David Bernstein looks at the results and puts them in perspective.

The picture is of a solid Democratic win, but not the tsunami some had expected. Obama won the popular vote by a solid, but not crushing, margin of slightly less than six percent (52.4-46.5). Bill Clinton beat Bob Dole by a significantly greater margin and even greater relative percentage (49.25-40.71), and George Bush by a slightly lower margin, but higher relative percentage (43.01-37.45). Bush, meanwhile, beat Dukakis by a larger margin, 53.4 to 45.6. The Democrats picked up about twenty House seats, on the low end of the expected range. And, as noted above, they seem likely to pick up five or six Senate seats,which would make the Senate races either 18-16 in favor of the Democrats, or tied at 17-17, again on the low end of the expected range.

It would have taken a miracle, or at least a match between a really unattractive democrat who made many mistakes and a dynamic Republican with Reagansque charisma, to produce a GOP win this year with the economy in a mess and poor, clueless George W. Bush hanging around the elephant’s neck like a dead albatross.

Considering all the factors destining this to be the democrat’s year, it could have been much worse.

Mark Steyn extends congratulations.

Just to be clear: I’m not indulging in the same somewhat moist-eyed congratulations as some of our colleagues. I extend my congratulations mainly in the same sense that elderly British veterans of my acquaintance like to express their admiration of the marvelously innovative ways their Japanese captors found to torture them. The President-elect ran rings round our side, and found many novel ways to torture us.

1:48 video

Hat tip to John Hinderaker.

Jay Nordlinger, at the Corner, finds the traditional stereotype view of the Republican Party as the party of the rich and the democrat party as the party of the workingman deserving of assignment to the category of persistent, but out-dated, myths.

I’ve just come back from a weekend in Vermont — and here’s how I understand it: Modestly off people — “real Vermonters,” as some people say — are voting for McCain and Palin. Comfortably off people, such as those who own ski chalets, are voting for Obama and Biden. And the following has been frequently noted about the city of my residence, New York: The rich are voting Democratic. And those who work for them — driving cars, cleaning rooms, and so on — are voting Republican.

Yet, when I was growing up, the Republican party was always called the party of the rich, and it still suffers from that label. Over and over, that which I was taught is contradicted by the evidence of my lived experience.

This time it was CBS Channel 3 in Philadelphia. Ask a hardball question of Joe Biden, and you’re out.

2:23 video

Via US Neverdock.

A typical Republican

Even the Washington Post notices:

Now the good news for Republicans: You are happier than Democrats. You always have been, and you probably always will be.

Never mind that your presidential candidate is sinking in the polls while your president plumbs historic depths of popular scorn and your free market squeals for intervention while your investments evaporate on Wall Street. You are not just happier than the other guys, but more of you are very happy indeed, according to new survey results published yesterday by the Pew Research Center.

The pollsters were in the field asking about happiness this month, a period when economic news was gloomy for everybody and presidential campaign news seemed especially baleful for Republicans. Yet they found 37 percent of Republicans are “very happy,” compared with 25 percent of Democrats; 51 percent of Republicans and 52 percent of Democrats are “pretty happy”; and 9 percent of Republicans are “not too happy,” compared with 20 percent of Democrats.
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The partisan happiness gap — unbroken for nearly four decades — is impervious to electoral ups and downs. It has something to do with worldview. …

Brooks says a lot hinges on the answer to this question: Do you believe that hard work and perseverance can overcome disadvantages? Conservatives are more likely to say yes.

Pew found that Democrats are more likely to say that success in life is mostly determined by outside forces. Republicans lean toward thinking that success is determined by one’s own efforts.

The hypothesis: Those who think they can control their destinies are happier.

Read the whole thing.

A commenter who signs himself “Waynes World” at Political Punch explains his reasons.

I’m voting Democrat because I believe the government will do a better job of spending MY MONEY than I would. I think when you spread the wealth around it is good for everybody! It’s Patriotic!

I’m voting Democrat because I believe that business should not be allowed to make profits for themselves. All profits are evil and should be confiscated for Government Redistribution.

I’m voting Democrat because I believe that MORE Government regulations and higher taxes on Business will stop Business from exporting their jobs to Countries with LESS Government regulations and lower taxes.

I’m voting Democrat because I believe terrorists should be allowed to have trials in American courts. And be able to subpoena top secret documents, soldiers, government officials, etc. to cross examine for their defense. They should have ACLU lawyers who can help intimidate Americans who serve on the juries!

I’m voting Democrat because I believe Gay Marriage should be the law of the land and will probably produce better children.

Read the whole thing.

“I’m Spartacus.”

Transterrestial Musings finds :

71 BC*

ROME (Routers) Diligent investigative reporters were shocked to learn today that many, indeed most of the captured slaves in yesterday’s battle in Lucania who proclaimed “I am Spartacus” were actually misleading military authorities, and not the famous rebel leader at all.

One of the investigators, Probius Ani, lead chiseler at the Tempus Romae, shared the details. “We looked into their backgrounds, and while they were all slaves at one time or another, few of them had formal gladiator training, nor did they universally use the Thracian style of combat for which he was well known.”

After the defeat, when authorities demanded to know which of the defeated was the leader, at first one of them jumped up and declared himself Spartacus**. But the situation quickly grew confused as another, and then another, and then dozens and hundreds of the defeated curs shouted out the same claim. Legitimate demands of proof of identity, gladiators’ licenses, and tax and divorce records from them were met with a sullen resistance, making it impossible to tell which to properly punish.

“These slaves have no credibility,” noted a proconsul on the scene. “Why should we grant any respect to a campaign based on false pretenses? Why should we not just spread their wealth around, and crucify them all?”

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Joe the Plumber speaks.

3:08 video

A prominent news agency is reporting that Antoin Rezko is singing like a bird to prosecutor Patrick Fitzgerald and that Illinois democrats are trembling in their boots.

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HillBuzz rumors that Fitzgerald is after the ultimate scalp for his personal collection: Barack Obama’s.

The Sun Times today gave a major clue that Barack Obama will indeed go down with Tony Rezko, sooner rather than later. It looks as though Rezko is about to turn on Alexi Giannoulias, the 30-year old State Treasurer of Illinois (who was elected only because Obama backed him).

Here’s where all the clues are…and then we’ll walk you through the local Chicago politics on how today’s hint by the Sun Times has us convinced, for the first time ever, that prosecutor Patrick Fitzgerald could indeed send Barack Obama to jail.

Sounds too good to be true, but we are certainly going to be keeping an eye out for further developments.

A 9:59 video look at the mortgage meltdown’s roots.

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9/29: 6:00 PM EDT:

I would expect the video to be back (with the offending song removed) before very long.

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Back up 9:45 PM EDT:

new link

Virginia Shanahan, writing at MacsMind, has a longer memory than most of us, and cites a NY Times article from 2003 recalling that the Bush administration actually foresaw problems, and tried reforming Fannie Mae and Freddie Mac, but his efforts were blocked. By whom? The same democrats who now possess a Congressional majority. With current Chairman of the House Financial Services Committee, Massachusetts’ own Barney Frank playing a leading role.

I doubt many of the readers recall this article from the New York Times five years ago.

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

We can see now that the Bush administration had accurately diagnosed the problem in the lending market and had a plan to address it. Reluctantly Fannie Mae and Freddie Mac supported the plan. However, Democrats objected.

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

Russ Smith feels the time has come to start discussing the unthinkable.

It’s three a.m. on Oct. 31 and a frantic broker awakens you. He’s advising making substantial investments that day in the stocks of Lilly, Pfizer and other manufacturers of anti-depressants, as well as high-end booze, say Grey Goose vodka and Hillary Clinton’s whiskey of choice, Chivas Regal. The calculations buzzing through your head are not insignificant. Barack Obama holds a two-point lead over John McCain in the Gallup poll for the Nov. 4 presidential election, and that slender margin suggests—given the undeniable factor of racism when Americans retreat to the privacy of the ballot booth—that for the third straight time a Democratic candidate will be defeated. Your own preference in the contest is irrelevant: there’s money lying on the table and only a fool would ignore the market’s indications.

A month ago, as any honest Democrat will tell you, this scenario was nearly inconceivable. The Republicans had nominated an elderly and inarticulate candidate in McCain, who was marred not only by his association with George Bush, but distrusted by the critical conservative base as well. ..

In mid-September the GOP resurrection is a simple reality, and though I dislike the cliché “a month in politics is a lifetime,” no one has any idea of how Americans will vote on Election Day. But the fear expressed by a “major Democratic fundraiser” in Politico last week—“I’m so depressed. It’s happening again. It’s a nightmare.”—isn’t isolated and won’t subside unless Obama, to quote a Matt Drudge headline, “gets his groove back.”

I have no clue if or when that could happen, but I do have an opinion of what will follow in this country if McCain pulls off what so recently seemed the miraculous feat of becoming the country’s 44th president. Voter fraud, conspiracy, “sleazevertisements” (the preferred term of many left-wing bloggers), disenfranchised voters, the return of redneck chic; those will be the immediate cries of Democrats who thought the election was in the bag. Once again, scores of celebrities will claim they’re moving abroad (and inevitably won’t). And then the depression will kick in hard.

New York magazine columnist Kurt Andersen, one of the few Beltway-Boston pundits who bashed Hillary Clinton a year ago, when her nomination appeared inevitable, was unstinting in his speculation of the fallout should Obama lose. He emailed me: “Even without post-November 4th rumors of rigged voting machines and the like, an Obama loss will be a deeply, traumatically depressing event for Democrats and other Obama enthusiasts. (Whereas if McCain loses, who will be seriously bummed outside of the McCain household?) There will be so many facets of potential unhappiness. That an eloquent, inspiring, intelligent, subtle black candidate lost—and if it’s close, it’ll be true that racism beat him… That the rest of the world will be reaffirmed in their belief that America is the land of nincompoops (or worse). That a war with Iran looks a lot likelier… That Sarah Palin won it for the Republicans, and gives a bad name to feminism and (terrifyingly) has a one-in-six (Russian roulette!) chance of becoming president before 2013.”

Tom Bevan, co-founder of Real Clear Politics, was succinct: “Two words: Hari Kari. The base of the [Democratic] party is so vested in its nominee…that to lose in November would be one of the most demoralizingin the modern era.”

Read the whole thing.