There are losses and losses. If Kerry had won in 2004, it would have been a total and complete disaster. We would have lost Iraq, had 2 new Liberal judges in the Supreme Court, total democrat control since 2006, and might not even had gotten the bailout package approved (minority Republicans would have put a long and hard fight).
Now, if Obama really wins tomorrow things won’t be that bad. First, because Iraq is much more stable and probably ready for a slow pull out so we can send more troops to Afghanistan. Second, the economy is already where it needs to be: on a normal course out of a recession. The next two years won’t be that great (which in some ways is good, since Republicans can pick up some seats on the 2010 congress) but the systemic risk is back to normal.
Of course some things will not be pretty. Obama will probably raise taxes, increase protectionism and might even get some very bad bills through (two big concerns are the Fairness Doctrine and The Freedom of Choice Act). But overall I don’t think Obama will be able to radically change the country. I don’t even think he will be able to get his health plan craziness without some extensive concessions.
And even though is silly as hell, it will be funny to see all the world going gaga over the fact that we will have a black President. Oh, we might even be loved again! Until Obama is confronted with some serious situation that is. In that case, I do think he would not be as weak as other democrats.
So losing is never nice but this might not be such a bad time. We might even get the press out of this current propaganda mode for a change… Who knows, maybe in 4 years people will be done with this fantasy about change and finally understand that you don’t need to vote for a black person to prove that you are not a racist.