While we're on the subject of 2008, it's certainly interesting that New York Mayor Michael Bloomberg is, according to an exclusive story in the Washington Times, setting aside $1 billion in his own money for a possible run as an independent presidential candidate. But surely someone as smart as Bloomberg—who made his fortune running an eponymous financial information business—can do the math. You win a presidential election by winning individual states, not via a nationwide popular vote. Which states can Bloomberg conceivably win? I can't think of any.

So what's going on? Close readers of Passport may recall that Bloomberg shared the stage with former U.S. President Bill Clinton on Monday at a conference on climate change. Clinton is a notorious leaker. The Washington Times' story ran on Tuesday. Mayhaps Bill wanted to create a little confusion in Republican ranks, hmmm? Or better yet: Convince Bloomberg that he really should run, and hope he siphons away Republican votes, clearing the way for ... President Hillary, of course.