In a stunning move, New York City mayor Michael Bloomberg has announced his intention to run for President and spend up to $1 billion of his own money to do it. The number is staggering compared to the war chest of most candidates

A $1 billion campaign budget would wipe out many of the common obstacles faced by third-party candidates seeking the White House.

"Bloomberg is H. Ross Perot on steroids," said former Federal Election Commission Chairman Michael Toner. "He could turn the political landscape of this election upside down, spend as much money as he wanted and proceed directly to the general election. He would have resources to hire an army of petition-gatherers in those states where thousands of petitions are required to qualify a third-party presidential candidate to be on the ballot."

The campaign will undoubtedly bring comparison to the one ran by Ross Perot in 1992. Bloomberg is aware of this fact, and has had his team study Perot's campaign to see what they could learn.

If nothing else, the idea of a third party candidate is an exciting one. It should help elevate the debate on issues. This is a very bold move by Bloomberg, who is clearly putting his money where his mouth is.

What do you think of Michael Bloomberg's third party candidacy?