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Should have seen the Republicans under FDR, the Democrats during the 80's, and the Republicans in 2008. These parties have been far closer to "dead" than they are right now, and that's just recent history.

That said, it IS clear that there's enormous discontent among voters with their respective parties, and if it weren't for the Democrats' use of superdelegates we may have two men running for president that neither party wanted.

These things tend not to last, though. The two parties will realign themselves however they feel they must to appease the voters, and they'll soldier on just fine.