In “The Coming of the Fourth American Republic”, James DeLong suggests that ” The Special Interest State that has shaped American life for 70 years is dying”. He offers an interesting exploration of what will emerge next.
He is generally hopeful and optimistic, but does note that in the previous two major upheavals in our country’s history “the nation made a fundamental political transition peacefully on one occasion, and only with appalling bloodshed on another.” He goes on to note that “it is hard to buy ammunition these days because the dealers’ shelves are bare.”
With their extraordinary attempts to restore an economic reality that seems unlikely to be restored in its previous form, one has to wonder if President Obama and his political and economic teams recognize what a truly historic moment we are living through and what an incredible demand for real leadership rests on their shoulders. So far it does not seem that they do.