We had a failed realignment in 1968-1982 in which the Republicans tried to build an alliance between the bankers of 1932 and the embers of the Southern racial and sexual hostilities that drove 1860. It failed because those embers were too cool, and because the policies that appealed to bankers in 1932 didn’t really help bankers in a global environment. Wall Street bubbled and burst; the real winners were oil barons and connected outfits like Halliburton and Blackwater. (...)
But now, we’re going to have a realignment. Not because of the size of the victory, but because there’s no longer an argument for the losing side. There will be a new Republican party, perhaps with a new name, perhaps not. The old GOP will linger on for a decade or two; it might even win a few elections if it can find lucky and charismatic candidates . It’s a spent force.
There will be a new home for conservatives, but their alliance with the know-nothings and bigots has failed. It will be even harder to win with this formula going forward. It’s a losing strategy.