The Only Pundit That Matters thinks that maybe the debt ceiling sturm und drang will convince more Serious People to admit that the Republican party has gone stark, raving mad. Don’t count on it, there’s nothing in it for Bobos and Weisbergs of the world to do anything other other than tell us that both sides are wrong. But I do think David Frum is right that this near death experience may hurt Republican fundraising in the financial community:
Isn’t it conceivable that Obama’s real end-game in these budget talks is to destroy Republican presidential fundraising for 2012 by goading congressional Republicans in 2011 into appearing maximally reckless and irresponsible? If so, you have to say: the plan’s working brilliantly.
When you build up large stocks of mistrust and ill will, nothing can happen for a very long time. But when something does happen, it’s much quicker and much worse than anybody could have anticipated. The markets might not be punishing the US government at the moment. But the mistrust and ill will is there, believe me. And when it appears, it will appear with a vengeance.
I think the Republican party may be doomed in the long term — demographics work against them and their general craziness is further alienating younger voters, I believe. The question is how much damage they can do to the country in the meantime. Unfortunately, debts and budgets aren’t an abstract exercise in who’s up and who’s down, they have a real impact on people’s lives.