Is it time for a new political party?  

Greetings again mrdprince.

There are currently other parties besides Dems and Reps. Off the top on my head there is the Constitution Party, Green Party, and Libertarian. There's a least 3 more but I can't think of them.

A new political system wouldn't neccesarily work because politicians would still align themselves with one of two sides. If by revamp you mean outlaw assistance and financial aid from parties than yes it could work if people follow the rules, but knowing politicians, it won't.

It would be nice to think that we could just have a new political party or change the system and dump the old and things would be much better. This has been done before, but historically, it lasts about two or three elections, then it's back to the same old thing.

Better to tighten up the system we already have. Take back some of the powers we've "given" the president, insist on term limits for Congress. No one should be a professional politician. Scream loud and clear when bribes and immoral money and power transfers occur.

I believe those things would make a big difference in how politicians act.