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Will this be the end of the Two Party system as we know it?
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Conventional wisdom says no. We have a two party system just like the USSR and China had/have a one party system. Our system was created so there is a little more sway than in the latter nations, but we are set up so just enough people are happy enough to maintain the status quo. The two partie system ensures that the US will never deviate too far from the same ol' same ol'. Seriously how different are McCain, Obama, and Clinton. All three pander endlessly spitting out whatever the crowd wants to hear.
This country is screwed, unfortunately.