Phillips might have been partly hoping that H. Clinton would win the White House. It would make his claim stronger. As it is, well, I suppose there could be something to what he says about dynasty. I'm more impressed with a few other points he makes in the chapter. These points speak to what you are saying about the huge difficulty of real structural change.
1. Entrenched interests become more and more like cholesterol clogging the veins of the republic as time goes on in centers of government. The U.S. may be a young country, but its central government in Washington is exceptionally old. Over the decades, a permanent class of lobbyists and others seeking to influence what government does has settled in.
2. The image of Republican fat cats might not be appropraite anymore. Phillips documents the close ties between the Democratic party and the new masters of finance. He says Barrack Obama's campaign, especially, benefited from the fiancial companies' largesse. Will he be able to, or even be motivated to, reform practices in the industry?
3. Energy policy comes under the politics of evasion, too. An energy security policy is essential with peak oil either here or just a few years away, but we don't have a policy. Talk of green energy as a solution to our energy needs in any but the longest term, is essentially irresponsible. Simply put, we do need to develop as much of of our carbon-based fuels as we can. I don't like to say that he's right, but I'm afraid he is. Where this leaves combatting global warming is anyone's guess. But with Asia expecting to get a pass while it catches up to the rest of the developed world, the world's carbon load is very unlikely to decrease in time to limit the damage from warming.