One reason Bloomberg’s presidential ambitions have always been so comically detached from reality is that he fills a space on the political spectrum that is overserved (socially liberal, fiscally conservative) whereas the actual unmet political demand is just the opposite (socially conservative, fiscally liberal). Democrats keep nominating social liberals whose secret heresy is a willingness to cut deals that trim spending on Social Security and Medicare. Republicans nominate fanatic tax-cutters for the percent who want to deregulate Wall Street. Both parties’ elites agree on free trade and more liberal immigration. Bloomberg has always wanted to enter what is an oversaturated market for views congenial to the elite.

But if Trump and Sanders win their nominations, then the opposite would suddenly hold true. Instead of the socially liberal–fiscally conservative set having too much representation, it would suddenly have too little. A candidate who is neither a socialist nor a racist would have a large niche. Bloomberg faces a logistical challenge that is perhaps insurmountable: He would need to start getting his name on the ballot in early March, and he’s probably not going to know the major-party nominees by then. He would certainly need Sanders as the Democratic nominee, and probably Trump as the Republican nominee as well, to have a viable constituency. But if he did somehow find that combination awaiting him, the long-clogged lane he occupies in the center might suddenly break open for him.