So let’s say Democrats’ faith in Clinton is rewarded and she wins the presidency. Here is how the 2016 transition is likely to play out. Having talked about inequality during the primaries, and maybe even the general election, she will feel pressure to appoint economists who know something about the issue. She will pluck a few advisers from the reserve army of liberals at think tanks like the Center for American Progress (home to many former Clinton White House aides over the years), the Economic Policy Institute, and the Center on Budget and Policy Priorities.

But as the transition goes on, liberals will notice a disconcerting shift. They will watch most of the senior posts in her Treasury Department go to alumni of Wall Street. They will see her fill out the top echelons of financial regulators—the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Office of the Comptroller of the Currency—with banking-industry lawyers. They will even notice bankers turning up in agencies with little role in finance, like the State Department and the U.S. Trade Representative. Though any one appointment may be justified—the Treasury undersecretary for domestic finance should probably have a finance background, for example—the larger mass of Wall Street transplants will create a stubborn level of groupthink. Their skepticism toward policies like a financial transactions tax, aggressive prosecution of financial-market crime, and breaking up the megabanks will ensure they never happen…

Progressives have such an easy time conjuring up this banker-heavy scenario that they’ve given up denying Clinton the nomination—which most consider futile anyway—to focus on the more urgent task of boxing her in as president. According to Adam Green of the Progressive Change Campaign Committee, groups like his are planning to spend 2015 badgering candidates about “whether they agree with Warren” when it comes to economic populism. Their plan is, in effect, to deploy the spectral presence of Warren to extract as many concessions as possible.