Once this interesting discussion is concluded, the political message of Occupy Wall Street could emerge in nearly any form — from mainstream leftism to embarrassing extremism. The movement contains ideological multitudes — the honestly offended as well as professional provocateurs; sincere populists as well as socialists, anarchists and anti-Semites. Obama is betting that Occupy Wall Street protesters can be domesticated. Their only clear demand, so far, is that they don’t want to be domesticated.

Yet Obama and other Democratic leaders are risking more than political embarrassment. They may do lasting damage to perceptions of their party. Over the years, Democrats have suffered from many stereotypes — big-city bosses, prairie populists, New Deal eggheads, Great Society planners. But the most destructive Democratic image has been the theatrical, radical protester of the late 1960s.