Fred lowers expectations:

“I would certainly acknowledge that expectations are high, but I don’t agree with the idea that we have to go out and be perfect,” Thompson’s communications director, Todd Harris, told The Examiner.

“You know, we’re going to make mistakes — I’ll say it right now,” he added. “We have to have a good announcement tour. There’s no question about that.”

Thompson has probably made the biggest mistake already--refusing to enter the race officially. His support has declined since its peak and going official now doesn't appear like its going to add much luster. In fact, his poor public performances strongly suggest that he's at a significant disadvantage in going head-to-head with Romney and Giuliani, both of who have sharpened their skills and the effectiveness of their political teams with league play.

Thompson would have been much better off going in at the beginning of the summer and making his mistakes while people were on the beach. As it stands, we are now in the home stretch and Fred is going in cold.

Maybe I'll be surprised, but I doubt it.