Remember, John Major Looked Like A Sure Loser, Too

With the general election drawing near, the incumbent is trailing badly in the polls. The rosy glow of victory in the gulf war has faded, replaced by national angst about a sinking economy. But the incumbent, a moderate technocrat who inherited his mantle from a far more charismatic leader, seems bereft of new ideas. He's facing a revitalized opposition eager to avenge three straight election defeats. And his opponent is a man who has dragged his party into the mainstream after years of left-wing domination.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.