Third party rising? (potential for a third party in the US)(Cover Story)

Disaffected visionaries on white steeds regularly ride into American political lore, in search of an alternative to the two-party status quo. Whether the standard-bearer was Teddy Roosevelt, George Wahace, John Anderson or Ross Perot, the quest always proved quixotic. But now, in light of today's voter anger, has the day finally dawned for a lasting new choice?

Recent polls show that the two major political parties are vulnerable to encroachment from a new centrist force. At least one-third of the electorate is dissatisfied - and up for grabs.

According to surveys by Lou Harris & Associates, 30 percent of weakly affiliated Democrats say they are unhappy with their own party while 26 percent of weakly affiliated Republicans are unhappy with theirs. Forty-five percent of the electorate - enough to win a three-way race - say the country needs a new political party to reform American politics. …