18.2.09

LET THE RULING CLASSES TREMBLE. I think Michael Lind is friendly to the Coastal Liberal Establishment. But he has a warning for that Establishment.
As more Americans lose their jobs and their homes, as more businesses crater and banks topple, popular anger is rising like a wall of water over a suddenly quiet beachfront resort. You’d think that the Democrats in Washington would be aware of the danger. After all, the massive expansion of Great Society spending in the 1960s, followed by the stagflation of the 1970s, allowed the marginal conservative movement to tap populist anger and dominate American politics for a generation. Substitute stimulus for Great Society and years of possible “stag-deflation” for stagflation, and you have a scenario in which the Obama’s overwhelming majority could collapse as quickly as LBJ’s.
History lesson: Lyndon Johnson had the Kennedy assassination and the conscience of the country going for him. Barack Obama has the good wishes of the civil rights era going for him, with a smaller majority in the House and the Senate, and a capital strike bolstered by economic and political thinking that could be trumped by invoking the New Deal in 1964, but no longer.

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