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Worrying direction (such as it is) for the Lib Dems. What do you do as a "centrist" party when the Right have moved Right and the Left have moved Left? Go down?
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Vince Cable's reforms set up Lib Dems to be taken over - no need to be a member to join, no need to have been a member for 12 months to stand to be MP, no need to be a MP to be leader. Recalling Marx, many will refuse to join a club that is so willing to have them as a member.
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I'm actually surprised that they didn't make more headway as the only resolutely anti-Brexit major(ish) party. That should have given them some kind of vote share, but somehow they managed to stuff that up, too.
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I think all the parties that talk the loudest about political expediency, such as your Lib Dems, are the ones that have no idea how that works. As shown by their willingness to discuss a concept like "political expediency", thinking it doesn't lose them voters by the 10000s.
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My pet theory is that the reason Corbyn (and no other social democrat platform except Bernie Sanders) is so feared, is all the talk about values. It presents as an alternative to the conservatives, instead of the "we do what makes sense politically", which is a red fucking flag.
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