You have to make him the nominee of one of the major parties. He's not a great pick for the Democratic Party at the time but the Republican Party held the Presidency and defeating a President in a primary is really really hard.

Still if there was a year when the Democratic Party was in enough flux for a hostile Perot takeover of the party to come off-1992 is that year. In a year when no one expected the party to win-strange nominees are much more possible than usual.

There were after all some similarities between Perot's message and Brown's and Tsongas' if not Clinton's.

Perot decides on a hostile takeover of the Democratic Party as opposed to an independent run-wins the nomination in a divided. George Bush is so unpopular due to the economy that Perot he wins the election despite his "party" being far from enthusiastic about him.

Is Perot the Democrat likely? No. But unseating Bush as the Republican nominee is much harder to pull off-and winning the Presidency as an independent is close to impossible.
 
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