April 17, 2009

Kevin Phillips first burst onto the center stage of political commentary in 1969 with a groundbreaking book, "The Emerging Republican Majority." Not quite 30 years-old at the time, and having already served as a senior strategist for Richard Nixon's 1968 presidential campaign, Phillips foretold of a conservative realignment of American politics, with the Republican Party solidifying its base in the southern states and likely to be a dominant political party for decades to come.In the following 38 years, a Republican has occupied the White House for all but 12 of them.

While Phillips has since become disenchanted with the GOP - and the Democrats aren't much, if any, better, he says - the track record shows his instincts were on target, at a time when his viewpoint was hardly mainstream. Many Americans will have to hope his arrow is flying less true this time around.His latest book, "Bad Money: Reckless Finance, Failed Politics and the Global Crisis of American Capitalism," is not an easy or enjoyable read for those determined to believe all stories - in this case the economic downturn fueled by "reckless finance" - have a happy ending.