The same topics that are off-limits in the Democratic Party--US policy on Israel, the bloated military budget, the role of big money in both parties, the grip of corporations--are shunned by the Alliance. Groups like MoveOn.org that target corporate Democrats, as the Club for Growth does to moderate Republicans, are brushed aside. "MoveOn.org scares a lot of these people," says an important partner.

Alliance staff originally conceived of an "innovation fund" to funnel smaller amounts of money (between $25,000 and $250,000) to newer ventures, such as the blogs and MeetUp-type gatherings, at the discretion of the managing director. That concept, too, has yet to get off the ground. Instead of directing the fund Wade, with her McKinsey background, appointed yet another committee to oversee it, reinforcing the inside joke that the Alliance at times resembles a "let's have a meeting about having a meeting" self-parody. The inability to move quickly and take risks in areas like media has persuaded a number of progressive donors to stay out of the Alliance, most notably Silicon Valley venture capitalists Andy and Deborah Rappaport, whose New Progressive Coalition is specifically aimed at finding and funding under-the-radar policy entrepreneurs and down-ballot candidates at the state and local levels. Joining the Alliance, Deborah Rappaport says, "would have constrained our ability to jump on new things as they appear."

McKay says he'd like the Alliance to be more decisive, but it's hard to tell whether that's possible. Taking a chance isn't easy when you need to get approval from 100 millionaires and billionaires. "It's tough to herd cats," former Alliance chair Steven Gluckstern liked to say, "but herding fat cats is harder."

Between 1972 and 1999, conservatives created at least sixty new organizations with mission statements modeled after that of the Heritage Foundation, a radical think tank at the time of its founding: "free enterprise, limited government, individual freedom, traditional American values, and a strong national defense." When pollster Celinda Lake asked a group of white Midwestern swing voters in 2004 what conservatives stood for, most of them repeated those catchphrases. When she asked the same question about liberals, half the voters responded, "I don't know."

In its early stages the Alliance, following the lead of Heritage, attempted to hammer out a mission statement for the organization. A year later the document is still a work in progress. Wade says the goal of the Alliance is to strengthen democracy. "That means an actively engaged citizenry...real solutions to critical issues...and a democracy not dominated by the far right," she says. Laudable goals, but hardly a road map for changing public policy. "There are pragmatists and there are activists," partners say Wade frequently tells them, "and I'm a pragmatist and that's where this organization should be." Needless to say, the early conservative activists, whether at National Review or on Barry Goldwater's 1964 campaign, couldn't have disagreed more.

The irony is that as the Alliance attempts to articulate its agenda, the old phase of conservative philanthropy--rich families like Olin and Scaife funding political change--is coming to an end and the conservative movement and Republican Party are running empty on ideas. Signature proposals, such as privatizing Social Security (and everything else) or eliminating the Education Department, have been widely discredited. "Obviously the left, if they can get themselves in position, can make a move," says Piereson.

The Bush era has jolted liberal philanthropists into action. No matter what the Alliance does, the impetus behind it will find other outlets. State-based donor collectives modeled after the Alliance have started in Washington, California, Ohio, Wisconsin and Colorado. Donors disaffected with the Alliance, like the Rappaports, have created their own organizations. Together these endeavors can create a market for entrepreneurs shopping ideas, just as conservatives did forty years ago. The notion of doing what wasn't getting done--thinking broadly, taking gambles, going beyond electoral politics and cultivating ideas and institutions and leaders--drew many of the partners to the table in the first place. Perhaps the best plan for the Alliance's future is remembering why it was started--and why conservatives won.

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