Grover Cleveland wins in 1888

What if Grover Cleveland wins in 1888? In OTL he lost the election to Benjamin Harrison but ended up winning in 1892, but a massive economi depression ended up happening, killing off the Bourbon Democrats and the populists took over. Now in this ATL, the 1894 Depression happens under a Republican, so what happens to them? What would the 1896 election be like?
 
What if Grover Cleveland wins in 1888? In OTL he lost the election to Benjamin Harrison but ended up winning in 1892, but a massive economi depression ended up happening, killing off the Bourbon Democrats and the populists took over. Now in this ATL, the 1894 Depression happens under a Republican, so what happens to them? What would the 1896 election be like?

A Democrat victory in 1888 is possible. Cleveland won the popular vote and he lost New York by a razor-thin margin. If he wins it, then he wins the election.

The Democrats may win 1892, considering how deadlocked elections were at the time. However, let's say the Republicans win the election. The 1894 Depression still happens, and the 1894 congressional elections lead to a Congress controlled by conservative Democrats and Mugwumps. Bryan may become the vice presidential nominee, but most likely a conservative Democrat will clinch the nomination and win in a landslide and the early 20th century is conservative Democrat-ruled.

As a result of this, the Democrats never transform into a liberal party and they remain largely conservative. In addition, socialism gains more support due to the more marginalized nature of Republican progressives.
 
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