Former Ontario Premier and Toronto MP Bob Rae has formally kicked off his bid to run in the Liberal leadership race, saying he has "the judgment, the character, and values to lead."

In an early morning press conference in Ottawa Thursday, he detailed his political history, Canada's economic problems, and challenges facing the Liberal Party. The announcement came just hours after a new poll suggested some Canadians may have concerns about Rae's ability to handle the economy.

The former Ontario premier and Toronto MP tackled the issue head on, saying he has learned many lessons from his tenure as premier, "some of them the hard way."

But "a wise man once said, we do not make history, we are made by history," he said.

He noted his premiership, which came during hard economic times and was marred by criticism and protests, was a part of his life and that he was not going to run or hide from his record.

He said the experience and his 30 years of public service have given him the knowledge to understand how to help Canada during the current economic crisis.

"What matters is a person's character, a person's knowledge, (and) the ability to make wise choices," he said.

Rae said he better understands now the speed with which a recession can occur and how that can impact revenues and lead to bigger deficits.

"(Years of public service) have prepared me for this challenge ... I'm ready, so let's go," he said.

He added that he is the candidate best prepared to help Canada create a 21st century economy. Rae also said he wants to revive the Liberal Party, which he said has been hurting for the past five years.

"Our seats are down, our vote is down, our membership is down, our bank account is down. I could go on," he said.

He then called on the Liberals to make party membership free so more people may be included in the political process. He also told the party to steal a page from the Democrats down south and wisely use new technologies to drive up membership and fundraising.

He also said the highly publicized Democratic race between President-elect Barack Obama and Sen. Hillary Clinton early this year provide a good lesson for the Liberals. He said healthy debates between the candidates can help boost party membership numbers.

Last week, Rae accused rival Michael Ignatieff, his former university roommate, of running a "peekaboo" campaign. Ignatieff, a former Harvard academic, refused to allow the media to attend a candidates' event in Toronto. Rae's team is calling for weekly televised debates.

Rae came up short for the party's top spot at its last convention when he and Ignatieff were defeated in a come-from-behind win by current Liberal Leader Stephane Dion. Ignatieff, also a Toronto MP, has announced he will run again. New Brunswick MP Dominic LeBlanc is the only other contender to declare his candidacy so far.

A new poll suggests that Rae may have an uphill climb defeating Ignatieff, whom Ottawa pundits have declared an early front runner. The survey by Innovative Research Group suggests Canadians see Rae as the worst of the three declared candidates to lead Canada during times of a weakening economy.

Twenty per cent of the 1,000 people asked placed Rae ahead of LeBlanc as the worse choice for leader during an economic slump. Nine per cent think LeBlanc would be the worst choice, while seven per cent put Ignatieff in that category.

"I don't know what the poll is, I don't know what it says," Rae said on Canada AM Thursday morning before his press conference.

"I can only tell you what my experience is. I've been through this. I've learned a lot. There are lessons to be learned and there are steps we have to take."