I think there are two big differences, Flash.
First, Kenney would be promoting an open dialogue rather than a backroom deal. Sure, the three or four percent at the far fringe would be upset, but no loss there.
Second, situation has changed politically. Losing government should hopefully bring the PC 's back to reality, while the fear of allowing Notley to continue on her tax and spend rampage beyond one term could result in a pragmatic decision.
And even if it doesn't - even if the two parties don't find common ground in a merger - it still opens up the avenue of a reverse of the 2012 election where people currently polling for Wildrose rush to the PCs en masse (or vice versa) to block another NDP government.
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