Paradigm shifts in American politics usually begin before the figures who are associated with them in history actually take power. Herbert Hoover broke with the minimalist governing vision of Calvin Coolidge before Franklin Roosevelt won the White House. Jimmy Carter began implementing deregulation before Ronald Reagan was elected.

Now, through TARP, George W. Bush has removed any restraint on Washington spending and extended a lifeline to automakers in a step toward pre-1980s industrial policy, thus paving the way for the ambitious activism of Barack Obama.