Barack Obama’s decisive defeat of John McCain is the most important victory
of a Democratic candidate since 1932. It brings to a close another conservative
era, one that rose amid the ashes of the New Deal coalition in the late sixties,
consolidated its power with the election of Ronald Reagan, in 1980, and
immolated itself during the Presidency of George W. Bush. 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.”
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