The crisis isn’t the only scary thing going on. Something very ugly is taking shape on the political scene: as McCain’s chances fade, the crowds at his rallies are, by all accounts, increasingly gripped by insane rage. It’s not just a mob phenomenon — it’s visible in the right-wing media, and to some extent in the speeches of McCain and Palin.

We’ve seen this before. One thing that has been sort of written out of the mainstream history of politics is the sheer insanity of the attacks on the Clintons — they were drug smugglers, they murdered Vince Foster (and lots of other people), they were in league with foreign powers. And this stuff didn’t just show up in fringe publications — it was discussed in Congress, given props by the editorial page of the Wall Street Journal, and so on.

What it came down to was that a significant fraction of the American population, backed by a lot of money and political influence, simply does not consider government by liberals (even very moderate liberals) legitimate. Ronald Reagan was supposed to have settled that once and for all.

What happens when Obama is elected? It will be even worse than it was in the Clinton years. For sure there will be crazy accusations, and I wouldn’t be surprised to see some violence.

The next few years are going to be very, very tough.