Remember the "Republican Revolution," remember "The Contract With America" of 1994? Newt Gingrich nationalized the congressional elections by appealing to Americans' distaste for Bill Clinton's fiscal and social liberalism and swung fifty-four seats from the jackasses' to the elephants' camp. Gingrich's young Turks were champing at the bit to finish the job Reagan had started. A dozen years later, the Republicans have made a farcical shambles of the Reagan revolution: The term limits they promised never seemed to materialize (they all voted for term limits, technically, by spreading their votes among a handful of competing bills, none of which conveniently...