Now, as then, a Dixie-oriented movement like this won’t remotely capture the White House. Now, unlike then, it is a catastrophe for the Republicans. The old G.O.P. Southern strategy is gone with the wind. The more the party is identified with nasty name-calling, freak-show protestors, immigrant-bashing (the proximate cause of Wilson’s outburst at Obama) and, yes, racism, the faster it will commit demographic suicide as America becomes ever younger and more diverse. But Democrats shouldn’t be cocky. Over the short term, the real economic grievances lurking beneath the extremism of the Beck brigades can do damage to both parties. A stopped clock is right twice a day. The recession-spawned anger that Beck has tapped into on the right could yet find a more mainstream outlet in a populist revolt from the left and center.

Image Frank Rich Credit... Fred R. Conrad/The New York Times

“Wall Street owns our government,” Beck declared in one rant this July. “Our government and these gigantic corporations have merged.” He drew a chart to dramatize the revolving door between Washington and Goldman Sachs in both the Hank Paulson and Timothy Geithner Treasury departments. A couple of weeks later, Beck mockingly replaced the stars on the American flag with the logos of corporate giants like G.E., General Motors, Wal-Mart and Citigroup (as well as the right’s usual nemesis, the Service Employees International Union). Little of it would be out of place in a Matt Taibbi article in Rolling Stone. Or, we can assume, in Michael Moore’s coming film, “Capitalism: A Love Story,” which reportedly takes on Goldman and the Obama economic team along with conservative targets.

Unlike liberal critics of capitalist inequities, of course, Beck and his claque are driven by an over-the-top detestation of government. Washington is always the enemy, stealing their hard-earned money to redistribute it to the undeserving and shiftless poor (some of whom just happen to be immigrants or black). Though there is nothing Obama can do to stop racists from being racist, he could help stanch the economic piece of this by demonstrating how a reformed government can at times actually make Americans’ lives better. That’s what F.D.R. did, and that’s the promise Obama made, swaying some Republicans and even some racists, during the campaign.

Too many Americans are impatiently waiting for results. It’s hard to argue that the stimulus package reviled by big government-loathers is a success when unemployment continues to rise and most Americans feel none of the incipient “recovery” spotted by Ben Bernanke. The potential dividends to be gained at the end of the protracted health care debate also remain, for now, an abstraction to many who have lost and are continuing to lose their jobs, their savings and their homes.

Nor has Obama succeeded in persuading critics on the left or right that he will do as much for those Americans who are suffering as he has for the corporations his administration and his predecessor’s rushed to rescue. To mark the anniversary of Lehman’s fall, the president gave a speech on Wall Street last Monday again vowing reform. But everyone’s back to business as usual: The Wall Street Journal reported that not a single C.E.O. from a top bank attended. The speech sank with scant notice because there has been so little action to back it up and because its conciliatory stance was tone-deaf to the anger beyond the financial district.

That same day a United States District Court judge in New York, Jed S. Rakoff, scathingly condemned the Obama Securities and Exchange Commission for letting Bank of America skate away with what Rakoff called an immoral and unjust wrist tap to settle charges that it covered up $3.6 billion paid out in bonuses when it purchased Merrill Lynch. How is this S.E.C. a change from the Clinton-Bush S.E.C. that ignored all the red flags on Bernie Madoff?

Beck frequently strikes the pose of an apocalyptic prophet, even insisting that he predicted 9/11. This summer he also started warning of domestic terrorism in the form of a new Timothy McVeigh. On this, one fears he knows whereof he speaks. For all our nation’s unfinished business on race, racism is not Obama’s biggest challenge during our unfinished Great Recession. He  and our political system  are being seriously tested by a rage that is no less real for being shouted by a demagogue from Fox and a backbencher from South Carolina.