s; their efforts peeled off a few anti-slavery Democrats from their party (pro-slavery.)
