If Obama wins the election on Tuesday, we'll certainly be in for some interesting times. While he's reportedly prepared to start lowering the bar on his disciples' expectations, there's no doubt that Obama, with the wind of a Democrat-dominated Congress at his back, will sign off on some, er, interesting legislation, such as the Orwellian-named Employee Free Choice Act and the revival of the Fairness Doctrine.
His economic and tax policies will certainly deepen and lengthen the recession we're entering now, but I don't think we're in for a full-on depression. The inevitable cuts in the military will take years to recover from, much like the post-Vietnam cuts did. The average European might think more highly of the US, but many of the world's political leaders won't respect us, and it'll show in their actions. By mid-2010 or so, many Obama supporters might be saying, "Holy crap...the wingnuts were right."
But we'll survive. Like Jimmy Carter - the last over-promising and under-delivering Democrat to hold the office - Obama will serve one term and be swept out of office in a voter's revolt, taking with him a good number of Congressional Democrats. Think of it as a periodic douching of Washington.
Something that could have happened in 2008.