"Hello, we must be going" for the Dems? Andrew Samwick lays out a quite plausible political near future: "The American voters' political memory is short, and their ability to run the counterfactual is not very precise. If we are a mess leading up to the midterm elections in 2010, the Democrats will lose what they gained in the prior 4 years. With weaker majorities (particularly in the Senate), the Democrats will be in a much tougher position in the last two years of an Obama administration than the first, and the ascendant Republicans will already be fielding challengers for 2012."
Me: I will be blogging more in my own near future on this scenario.