[Fyron]

Originally posted by narf poit chez BOOM:
well, i think the ring was looking for a weak, corruptable being that would take it back to sauron when he rose again. instead, it got gollum and even he knew not to take it to sauron. which is probably why it snared bilbo. why it didn't grab a goblin, i don't know.

It was actually suggested by one of the characters (Gandalph IIRC) that the ring was hoping to snare a goblin, but Bilbo just happened along right when it was waiting for a goblin to find it.

Sauron's power is his own, not derived from Morgoth/Melkor. The Maiar are fairly powerful beings in their own rights. Not as strong as the Valar, but certainly strong.