There's nothing more annoying that excessive crowing over an election, but I can't help taking just a moment to observe that there's something which doesn't quite fit about the idea that the GOP (and in a number of cases, the Tea Party wing of the GOP) did so well yesterday because the electorate was outraged that Obama and congress didn't tack harder left in the last two years. Yes, it's true that it was moderate Democrats, in many cases, who lost, but that's mainly because those moderate Democrats were elected in 2010 in districts which were to the right of them, districts which had previously been held by the GOP. But the fact that Pelosi was reelected while Driehaus lost doesn't mean that the electorate as a whole wants people on the hard left -- it's because Pelosi's district is in San Francisco while Driehaus's was in Cincinnati.
What both rightists and leftists should keep in mind after elections like this one and 2008 as well is that elections in the US are decided by a swing bloc which might charitably be described as pragmatic/a-political (or uncharitably as generally ignorant of political ideology and policy.) In 2008, that bloc looked at the landscape and said to itself, "Things aren't going so well, and Obama seems like he has exciting new ideas." This year, those same people looked around and said, "I keep hearing about 'stimulus' and debt and the health care bill, but all I can see right now is that a lot of people are out of work and insurance costs are going up. Let's throw the bums out."
Obama bet big that either he would have the magical ability to fix the economy, or it would fix itself, within two years. He lost that one. Now Republicans are betting that things will either look better in two years, or it will be possible to pin remaining problems on Obama. Only time will tell.
As someone who does have a formed political and economic philosophy, it's frustrating to me that elections are decided the way they are, though probably less so than for progressives since gridlock is not all that bad a thing according to my philosophy, while theirs require that the helping hand of statism shepherd us firmly and rapidly into the brave new world that is ahead.