Thomas Frank: Watch Out for GOP Populism

Rep. Paul Ryan an enemy of business?

It's easy to underestimate conservatism's chances in these dark days. Over the last year, the Republican Party has appeared to be either a gang of obstructionists or a confused relic of some prehistoric past; its thinkers seemed to do little more than repeat catch-phrases you've heard dozens of times before; even its most earnest activists sometimes appeared to be the pawns of lobbying organizations.

But the movement might stage a comeback yet. According to the demented logic of American politics, the world began anew with the Obama presidency, and so it is the Democrats who will have to go before the public this fall and defend the bailout of Wall Street. Similarly, it might be the Republicans who seize the opportunity to capture public outrage this time around, denouncing concentrated economic power, insisting on holding big business accountable, and promising to settle scores with the nation's erstwhile financial rulers.