Rhodes Cook: "Time for a Third Party?"

From Rhodes Cook at the Wall Street Journal:

The time could finally be ripe for the creation of a major third party. Both the Democrats and Republicans these days are viewed with “minimum high regard.” The number of voters who register as independents is growing. And the twin conditions that have been present for most of the significant third-party movements in the past – political, social or economic upheaval and an embattled president – are both in place as 2012 approaches.