Herman Cain, whose stock has been rising in recent weeks told an audience in Council Bluffs, Iowa that he was running for president:

Best known as the former chairman and CEO of Godfather's Pizza, Herman Cain says he's running for president of the United States in 2012.

Friday evening in Council Bluffs, the Atlanta businessman announced his candidacy for the Republican presidential nomination in 2012.

Cain spoke to a crowd of 200 people at Iowa Western Community College. His announcement was met with a standing ovation.

Cain's press secretary said the official announcement will be made on Saturday.

The buzz generated by a Cain candidacy among Republican activists no doubt contributed to his decision to make a go of it. He has been met with enthusiasm just about anywhere he has spoken in recent months, and online activists have been especially gung ho about his potential candidacy.

His is a long shot candidacy at this point, but 2012 is not going to be a usual year. If Sarah Palin decides not to run, Cain would emerge as a tea party favorite and perhaps even a front runner in some primaries like South Carolina.

At this point, it would be foolish to count anyone out.