...and he is elected President. A lot sooner than I expected and by a wide margin in electoral votes. Amazing night tonight. I wish I had bought tickets to the rally in Chicago. Over a million are expected to turn up.

I wonder what is going through Obama's mind right now. And McCain's. I doubt if the former is going to have much time to celebrate. I wonder what lessons the latter will take away.

This election has brought a lot of upsets, but that reflects the times. Financial institutions, once considered the bastion of America's economic strength, have disappeared overnight. Others are adopting more conservative business models. The economy is delevering. Consumption is falling and a recession is inevitable, if it has not begun already. Have we learnt anything new about how the world works with this crisis? Not much. We've seen "irrational exuberance" before. Bubbles come and go. Investors invest irresponsibly. People consume irresponsibly.

I see Reverend Jackson cry. He ran for President himself once. This must be a vindication of some sort for him.

McCain is talking about the historic nature of this election. I think he is surprised by the turnout among blacks. I don't like his pigeonholing Obama's victory as a victory for African-Americans. His voice is visibly shaken. In another time, I would have voted for him. He is certainly a man of integrity in a way Bush could never hope to be. And the crowd appreciates it too. "We love John", they chant. There is no doubt though that his party didn't stand a chance at this election without him. He reached across party lines; his appeal to the independents went a long way to balance the lemming path Bush, Rove and co. have set his party on.

I also wonder what Bush will do tomorrow, knowing that his era is over. We cry over Fuld walking away with millions in severance. Isn't it ironic that we reelected a man responsible for trillions wasted in an escalation of committment? A democracy is much like a public financial institution these days. Ownership is diluted, responsibility is thin, and accountability is non-existent. Here's hoping to a more educated and activist democracy. I have to go - Obama is speaking.