1. The Tea Party prevented the Republicans from retaking the Senate. With Murkowski in Alaska, Castle in Delaware, and almost anyone else in Nevada, Republicans would have clear the 50 hurdle.
2. It was a no-brainer. 1990s: small(ish) government, good economy. 2000s under Bush and Obama: government got bigger, economy got worse. Which do you want, Option A or Option B?
3. Kudos to Harry Reid for winning by appealing to Latinos against a nativist opponent. Let's hope other Democrats follow his example and succeed by doing the right thing. It's the only issue where Democrats are right.
4. Whether this is a victory for fiscal sanity depends on what Republicans do with their new mandate (and how Obama responds to this rebuke). But it was definitely a victory for the democratic process. No bill, at least not a major bill that fundamentally affects the social contract, should ever become law the way Obamacare did, in the face of a clear negative verdict from the American people. Even if it were good policy-- but it's terrible policy-- there would be a strong case for repealing it solely to defend the integrity of the democratic process. It was one of the many reason the Democrats deserved to lose.
5. Has any Congressional majority ever had as miserable a record as the Democrats in 2006-10? A plunge in Americans' net worth, a financial crisis and soaring unemployment, a deterioration in freedom worldwide, losing a war-- that's probably how history will see it in hindsight-- in Afghanistan.