Here’s a morsel of news that shows you how far we’ve come over the last eight years. Donald Trump made a heavy play for the crypto world in the last campaign, promising to be a “crypto president” and courting donors in that space. He’s now in talks to buy (through the parent company of Truth Social) the crypto trading firm Bakkt. This comes after he already founded his own new crypto venture, World Liberty Financial. Bakkt was formerly led by former appointed Sen. Kelly Loeffler, who was later defeated by Sen. Raphael Warnock. This was when Loeffler was an executive at Atlanta-based Intercontinental Exchange (ICE), the parent company of The New York Stock Exchange. Loeffler’s husband Jeff Sprecher is ICE’s CEO. Both Loeffler and Sprecher remain major backers and financial supporters of Donald Trump.

Due to scheduling conflicts, the newest episode of The Josh Marshall Podcast will be released Thursday. We’ll be back to our regular schedule next week just in time for Thanksgiving!

Because these thoughts are provisional and in process, I’ve decided to package them seriatim, as a list of ideas, possibilities, counters and so forth.

• One of the shortfalls of the recriminationfests that come after a big political defeat is that the people getting the most attention are usually those shouting loudest and making the most totalizing claims. But there are important caveats and qualifiers to keep in mind. One is that anything obvious, sure-fire and without real costs would have been tried already. There’s no silver-bullet solution. This is just common sense, perhaps even conventional wisdom. At worst, it can be used to stifle new thinking or taking new chances. That’s another important pitfall. But it’s still true.

I’ve written in general against post-election recriminations since November 5th. This post may seem like one such recrimination on the surface. But I think if you bear with me, you’ll see that it’s really not. I should be clear, too, that being anti-recriminations, whatever that might mean, doesn’t or shouldn’t mean people shouldn’t try to figure out what was done right or wrong, criticize whoever needs to be criticized. Of course they should. What it means to me at least is that in the desolation of a really, really hard defeat, a very consequential one, people shouldn’t rush in to take shots at the folks they’ve always had it in for, using the devastation less as a wound to overcome than an opportunity for the old score-settling.

So here’s the issue I want to discuss.

Until his campaign began to come undone this last summer, it was widely understood and accepted among Democrats that Joe Biden, to the surprise of many, was the most progressive Democratic president, with the most consequential progressive legislative agenda, in at least half a century. This was widely believed because it was unquestionably true. Because of a series of decisions by both Biden and Sen. Bernie Sanders, Biden ended up governing with a trimmed down version of the legislative agenda of the progressive left. What counts here as “trimmed down” is obviously a pretty critical question. There was no Medicare for All. But on lots of policy and regulatory positions, the left’s agenda was Biden’s. This isn’t just me saying this. Ask Bernie Sanders, or at least ask him until a week ago. The point I’m making here really isn’t open to much debate.