Core Meltdown


Barack Obama’s election to the presidency seemed to confirm an old theory of American politics proposed by the elder Arthur Schlesin-ger—that the economic/political consensus tends to swing between liberal and conservative cycles in roughly twenty-five-to-thirty-year arcs. Such swings are healthy. Once-fresh ideas harden into dogma; incumbency breeds complacency. Liberals succumb to the corruptions of power, conservatives to the corruptions of money.

The new liberal consensus that...

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About the Author

Charles R. Morris, a Commonweal columnist, is the author of The Two Trillion Dollar Meltdown (Public Affairs), among other books, and is a fellow at the Century Foundation.