Rumors of the Republican Party’s imminent meltdown in 2008 are rampant. Websites and blogs bristle with headlines like “They’re screwed,” “Licking their wounds,” “Republicans really are the stupid party” and “What are Republicans thinking?” And those are from the friendly conservative sources. Some wags say the party is hopelessly divided over issues ranging from abortion and Iraq to gas prices and immigration. Other observers focus on the dissident voices of GOP moderates. Some pundits point their fingers at a president who’s too distracted by war and low approval ratings to provide much party leadership. And there’s a persistent sense on...