Are election reactions Republican depression or Democratic wishful thinking?

Charles Krauthammer, Columnist with The Wasington Post cautions that we not read too much into the election results of last Tuesday. Read it here. Here are excerpts: How serious is the "thumpin' " the Republicans took on Tuesday? Losing one house is significant but hardly historic. Losing both houses, however, is defeat of a different order of magnitude, the equivalent in a parliamentary system of a vote of no confidence. ... But the great Democratic wave of 2006 is nothing remotely like the great structural change some are trumpeting. ... This is not realignment. As has been the case for decades, American politics continues to be fought between the 40-yard lines. ... In this election, the Democrats carried the ball from their own 45-yard line to the Republican 45-yard line. ... The fact that the Democrats crossed midfield does not make this election a great anti-conservative swing. ... The result is that both parties have moved to the right. The Republicans have shed the last vestiges of their centrist past, the Rockefeller Republican. And the Democrats have widened their tent to bring in a new crop of blue-dog conservatives. ... What happened on Tuesday? The electorate threw the bums out in disgust with corruption and in deep dissatisfaction with current Iraq policy. Reading much more into this election is a symptom of either Republican depression or Democratic wishful thinking.