In it, but not of it. TPM DC

He's B-a-a-ck: Giuliani Says He's Considering 2012 Run (VIDEO)

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Should Giuliani enter the fray this year, he'll join the growing field with a very different profile from the one he enjoyed in 2008. Back then, Giuliani -- "America's Mayor" -- was the national frontrunner in the Republican nomination contest, riding high on his profile as the man who led New York City through the Sept. 11 attacks. But Giuliani's popularity in national polls did not translate to strong Republican support in the all-important opening primary states. So Giuliani skipped them, preferring to make a stand in the more Giuliani-friendly Florida where, the theory was, he could win enough delegates to make up for lost time.

That plan didn't work, and Giuliani's national-focused candidacy became a textbook example of how not to run a presidential campaign.

It's likely you'll see a very different Giuliani on the campaign trail in 2012 than you did in 2008 if, as he hinted to Kudlow last night, he decides to make a run. For now, though, it's not clear he'll be on the trail at all.

Watch Giuliani hint at a presidential run (talk of 2012 begins at 11:56):