Some insightful (and common sense) comments.
1) The real loser
The real loser is Keynesianism: the idea that when businesses and individuals stop spending, government must. That idea will not rebound; it's over for this period in economic history. First Britain, and now the United States, are responding to the worst economic contraction in 75 years by contracting government, despite the fact that the world's best economists are screaming that it's exactly the wrong thing to do. (here)
2) Obama Post Election Press Conference
a) So far Obama's major nod to getting whooped last night is to speak slower and with a tinge of sorrow in his voice. Beyond that? Nope, not really.Big Takeaway...Obama rejects notion that his policies were rejected by voters last night. Says his policies are not moving the nation backwards, rejects notion that was message of last night. He's not going the Clinton way. It would have been much shorter and much more honest if he just said what he really wants to say, "Let me be clear, I'm still awesome. If you aren't smart enough to get that, it's on you not me." (here)
b) Less than 24 hours after he lost the golden mantle, President Obama went before an expectant nation with a White House press conference. He and his party had received an historic slap-down. The people had spoken directly and plainly.For the first two-thirds of the presser, the president spoke in Washington-speak. It was nuanced and hit notes that his aides would nod at approvingly. He was humbled and willing to reach out to the other side. If you were a Washington insider and you had a decoder ring, you could nod appreciatively that you understood the message.But as a political acknowledgement to an angry public, it has to be chalked up as another loss. In the language of the American people, it was not straight talk. It was babble, presented in cold language that only Professor Obama could deliver. (here)