In 1980, George H.W. Bush was making much the same argument against Ronald Reagan that Mitt Romney is making this year. Bush argued that he was the most electable against hapless Jimmy Carter. The big money Republican establishment was behind Bush because they feared that Reagan was too radical to win, and would carry the entire party down to historic defeat, like Goldwater did. Reagan even lost Iowa to Bush on that argument. But Reagan carried forward the pro-growth economic message that ultimately swept him to the nomination, and then to landslide victory in the fall, his coattails handing the...