Last week, a man I greatly admire, Joseph N. Cohen, sent me the following letter discussing this issue. Joseph is highly regarded for his investment banking and media expertise. A graduate of both Yale and Oxford, Cohen has held senior positions at several of the leading investment banking firms, including N.M. Rothschild & Sons. For the past twenty-seven years he has focused his efforts on the entertainment and media industries.
I want to share this letter because I am very curious to see what your thoughts are. Please leave your comments and let me know.
The time may have come to formally recognize the fracturing of the Republican Party by having the moderate wing of the party break off from the Tea Party radicals and form a new party, much like what the Whigs did in the 1830s in breaking off from the old Jeffersonian Republican-Democratic Party in opposition to Andrew Jackson’s perceived overweening exercise of presidential power. I believe a new moderate Republican Party could also attract significant support from more conservative Democrats who are unhappy with the perceived left wing migration in Democratic Party policies. In addition, I believe that a large chunk of voters who currently identify themselves as Independents would be sympathetic to the fiscally responsible policies put forth by the new moderate Republican Party — in particular, an emphasis on tax and entitlement reforms. One thing I am certain about — the new moderate Republican Party would attract major financial support from American Business and Wall Street. The immediate impact of such a move would probably result in the major Democratic Party controlling the White House for several elections to come, but I believe over time the new moderate Republican Party could seriously challenge Democratic hegemony by attracting a significant percentage of Independents and hiving off more conservative Democrats. Given the abysmally low approval ratings for Congress, President Obama and the Republican Party, such a radical shift in party affiliations can no longer be dismissed as a pipe dream.
The Whig Party was founded on the Jeffersonian tradition of compromise and balance in government. The Whigs also strongly supported modernization in banking and a vigorous program of government funded public works. The Whigs can also take the credit for creating a system of universal public education which was the cornerstone for inculcating republican (with a small “r”) values. Abraham Lincoln began his political career as a Whig and remained one until the issue of slavery fractured the party. Sound like a tradition we can embrace?”
Joseph N. Cohen
American Entertainment Investors, Inc. — President
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