Since I'm a cynic, yes.
The fringes of both parties have taken over their respective party leaderships. The moderate/centrist majority in America is forced to pick the lesser of two evils. And most of them are pretty content with this.
I'm not really seeing how the 'fringes' have taken over. The Democrats might have shifted towards unapologetic Keynesianism again but Obama isn't governing
that differently from Bush as far as the war on terror, financial sector regulation, etc. is concerned even putting aside the impending tax hikes and attempts at taking over even more of the healthcare industry.
The truth IMO is both parties are unstable and are alienating their base. The Democrats can barely agree on an agenda even with control of two whole branches and their approvals are tanking. Meanwhile the Republicans are in a state of civil war with the neo cons/establishment, token moderates/liberals and tea party insurgency all duking it out. If anything the public is probably radicalizing out of fear and a dearth of real leadership (might be projecting there though).