Today's Krugman:

Mr. Confessore suggests that we may be heading for a replay of the McKinley era, in which the nation was governed by and for big business. I think he's actually understating his case: like Mr. DeLay, Republican leaders often talk of "revolution," and we should take them at their word.

Why isn't the ongoing transformation of U.S. politics — which may well put an end to serious two-party competition — getting more attention? Most pundits, to the extent they acknowledge that anything is happening, downplay its importance. For example, last year an article in Business Week titled "The GOP's Wacky War on Dem Lobbyists" dismissed the K Street Project as "silly — and downright futile." In fact, the project is well on the way to achieving its goals.

Whatever the reason, there's a strange disconnect between most political commentary and the reality of the 2004 election. As in 2000, pundits focus mainly on images — John Kerry's furrowed brow, Mr. Bush in a flight suit — or on supposed personality traits. But it's the nexus of money and patronage that may well make the election a foregone conclusion.

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