GOP Takes House, Dem Keeps Senate But Not By Many

For House,
Fox Network predicts GOP to gain 65 seats;
CBS News predicts GOP to gain 58 seats;
ABC News, the site doesn't load...

If CBS is right, Republicans will have 235 seats (majority 218), and Democrats will have 181. Before the election, Republicans had 179 seats, and Democrats had 256 seats.

For Senate, Democrats seem to have managed to hold on to a majority, 51 (with 2 independent Senators often voting with Democrats), and GOP 46, net gain of 6. Democrats went from 57 to 49.

Rand Paul, who won the Senate seat in Kentucky as the "tea party" Republican, said it well: that this is not the victory to celebrate for the Republican Party, but a second chance, to become the party for small, fiscally responsible government.

The election was widely seen as the nation's vote for or against Obama's presidency. In dismal February 2009 when Obama's stimulus bill was passed and the stock market kept tanking, I didn't even dare imagine that Americans would soon start questioning the government and the administration within 4, 5 months. Americans sure got angry, and got angry very fast.

I'm glad the election is finally over. I don't need to keep blocking the campaign ads that I don't want for this blog any more.

Now it's the Federal Reserve's turn on Wednesday. The FOMC meeting announcement is coming. QE2 is coming, whatever the size or scope may be.

But the Bernanke Fed had better watch out. Rand Paul may get the seat that Senator Bunning, his predecessor, has, in the Senate Banking Committee. Senator DeMint, whose "Audit the Fed" bill was blocked by Senate Democrats, also won today by a wide margin. Two Senators who are vocal critic of the Federal Reserve.

Too bad Peter Schiff lost in the Connecticut primary...

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