I believe his specific comment was the Democrat party is "intellectually bankrupt." He was dead on.
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If he said, "Democrat party" then he doesn't know what he's talking about. A man in his position should know its name is "Democratic party".
http://www.democrats.org/I can't find that quote you attribute to him.
I don't think it is dead-on when you compare the ideas to the current popular republican platforms:
privatizing social security--a big winner for Wall Street; too bad everyone else will suffer
tax cuts and deregulation are only way to stimulate economic growth--Watch George triple the national debt!
immigration--why let's build a 700 mile fence on 2000 mile border...Brilliant!
Defense---we were attacked by 19 guys with box cutters so lets invade Iraq!
Healthcare---we'll take away the government's ability to negotiate lower costs w/ big Pharmaceuticals--we'll pass the costs on to the american people
I'd go on but I think you can spot the mental vacuity in each topic. In other words, it's hard not to miss the sheer stupidity of contemporary republican ideas.
And I haven't even addressed the moral and ethical bankruptcy of the party.