Minnesota Congresswoman Michele Bachmann posted a video early Wednesday morning, announcing she will not be seeking re-election–or, as New York magazine’s Jonathan Chait puts it, she “retires as president of crazyland.”

Bachmann says concerns that she might not win re-election did not influence her decision to step aside, despite the fact she topped challenger Jim Graves by a margin of just over 1% in 2012. As NBC’s First Read points out, Gov. Mitt Romney won Bachmann’s district last November by 15%.

The four-term Congresswoman also denies that inquiries into the finances of her failed presidential campaign by the House Ethics Committee and the FBI prompted her exit.

Alex Wagner spoke with the NOW panel Wednesday about what Bachmann’s resignation means for the Republican party and the future of the Tea Party.