It appears that the big loser of the evening is Karl Rove…
… or perhaps more accurately, the well-off Republicans that paid billions of dollars into Super PACs such as Rove’s American Crossroads.
Billions of dollars collected, spent, and it bought them nothing. The Republicans maintained the House, but I’m not sure that anyone ever thought that the House was in play. There was no real movement in the Senate. And it now appears very doubtful that they have unseated the President. (At this moment, both CNN and FOX have called the election for Obama, but it seems likely to me that, although likely at this point, it might be premature.)
This anemic showing has transpired during a recession that, while rebounding, is doing so sluggishly at best.
It will be interesting to see what this means for the spending-on-steroids trend that seems to have gone off the cliff this year. I’m anxious in the coming days to see a more in depth look by a bunch people, especially Elias.