A Wave. A Tsunami.

At a breakfast with reporters Friday morning, Democratic strategist James Carville urged the assembled to look around, and remember how everything looked today. "Nothing will be the same" after Election Day, Carville suggested. "This place is going to get hit" with political change on a scale folks haven't seen before. . . Washington's ruling class is about to undergo massive political upheaval. . . The country seems poised for another "wave" election, where the close seats fall in one direction. "We've not had a leader elected in this kind of environment in our lifetime," said [pollster Stan] Greenberg. You have to go back to 1930 and 1932 to see two wave elections in a row.

--Eleanor Clift, Newsweek

1930. 1932. The first two post-’29 Crash elections. In an entire article about Democrats storming to massive victory, this is as close as Clift gets to crediting the real source of the upcoming Democratic sweep— the well-timed Crash of ‘08.

Seattle P-I associate editor Kenneth Bunting, in a similar “We Win! We Win! We Win!” column, at least notes:

There is little doubt that Obama's political fortunes were aided by the timing of the nation's awful economic crisis. Liberal analysts who won't admit that reality are in a similar state of denial as conservative ones who won't acknowledge that McCain's tactics, lack of message and vice presidential choice have backfired.

McCain’s tactics? Lack of message? Oh, of course that disaster Palin. Don’t think so. McCain was hit by a tsunami, a real October surprise, but the media will continue claiming they elected Obama and a Democratic congress by exposing the frauds running against them.

Here’s more crashing wave reality. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ), dropped 1,200 points over the week to -4,992, its new low (index less than 3 months old—we run the FOX INDEX whenever it hits new lows). It’s now 74% of the way from healthy to the bottom the market hit in October 2002, at the end of the last bust.