I don’t agree with this completely, but it’s a solid argument. More broadly, the political problem of the Democrats is that they’re a party of capital that has to pretend for electoral reasons sometimes that it’s not. All the complaints that liberals have about them—their weakness, tendency to compromise, the constantly lamented lack of a spine—emerge from this central contradiction. The Republicans have a coherent philosophy and use it to fire up a rabid base. The Dems are afraid of their base because it might cause them trouble with their funders. Romney believes in money. Obama believes in nothing. Most liberals want to write off Obama’s bad performance as a bad night. It’s not just that. It’s a structural problem.