America's Constrained Choice

08/01/2012 02:57 pm ET | Updated Aug 01, 2012

NEWPORT BEACH – The conventional wisdom about the November presidential election in the United States is only partly correct. Yes, economic issues will play a large role in determining the outcome. But the next step in the argument – that the winner of an increasingly ugly contest will have the luxury of pursuing significantly different policies from his opponent – is much more uncertain.

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