Romney Inches to Presidential Bid

Former Massachusetts governor Mitt Romney officially announced Monday that he is launching an exploratory campaign for the Republican nomination for president in 2012.

Romney took to Twitter and YouTube for the official announcement, taking President Barack Obama to task for the fragile economy, stalls in the real estate market, and high unemployment figures.

"How has this happened in the nation that leads the world in innovation and productivity?" he asked in a video. "The answer is that President Obama's policies have failed. He and virtually all the people around him have never worked in the real economy. They just don't know how jobs are created in the private sector. That's where I spent my entire career."

Romney was an early favorite to win the Republican nomination when he ran in 2008 but eventually lost to Sen. John McCain.