New Yorker article here.
Obama will enter the White House at a moment of economic crisis worse than anything the nation has seen since the Great Depression; the old assumptions of free-market fundamentalism have, like a charlatan’s incantations, failed to work, and the need for some “new machinery” is painfully obvious. But what philosophy of government will characterize it?
The answer was given three days before the election by a soldier and memoirist of the Reagan revolution, Peggy Noonan, who wrote in the Wall Street Journal, “Something new is happening in America. It is the imminent arrival of a new liberal moment.” The Journal’s editorial page anticipated with dread “one of the most profound political and ideological shifts in U.S. history. Liberals would dominate the entire government in a way they haven’t since 1965, or 1933. In other words, the election would mark the restoration of the activist government that fell out of public favor in the 1970s.” The Journal’s nightmare scenario of America under President Obama and a Democratic Congress included health care for all, a green revolution, expanded voting rights, due process for terror suspects, more powerful unions, financial regulation, and a shift of the tax burden upward. (If the editorial had had more space, full employment and the conquest of disease might have made the list.) . . .