The most direct way is that to the extent Bloomberg can attract any support, it’s likely to be from the more moderate wing of the Democratic Party, which is a key part of Biden’s base. Even if he doesn’t draw big numbers, if one of the early states comes down to a few points, Bloomberg could siphon off enough votes to put Warren over the top. He is not likely to attract any of Warren’s or Sanders’ voters.

The more indirect way is that if Bloomberg enters the race, he’ll inevitably run against the radical turn in the Democratic Party. He’ll rail against the wealth tax, kicking 180 million people off private insurance, spending $34 trillion to socialize health insurance, and so on. And because he’s a big name with lots of media connections, his attacks will get a lot of attention.

And who could Warren choose as a better poster child for those opposed to her plans than a multibillionaire who decided to come out of political retirement and spend oodles of cash trying to take her down?

If Bloomberg does jump in, Warren can celebrate Christmas a bit early this year.