Tea Party Godfather Ron Paul declares 2012 bid

I consider Texas Rep. Ron Paul serious competition…NOT!

This is his third shot for the presidency. Back in 1988 he ran as a Libertarian. He ran again in 2008 with no success.

Paul has built coalitions that include senior citizen "granny warriors" and pot-smoking libertarians. During his 1988 presidential run, High Times magazine, which caters to marijuana users, published a cover story under the headline, "Ron Paul: Pro-Pot Presidential Candidate."

Maybe the third time is the charm! Anyway, I’ll keep my eye on this guy.

I respect him, but c’mon folks …he’s an old fart! The guys 75 years-old. I don’t think we want another Ronald Regan with Alzheimer's (For the record he had it late in his last term) running the country.

Paul, a native of Pittsburgh, is both a spiritual father and actual father in the Tea Party movement. His son, Tea Party darling Rand Paul, won a Senate seat in Kentucky last year and has become an ardent proponent of spending cuts and smaller government.

Paul made his announcement in an interview on ABC's "Good Morning America" from New Hampshire, where he planned his first event for his presidential campaign on today.