He has no platform, no ticket mate, no realistic hope of occupying the White House. Yet there he is, running for President with the approval of perhaps a fifth or more of the electorate—no fewer than 13.5 million adult Americans. Not since Theodore Roosevelt's Bull Moose Party emerged in 1912 has a third party so seriously challenged the two-party system. Not since 1825 has an election been decided by the House of Representatives, as this one possibly threatens to be. Yet, starting from the narrowest of bases, with a single stock speech and...

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