A representative democracy is and always has been about upholding oligarchy first. Any notions of superior merit are just justifications made after-the-fact; the vote itself is just a public debasement to acknowledge the rightful oligarchs, with a few bones thrown occasionally to people who matter to the oligarchy - people with money and power. The whole point is to convince enough of the lower classes that they're not really so bad off, while beating them if they ever get too uppity.

My bet is that for all this talk, nothing will happen. Too big to fail. Everything is so confusing.