Every election is a choice between imperfect alternatives. I will examine both choices in turn, but the first one, Mitt Romney, has rendered the normal analytic tools useless. The different iterations of his career differ so wildly, yet comport so perfectly with his political ambitions of the moment, that it is simply impossible to separate his panders from his actual beliefs, the means from the ends. It is easy to present Romney’s constant reinventions as a character flaw, but all politicians tailor their beliefs to suit the moment; Romney’s unique misfortune is that he has had to court such divergent electorates — first a liberal general electorate in Massachusetts, then Republican primary voters of an increasingly rabid bent in 2008 and 2012, and finally America as a whole after securing the nomination.

One can plausibly imagine Romney as a genuine right-winger, first implanted in hostile deep blue territory, hiding his arch-conservative beliefs in order to secure the brass ring he coveted before he was liberated from running for reelection and unmasked himself to his fellow Republicans nationwide as the “conservative businessman” he always was. One can just as plausibly imagine him as his father’s true political heir, covertly plotting to move his party sharply leftward, a turn he would execute only once he had burrowed undetected beneath its ideological perimeter.

The true picture is a mystery, probably lying somewhere between these points. Undoubtedly, what Romney believes in above all is himself. As a friend of his told Politico last month, at a moment when his campaign appeared hopeless, Romney approaches politics like a business deal: “Just do and say what you need to do to get the deal done, and then when it’s done, do what you know actually needs to be done to make the company a success.” (This was the reporters’ paraphrase, not the friend’s own words.)

He meant this not in the spirit of exposing Romney’s fraudulence, but in an elegiac way — a lament for a great man who would do good if only given a chance. From a certain perspective, there is an understandable and even admirable elitism at work. Romney truly believes in his own abilities and — unlike George W. Bush, who was handed every professional success in his life — has justification for his confidence. He is a highly intelligent, accomplished individual.

Some version of Romney’s own fantasy — that, once in office, he will craft sensible and data-driven, and perhaps even bipartisan, solutions to our problems — surely accounts for his political resurrection. Starting with the transformative first presidential debate, Romney has wafted the sweet, nostalgic scent of moderate Republicanism into the air. Might he offer the sort of pragmatic leadership that was the hallmark of his party in a bygone era — a George H.W. Bush, a second-term Reagan, an Eisenhower, a Nixon minus the criminal paranoia? Some moderates supporting him, like reformist conservative Ross Douthat or the Des Moines Register editorial board, have filled the many voids of Romney’s program with some version of this fantasy. It is an attractive scenario to many, and one worth considering seriously.

This hopeful vision immediately runs into a wall of deductive logic. If Romney were truly planning to govern from the center, why would he leave himself so exposed to Obama’s attacks that he is a plutocrat peddling warmed-over Bushonomics? The election offers Romney his moment of maximal leverage over his party’s right-wing base. If he actually wanted to cut a budget deal along the lines of Bowles-Simpson, or replace Dodd-Frank with some other way of preventing the next financial crisis, or replace Obamacare with some other plan to cover the uninsured, there would be no better time to announce it than now, when he could sorely use some hard evidence of his moderation. He has not done so — either because he does not want to or because he fears a revolt by the Republican base. But if he fears such a revolt now, when his base has no recourse but to withhold support and reelect Obama, he will also fear it once in office, when conservatives could oppose him without making their worst political nightmare come true as a result.

And so the reality remains that a vote for Romney is a vote for his party — a party that, by almost universal acclimation, utterly failed when last entrusted with governing. Romney may be brainier, more competent, and more mentally nimble than George W. Bush. But his party has, unbelievably, grown far more extreme in the years since Bush departed. Unbelievable though it may sound to those outside the conservative movement, conservative introspection into the Bush years has yielded the conclusion that the party erred only in its excessive compassion — it permitted too much social spending and, perhaps, cut taxes too much on the poor. Barely any points of contact remain between party doctrine and the consensus views of economists and other experts. The party has almost no capacity to respond to the conditions and problems that actually exist in the world.

Economists have coalesced around aggressive monetary easing in order to pump liquidity into a shocked market; Republicans have instead embraced the gold standard and warned incessantly of imminent inflation, undaunted by their total wrongness. In the face of a consensus for short-term fiscal stimulus, they have turned back to ancient Austrian doctrines and urged immediate spending cuts. In the face of rising global temperatures and a hardening scientific consensus on the role of carbon emissions, their energy plan is to dig up and burn every last molecule of coal and oil as rapidly as possible. Confronted by skyrocketing income inequality, they insist on cutting the top tax rate and slashing — to levels of around half — programs like Medicaid, food stamps, and children’s health insurance. They refuse to allow any tax increase to soften the depth of such cuts and the catastrophic social impact they would unleash.

The last element may be the most instructive and revealing. The most important intellectual pathology to afflict conservatism during the Obama era is its embrace of Ayn Rand’s moral philosophy of capitalism. Rand considered the free market a perfect arbiter of a person’s worth; their market earnings reflect their contribution to society, and their right to keep those earnings was absolute. Politics, as she saw it, was essentially a struggle of the market’s virtuous winners to protect their wealth from confiscation by the hordes of inferiors who could outnumber them.

Paul Ryan, a figure who (unlike Romney) commands vast personal and ideological loyalty from the party, is also its most famous Randian. He has repeatedly praised Rand as a visionary and cited her work as the touchstone of his entire political career. But the Randian toxin has spread throughout the party. It’s the basis of Ryan’s frequently proclaimed belief that society is divided between “makers” and “takers.” It also informed Romney’s infamous diatribe against the lazy, freeloading 47 percenters. It is a grotesque, cruel, and disqualifying ethical framework for governing.

Naturally, this circles us back to the irrepressible question of what Romney himself actually believes. The vast industry devoted to exploring the unknowable question of Romney’s true beliefs has largely ignored a simple and obvious possibility: That Romney has undergone the same political and/or psychological transformation that so many members of his class have since 2009. If there is one hard fact that American journalism has established since 2009, it is that many of America’s rich have gone flat-out bonkers under President Obama. Gabriel Sherman first documented this phenomenon in his fantastic 2009 profile in this magazine, “The Wail of the 1%,” which described how the financial elite had come to see themselves as persecuted, largely faultless targets of Obama and their greedy countrymen. Alec MacGillis and Chrystia Freeland have painted a similar picture.

The ranks of the panicked, angry rich include Democrats as well as Republicans and elites from various fields, but the most vociferous strains have occurred among the financial industry and among Republicans. All this is to say, had he retired from public life after 2008, super-wealthy Republican financier Mitt Romney is exactly the kind of person you’d expect to have lost his mind, the perfect socioeconomic profile of a man raging at Obama and his mob. Indeed, it would be strange if, at the very time his entire life had come to focus on the goal of unseating Obama, and he was ensconced among Obama’s most affluent and most implacable enemies, Romney was somehow immune to the psychological maladies sweeping through his class.

Seen in this light, Romney’s belief in himself as a just and deserving leader is not merely a form of personal ambition free of ideological content. His faith in himself blends seamlessly into a faith in his fellow Übermenschen — the Job Creators who make our country go, who surround him and whose views shaped his program. To think of Romney as torn between two poles, then, is a mistake. Both his fealty to his party and his belief in his own abilities point in the same direction: the entitlement of the superrich to govern the country.