Bill Kristol puts on his contrarian's cap in his latest Time magazine column and explains why things may not be as bad as they seem for the Grand Old Party:
The Democrats are going to nominate either a one-term Senator (Clinton) or a half-term Senator (Obama), neither with much in the way of legislative achievements. Against that, the GOP will offer one of the following: a remarkably successful two-term mayor (Rudy Giuliani), a business leader as well as Governor (Mitt Romney), a four-term Senator and war hero (McCain), an effective two-term Governor (Mike Huckabee) or a Senator with as much experience as Clinton and who was a star prosecutor and has an appealing personal story (Fred Thompson).
Kristol concludes:
At a time of war, in a culturally conservative country with voters suspicious of Big Government liberalism, it would be foolish to underrate the chances of the presidential nominee of the more hawkish, socially conservative and anti-Big Government party.
Republicans were guilty of hubris after the 2004 election - and look at what happened next. Now you could argue Democrats, after the 2006 election, are just as guilty of hubris - and what does the future hold for them?