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Voter dissatisfaction with both parties is at an all-time high, and voter trust in Washington is at an all-time low. It's the perfect political climate for an alternative. NPR's Mara Liasson reports on what a third-party presidential candidate in 2012 might mean.

MARA LIASSON, BYLINE: Pollster Stan Greenberg worked for Bill Clinton in 1992, when third-party candidate Ross Perot roiled the race. If it happened back then, Greenberg says, it can happen again.

STAN GREENBERG: I can't imagine that with 85 percent of the country thinking we're on the wrong track that there won't be a third-party candidate. There has to be. There's too much opportunity, too much anger with politics.

LIASSON: Former Republican Congressman Tom Davis agrees. The message of the last three elections is clear: Voters are in an anti-incumbent, anti-Washington and now anti-Wall Street mood. Davis says voters see the system as rigged.

TOM DAVIS: They look at the political system as absolutely broken. This is expressed by the fact that today the fastest growing element in the electorate are Independents. Voters given the opportunity to cast a protest, sort of(ph) go a third way - I don't think it has been riper for that in probably a generation.

LIASSON: There already is an organization called Americans Elect trying to make sure voters get that opportunity. Kahlil Byrd is its chief executive.

KAHLIL BRYD: We are on the ballot in Florida, Michigan, Ohio, Nevada, and currently in California. Officials are counting 1.6 million signatures and we expect to be on the ballot in California by mid-December.

LIASSON: Americans Elect is backed by wealthy investors and it will have the 20 to 30 million dollars it takes to get on the ballot in all 50 states. Then, next June, it will hold an online convention where participants can draft an independent ticket for president. Theoretically, anyone could emerge, but Americans Elect seems to be looking for fiscally conservative socially liberal candidates - think grand bargain instead of grand old party.

MATT MILLER: I wrote this third-party stump speech as I tried to try(ph) a model what an agenda like this might sound like.

LIASSON: That's columnist and former Clinton administration official Matt Miller. He doesn't think either party is telling Americans the truth about what needs to be done to solve the country's problems. He's a fan of Americans Elect, and he's drafted this pitch for what he hopes will be a radically centrist third-party candidate.

MILLER: How's this for something different? I want to raise your taxes, cut spending on programs you like, and force you to rethink how we run our schools, banks, armies, hospitals and elections, and I want you to cheer when I'm done, because if you embrace the decade of renewal I'm calling for...

LIASSON: A third-party candidate probably couldn't win the election, but in the past they've often had an impact on the race, particularly in a close race, as the early polling suggests 2012 will be.

ED ROGERS: Have a third party candidate on the ballot that helps the challenger.

LIASSON: That's Republican strategist Ed Rogers. The last three races where there's been a prominent third candidate, the incumbent or his party lost. In 1980, Jimmy Carter had John Andersen; in 1992, George H.W. Bush had Ross Perot; and in 2000, Al Gore had Ralph Nader. Rogers wishes the same for Barack Obama next year.

ROGERS: I wish somebody good and credible from the left would wander into the race and scramble the numbers in a few key states - Ohio, Wisconsin, Pennsylvania - for Obama. Some sort of labor purist or eco-fanatic or something. Yeah, I'd be for that. I just don't think it's going to happen.

LIASSON: That's exactly what keeps Democrats up at night. But Rogers worries about a challenge from the right - and it doesn't even have to be a national candidate.

ROGERS: As an example: An anti-immigration candidate with some organization and some money on the ballot in Colorado and Arizona and New Mexico - they've got three to five percent of the vote, you have Obama win with 46 percent or less. You know, an angry Tea Party purist that just wants to rage against the machine - look out. That could be real trouble.

LIASSON: But until an actual third-party ticket emerges, it's impossible for political professionals to game out who it would hurt – President Obama or the Republican candidate. Stan Greenberg...

GREENBERG: Certainty there's going to be a third-party candidate. And with absolute certainty, we have no idea what's going to happen.

LIASSON: Nothing about this election, Greenberg predicts, is going to follow a predictable path. Mara Liasson, NPR News, Washington.

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