Tea Party

Fighting greedy bankers, an American tradition

Long before OWS, celebrated patriots from Jefferson to Lincoln battled powerful, corrupting financiers

  • more
    • All Share Services

Fighting greedy bankers, an American traditionA member of the Occupy Wall Street movement holds a sign in Grand Army Plaza, New York. Right: Thomas Jefferson (Credit: © Shannon Stapleton / Reuters)
This piece originally appeared on The Tyee.

The Tea Party and the Occupy Wall Street movement have more in common than they realize. Patriotic followers of the Tea Party exalt the vision and courage of America’s founding fathers. The common element uniting the diverse interests of Occupy Wall Street is rage against greed and corruption within the banking industry.

In fact many icons of the American Revolution were worried about the same thing and battled mightily against the unfettered power of the banks more than 250 years ago — a struggle that continues to this day.

Even before the Declaration of Independence, the passage of an obscure British law called the Currency Act of 1764 was a major colonial grievance that contributed to the American Revolution. This law prohibited American colonies from issuing their own legal tender and was seen as an effort to lock the colonies under the monetary control of the Bank of England. Benjamin Franklin was a colonial agent in London at the time and lobbied strenuously to have the law repealed.

Following the American Revolution, the founding fathers struggled with how to pay off the war debt and hotly debated whether to allow a privately held central bank to issue and control the American money supply — the model that exists today under the U.S. Federal Reserve.

Thomas Jefferson vs. “the most deadly hostility”

Thomas Jefferson, author of the Declaration of Independence, strongly opposed the legality of what became known as the First Bank of the United States, which was majority (and later wholly) owned by private investors. Among his many statements against the bank, Jefferson warned: “[The] Bank of the United States… is one of the most deadly hostility existing, against the principles and form of our Constitution.”

While Jefferson was an iconic champion of small government, he knew that divesting monetary authority to private interests may saddle the U.S. taxpayer with perpetual debt and leave the government beholden to powerful financial interests: “Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”

Pointing out the poor business case of outsourcing the money supply to private banking interests, Jefferson calculated that over a 20-year period, half of the revenue collected by the government would be siphoned off in interest payments: “It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthrall us in debt but half the time.”

Jefferson was not alone in his concerns. James Madison, the primary author of the U.S. Constitution, also believed the national bank proposal was illegal, as did Attorney General Edmund Randolph. However, their rival Alexander Hamilton prevailed on President George Washington in 1791 to sign a charter for the bank for 20 years, which expired in 1811.

Andrew Jackson vs. “a den of vipers and thieves”

Huge debts caused by the War of 1812 caused the U.S. Congress to reluctantly incorporate the Second Bank of the United States in 1816. Many of the lawmakers who opposed renewing the charter of the First Bank of the United States five years earlier conceded that keeping the government solvent was impossible unless they capitulated to the banking sector.

Modeled after its predecessor, the Second Bank of the United States was a privately held corporation that enjoyed the enviable position of being the sole depository of U.S. government revenue. It was also the sole issuer of U.S. currency, which it lent at interest to the U.S. government in exchange for Treasury Bonds.

This model — like today’s Federal Reserve — is seen by many observers as a perpetual public debt machine. Any new money printed is exchanged for promissory notes from the U.S. government. The interest charged by the central bank for new legal tender is ultimately paid through taxation on the U.S. public, who may believe their money is going toward public works and services when it may instead be shoveled out the back door to the private interests who profit handsomely from this deceptive arrangement.

The charter of the Second Bank of the United States was due to expire in 1836, but their directors applied for renewal four years early in hopes of thwarting opposition from then President Andrew Jackson — a fierce opponent of the Bank. “Old Hickory,” as he was known, told a visiting delegation of Philadelphia bankers, “You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, I will rout you out!”

In what became know as the Bank War, Jackson vetoed renewing the charter in 1832, stating that “some of the powers and privileges possessed by the existing bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people.”

He also conducted an investigation of reports of widespread corruption by the bank and concluded “beyond question that this great and powerful institution had been actively engaged in attempting to influence the elections of the public officers by means of its money.”

To finally finish off his powerful foe, Jackson issued an executive order in 1833 halting federal deposits into the bank and diverting federal money to a number of state chartered banks. Jackson had to fire two treasury secretaries who refused to carry out the order. He was threatened with impeachment and survived the first attempt to assassinate a sitting president. The bank’s president, Nicholas Biddle, then engineered a financial crisis by calling in loans across the country, but the bank eventually lost its charter in 1836 and went bankrupt in 1841. No U.S. central bank existed for another 72 years.

Abraham Lincoln vs. the war profiteers

The next iconic president to battle the banks was Abraham Lincoln, who struggled to find a way of funding the Union effort in the American Civil War. The financiers of the day offered to lend the government funds at interest rates in excess of 20 percent. Lincoln’s novel response was to spurn their money and, for the first time, have the U.S. government instead issue its own interest-free currency — nicknamed the greenback due to the olive ink used to print the new bills.

The National Banking Act of 1863 also instituted a hefty tax on the chaotic patchwork of local bank notes that prevailed at the time, driving the U.S. toward a single national currency under the control of the U.S. government.

By the early 20th century the banking industry was again mobilizing in the wake of the financial crisis of 1907. In 1910, a secret meeting of the nation’s wealthiest bankers was convened on a private South Carolina island to draft a plan that eventually resulted in the third U.S. national bank — the current Federal Reserve Bank. According to an account by B.C. Forbes some years later:

“Picture a party of the nation’s greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundreds of miles south, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written.”

Theodore Roosevelt vs. “an invisible government”

Meanwhile a high-profile congressional hearing concluded there was widespread criminal collusion within the American financial sector. Theodore Roosevelt gave voice to rising anger against the rise of corporate power in America in a 1912 speech:

“Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to befoul this unholy alliance between corrupt business and corrupt politics is the first task of statesmanship.”

While the Democrats under Woodrow Wilson had campaigned against setting up a U.S. central bank, the Federal Reserve Act was passed by Congress on Dec. 23, 1913, and signed into law the same day.

Like previous U.S. central banks, the Federal Reserve Bank is essentially a privately controlled cartel that issues money at interest to the U.S. government. It was not long before voices began to be raised against “The Fed.” According to a 1932 speech from Rep. Louis T. McFadden, the chairman of the House Committee on Banking and Currency from 1920 to 1931:

“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country enough money to pay the national debt several times over…

“Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions. They are private credit monopolies, which prey upon the people of the United States for the benefit of themselves and their foreign customers, foreign and domestic speculator sand swindlers, and rich and predatory money lenders.”

Franklin Roosevelt vs. government “owned” by banks

Franklin D. Roosevelt was also no fan of the financial sector, stating in a 1933 letter to Col. Edward Mandell House: “The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson.”

Even FBI head J. Edgar Hoover was wary of the increasing influence of banks, stating in 1955: “Banks are an almost irresistible attraction for that element of our society which seeks unearned money.”

Since then, the erosion of government oversight in the American banking sector has continued apace. Banks scored an enormous victory over regulators in 1999 with the repeal of the Glass-Steagall Act — an important law that had been on the books since 1933 and required a clear separation of commercial banking from the much more risky investment banking.

The systematic dismantling of U.S. financial regulations that dates back decades contributed directly to the financial crisis of 2008. Three years after this global catastrophe, the now-infamous financial mechanisms called credit default swaps remain entirely unregulated.

Patriots! Rejoin a great U.S. tradition!

In recent years banks have become so powerful they apparently don’t even feel the need to feign deference to federal regulators. After providing hundreds of billions in public bailouts to their colleagues at Bear Stearns and other reckless speculators, the Fed rejected a 2009 request from the U.S. Treasury for a review of the central bank’s governance and structure. One candid trader stunned a BBC on-air panel last month by flatly stating, “governments don’t rule the world, Goldman Sachs rules the world.”

Given the power struggle between the U.S. government and powerful banking interests dating back to the days of the American Revolution, it is strange that Tea Party leaders such as Rick Perry now dismiss the Occupy Wall Street movement as “class warfare.” Rather than join the battle against the banks stretching back to the days of Benjamin Franklin, the patriots of the Tea Party have unwittingly become a zombie army of the same corporate interests seeking to destroy the very institutions the Founding Fathers fought so hard for.

The widespread revolt against the excesses of wealthy financiers spreading across North America would be very familiar to the Founding Fathers. Iconic Americans from Thomas Jefferson to Teddy Roosevelt battled valiantly to protect the fragile notion of liberty against repeated and coordinated attacks from a corrupt and self-serving banking sector. In contrast, the milquetoast response by President Obama to the recent crimes of corporate America indicate just how enfeebled the U.S. government has become.

But hope springs eternal. More than two centuries on, the true spirit of the American Revolution is finding new life on the streets below financial towers across the continent. While the foe is formidable, these battles have been waged — and won — many times before.

If Tea Party followers would study their history, they would realize this patriotic fight is their own as well. Their ample energy and justifiable anger would be a welcome and appropriate contribution to this historic struggle.

The real reason OWS terrifies conservatives

It's not the dirty hippies. It's because the protesters could find natural allies in the Tea Party

  • more
    • All Share Services

The real reason OWS terrifies conservatives (Credit: Reuters/Salon)

In politics, it’s tempting to turn matters of temperament into matters of principle. Having disliked the hippie-dippy mellow aggression of the ’60s, my first instinct was to dismiss the Occupy Wall Street movement as feckless left-wing tribalism—as unlikely to survive the winter’s first strong cold front as the black flies pestering my cows.

Conservative by nature, I dislike big cities, and tend to avoid crowds. Even in my 20s, I’d no more have joined the drug-addled migration to Woodstock than volunteered for sex-change surgery. We spent that week in Dublin, visiting Jonathan Swift’s tomb—the 18th century Irish satirist who took a dim view of human nature.

Everything else being equal, all it might have taken to put me off Occupy Wall Street was a widely circulated photo of an overweight Jerry Garcia lookalike wearing nothing but a loincloth, dancing barefoot and tootling on a flute.

That said, things are very far from being equal. Or even halfway fair.

Which partly accounts for the near-hysteria on the Fox News/Limbaugh right.  To them, the guy with the flute is no harmless eccentric, but a terrible threat. An excitable columnist in my local newspaper described Occupy Wall Street protesters as an “unwashed, whining, smelly mob occupying and infesting Wall Street.”

Infesting, no less. “The Flea Party,” the man called them, blood-sucking insects “being paid by big-bucks special interests … to create violent confrontations.” Elsewhere, he likened the protesters to Nazis.

The author gave no evidence of said conspiracy; his was sheer paranoia. Meanwhile, the only big-bucks special interest in sight would be Americans for Prosperity, funded by the billionaire Koch brothers, which employs Arkansas Democrat-Gazette columnist Mike Masterson’s wife as “Director of Grassroots for Arkansas,” i.e., as a professional Tea Party activist.

Nice work if you can get it.

I mention this not because it’s unusual or highly significant. Rather, it’s the way of the world. Many Washington pundits have grown accustomed to cozy arrangements with the various Scrooge McDuck think tanks, or have been drawn into sympathy with what Teddy Roosevelt called “malefactors of great wealth” through the seductive rewards of TV celebrity.

That’s one big reason why with millions of Americans unemployed over the past three years, everybody in Washington’s been worried about budget deficits. In a courtier society, only the nobility really counts.

But I’m getting ahead of myself. Here’s what’s making professional right-wingers jumpy, as described by Rolling Stone’s resident hothead Matt Taibbi: “The reality is that Occupy Wall Street and the millions of Middle Americans who make up the Tea Party are natural allies and should be on the same page about most of the key issues.”

That’s not going to happen over the short term. The populist left, such as it is, has long had the dream of persuading working- and middle-class Americans to ignore the “tribal” differences that divide them—regional, racial, religious and cultural—to vote their shared economic self-interest.

Except during times of grave national danger—the Great Depression, for example—it’s pretty much remained a dream. Taibbi’s point, however, is that the ongoing economic crisis created by Wall Street greed and recklessness makes it possible that a new movement taking aim at incestuous political and financial corruption in Washington might have a chance.

Breaking up “too-big-to-fail” banks like Goldman Sachs and Citigroup, for example, might be an issue left and right could coalesce around. Just last week, Citigroup agreed to pay a $285 million settlement to the SEC to settle charges that it swindled mainly institutional investors like pension funds in a billion-dollar derivatives scam—deliberately creating junk securities based upon bad mortgages, then shorting them in the market.

Goldman Sachs paid $550 million for similar offenses in 2010.

Accountants who embezzle a few thousand bucks from their employers go to prison. Crooked used car dealers go out of business. Wall Street bankers whose fraudulent schemes caused millions of ordinary Americans to lose their homes, however, got government bailouts, soon returned to business as usual, and now whine that President Obama says bad things about them.

Conceding that it’s hard explaining complex financial scams to citizens enthralled by celebrity dance contests, Taibbi sees Wall Street chicanery as “an issue for the traditional ‘left’ because it’s a classic instance of overweening corporate power—but it’s an issue for the traditional ‘right’ because these same institutions are also the biggest welfare bums of all time, de facto wards of the state.”

That’s a useful metaphor, but nothing more politically. In today’s climate GOP audiences cheer presidential candidates who spend two hours promising jobs, then tell unemployed workers it’s their own damn fault.

Economic justice will require a long-term struggle. Shorter term, neither party will propose legislation Wall Street hates. Occupy Wall Street’s wise to resist being co-opted.

That’s also why it absolutely must not succumb to 1968-style revolutionary romanticism. A couple of Molotov cocktails could ruin everything.

Continue Reading Close

Arkansas Times columnist Gene Lyons is a National Magazine Award winner and co-author of "The Hunting of the President" (St. Martin's Press, 2000). You can e-mail Lyons at eugenelyons2@yahoo.com.

Where OWS and the Tea Party are coming from

Two very different movements with common roots in the failing center

  • more
    • All Share Services

Where OWS and the Tea Party are coming from

One month into the Occupy Wall Street protests, many are asking if this new movement is just a “left-wing Tea Party.”

Definitely not. This is not a party, like the Tea Party, that seeks to directly shape the policy and electoral process. Because it is explicitly leaderless, it is difficult to imagine a Michele Bachmann or Eric Cantor emerging as a standard bearer of the Occupy Wall Street movement. Given their reliance on Wall Street money, as well as radical demands from many protesters, the Democrats will find it almost impossible to channel “the 99%” into an electoral tidal wave next year, the way the Republicans rode the Tea Party to victory in 2010.

But that does not mean comparisons to the Tea Party should be dismissed. There are striking parallels between the two movements when viewed through the lenses of politics, society and history.

Some similarities are obvious. The Tea Party and Occupy Wall Street both oppose the bailouts of the banks orchestrated by the two parties in Washington. The two movements are thick with people who feel they have little say in the political process. And supporters on each side think the middle-class “American dream” is nearly extinct.

As social forces, the resemblance deepens. I have interviewed protesters at Zuccotti Park and Tea Party members who discuss their involvement in comparable terms. They speak of a personal “awakening,” of finding inspiration in a gathering of kindred spirits, and of not having been political before. In fact, both movements thrive on bringing new people into politics. Each creates a new notion of “the people.”

The Tea Party’s rallying cries include “we the people” and “take America back.” Its vision of the people is of self-reliant, industrious and frugal Americans who through moral example and political force would return this country to the greatness pioneered by the Founding Fathers. The Occupy Wall Street movement is inchoate, but already chants of “the 99%” offer another version of the people: those whose dreams and aspirations have been squashed by the greedy and power-hungry, but who can revive fairness and justice as national ideals.

For both, the legitimate people is complemented by the illegitimate other. For the Tea Party, the other is embodied by liberals, unions, illegal immigrants, Muslims, welfare recipients and Obama. For the Occupy Wall Street movement, the others are the 1 percent, the catch-all for bankers, corporate executives, the super-rich and their political allies who have an iron grip on the economy and politics.

Another similarity is that the success of the Tea Party and Occupy Wall Street is owed to their vagueness, at least initially. Each has united disparate coalitions under their respective banners. The Tea Party’s historic references appeal to people who feel that social and political changes in the last few decades have made their country unrecognizable. It unites those who oppose unions and immigration, favor small government (apart from the sprawling military-security apparatus), want a return to the gold standard, cuts in social spending, unlimited gun rights and less regulation of business and markets. The common theme is that parasitical and selfish groups have sapped America’s wealth and power.

Likewise, the Occupy Wall Street movement has been criticized for a lack of demands, but when you speak to supporters they have no lack of ideas: better-paying jobs, government-funded jobs, single-payer healthcare, debt forgiveness, a moratorium on home foreclosures, cutting defense spending, saving Social Security and Medicare, strengthening unions. One secret of its success, analogous to the Tea Party’s obsession with the undeserving, is that it allows many groups and individuals to see their demands as equivalent to everyone else’s because the opponent is the same: Wall Street.

Most Tea Party and Occupy Wall Street partisans feel something has gone fundamentally wrong in America, and they are united in envisioning a different type of society. It’s a mistake to reduce either movement to politics or policy. Each is motivated by values and idealized ways of relating to one another. But this is where the differences become stark.

The Tea Party embraces heroic, rugged individualism where freedom and liberty are best secured through the free market. In reality, though, the Tea Party ideology often evokes an exurban nostalgia for white supremacy. Tea Party members rage against deficits run up by an African-American president with an anger never directed at his deficit-prone predecessor. Their disdain for government subsidies rarely extends to the interest deduction for homeowners, funding for the interstate highway system, crop support payments  and other state supports for a suburban or rural lifestyle.

On the other hand, Occupy Wall Street believes in a more collective economy and decision-making process, as seen in the General Assembly and free exchange of goods in Zuccotti Park and other occupation sites. Activists think increasing access to public goods — starting with the public squares themselves — is the way to achieve social harmony.

These radically divergent worldviews are matched by distinct demographics. The average member of the Tea Party is in his or her 50s, whereas the typical Wall Street occupier looks to be a recent college graduate. This probably explains why the two also have different relations to history. The Tea Party romanticizes the American Revolution, while Occupy Wall Street is inspired by more contemporary uprisings in Europe and the Arab world in which youth say they are trying to reclaim the future.

It would be tempting to define the divide between those who support an unfettered free market because government has too much power versus those who want a robust social welfare state (or even socialism) because corporations have too much power. But that is just part of it. The fact that genuinely popular movements could blossom so quickly at both political poles indicates how hollow the political center has become.

The Occupy Wall Street and Tea Party movements may have diametrically opposed visions of society and power relations, but they both appeal to growing ranks of people who believe the system no longer works for them. Whatever their differences they present a similar challenge that will not disappear because of some policy reforms or reshuffling of the cast in Washington.

Continue Reading Close

Arun Gupta, a New York writer and co-founder of Occupy the Wall Street Journal, covers the Occupy movement for Salon.

Why Mitt Romney is not a moderate

The Tea Party may doubt his purity, but calling Mitt another Nelson Rockefeller ignores what the GOP has become VIDEO

  • more
    • All Share Services

Why Mitt Romney is not a moderate Mitt Romney(Credit: AP)

In an appearance on CNN on Sunday, Newt Gingrich faulted the “establishment media” for failing to understand Mitt’s Romney’s “huge problem”:

He’s a very likable person. He works very hard. He’s very smart. And he is a Massachusetts moderate Republican. It is the Nelson Rockefeller problem. I mean, there is a natural ceiling.

This is not actually an original observation. Others have drawn parallels between Romney’s current effort and Rockefeller’s failed bid for the GOP nomination in 1964, when he lost out to Barry Goldwater, and there’s plenty of superficial appeal to this thinking: Two men from the Northeast, each with a gubernatorial background, each personally wealthy, and both widely perceived as moderates. And there is a chance that Gingrich will ultimately be proven correct, that this perception will make it impossible for Romney to win over the GOP’s Tea Party base and capture the nomination.

Nonetheless, it should be emphasized: Comparisons between the 2012 and 1964 GOP races completely miss the mark, and treating the current contest as a repeat of Goldwater vs. Rockefeller is a poor way to understand the evolution of the Republican Party since the 1960s and how Romney fits into it today.

The most important thing to realize about the Nelson Rockefeller who ran for president in 1964 is that he was an authentic political liberal, a believer in the power of government to fix the nation’s biggest problems, and he made essentially no effort to hide it. He favored strong civil rights laws, expansive anti-poverty programs, and major investments in education, healthcare and conservation. And the most important thing to realize about the Republican Party of 1964 is that to many of its leaders and rank-and-file members there was nothing at all alarming about Rockefeller’s liberalism. It was common in a party that was littered with Northeast moderates and liberals and light on conservative white southerners.

There was a burgeoning conservative movement in the party, though, and it rallied around Goldwater, a second-term Arizona senator (and the only non-Southern Republican to join the unsuccessful Senate filibuster of that year’s Civil Rights Act). Believing the numbers were on his side, Rockefeller openly attacked the Goldwater faction and its “extremism” and made little effort to modulate his own liberal rhetoric. That he ended up losing didn’t necessarily mean that Rockefeller’s calculation was wrong. His own scandalous divorce and the Goldwater camp’s shrewd understanding and manipulation of the delegate selection process were probably the two biggest factors in the outcome. (The coast-to-coast primary campaigns that we are now familiar with didn’t exist in ’64, when only a handful of state contests were contested.)

The Goldwater-Rockefeller race, in other words, represented a clash of seriously conflicting ideologies, with each man promising to lead the party in a fundamentally different direction. In victory, Goldwater crafted the most conservative platform the Republican Party had ever seen; had Rockefeller prevailed, that document would have looked far different. This is nothing like the situation today. The great ideological battle within the Republican Party is over (and it has been for a while), with Goldwater-style conservatism prevailing — and with Tea Party absolutism taking hold in the Obama era. The party’s convention next summer will be filled with very conservative delegates who will approve a very conservative platform no matter which candidate emerges from the primaries. And if that candidate is elected president, he or she would be risking a debilitating intraparty mutiny by straying too far from the platform.

This is why the Romney-as-Rockefeller comparisons aren’t very helpful. Romney just isn’t running the kind of campaign that Rockefeller ran. Ever since he decided to give up on winning elections in Massachusetts and pursue the presidency, Romney has been tailoring his positions and rhetoric to the very conservative base of the national GOP, throwing out his old beliefs if need be. Rockefeller happily picked fights with the right, but Romney has been doing everything he can to make conservatives believe he’s just like them. If he wins the nomination, Romney will presumably affirm a platform that calls for repealing healthcare reform, outlawing abortion, protecting “traditional marriage,” extending the Bush tax cuts in perpetuity, undoing the Dodd-Frank Wall Street reforms, radically curbing the EPA’s power, and opposing the “class warfare” agenda of Democrat — just as all of his opponents would.

So why is Romney frequently portrayed as a moderate? There are three reasons. The first is that he absolutely was a moderate — or at least presented himself as one — in his Massachusetts days. The second is that it’s in the interest of his opponents, like Gingrich, to claim that he still is one. And the third is that he’s adopted a more restrained style in this campaign; four years ago, Romney missed no opportunity to toss red meat at the base, but this time he’s played the role of November-minded front-runner and held back.

The key, though, is that he’s shown almost no interest in antagonizing the GOP base’s Tea Party sensibilities. About the closest he’s come is on healthcare with his refusal to claim that his own Massachusetts law was a mistake and to beg forgiveness for it. But it’s easier to read this as a practical consideration than a Rockefeller-like stand of ideological defiance: Suddenly claiming that his biggest single achievement in Massachusetts (one that he bragged about as recently as 2008) was one giant mistake would make his image as a flip-flopper much worse and carry potentially serious general election consequences. Short of saying he was wrong, though, Romney is doing everything else imaginable to convince the Tea Party right that he’s as committed to dismantling ObamaCare and doing nothing to replace it as they are.

And if you put healthcare aside, there really aren’t any big spots where post-Massachusetts Mitt is out of step with his party — which explains why Rush Limbaugh felt comfortable pronouncing Romney the embodiment of “all three legs of the conservative stool” just three years ago.

The comparisons to 1964 just don’t compute. Back then, Republicans were asked to choose between two completely different directions for their party. But today, the direction is already set. The GOP is a deeply conservative party that will nominate a candidate for president who publicly commits himself or herself to a deeply conservative agenda. This isn’t to diminish Romney’s problems within the party; there is clearly a strong sense among conservatives that he secretly clings to moderate beliefs and that he’d betray them as president. But a different parallel is probably more apt: It’s not so much Nelson Rockefeller from 1964 whom Romney is channeling; it’s George H.W. Bush from 1988.

* * *

I was on MSNBC’s “Hardball” Friday night with Matt Kibbe from FreedomWorks and talked about Romney’s moderate reputation and his struggle to win over the GOP base:

Visit msnbc.com for breaking news, world news, and news about the economy

Continue Reading Close
Steve Kornacki

Steve Kornacki writes about politics for Salon. Reach him by email at SKornacki@salon.com and follow him on Twitter @SteveKornacki

Page 3 of 3 in Tea Party