Over at Nolan Chart, Shane Wittig nicely summarizes the LP state of play:
Gray, like Johnson, was once a Republican and has run unsuccessfully for elected office twice. Gray ran for a House seat in 1998 and a seat in the Senate in 2004, the latter as a Libertarian. He is also an outspoken critic of the war on drugs and was recently the chief proponent of Regulate Marijuana Like Wine, a proposed ballot measure that would have legalized and regulated marijuana in California.
Johnson mentioned Gray’s judicial and campaign experience as reasons for his selection.
“He’s been through the fire and he will be one heartbeat from the presidency and I think he would be very capable of that,” he said.
Johnson is the biggest name the party has had in a presidential candidate since Ron Paul ran in 1988 and is the only candidate in party history to have won a statewide election. His support for a balanced budget, legalization of marijuana, and ending the wars comes as a breath of fresh air to many party members. Many were disappointed by the 2008 nominee, former Rep. Bob Barr of Georgia, whom many viewed as more of a neoconservative than a libertarian.
This may be, hope against hope, a good year for the LP.