Sen. Evan Bayh said yesterday he plans to form a presidential exploratory committee. As the former governor of Indiana, Bayh has executive experience and as someone who has been popular in a solidly red state, he has the ability to appeal to voters outside of the Democratic Party–all of which may serve him well in the general election. However, he’ll probably be too moderate to win the nomination and his lack of name recognition will be hard to overcome in a field dominated by Hillary Clinton, Barack Obama, and John Edwards. Given how much money it will take to win the nomination, it will be difficult to compete. Yes, the relatively unknown Bill Clinton won the nomination in 1992, but he stood out among a field of relative unkowns (Paul Tsongas, Jerry Brown, Tom Harkin, etc.)