Pat, excellent analysis. Here's my simple explanation of the awful election outcome/: it comes from the famous quote by Benjamin Franklin:
"When the people find that they can vote themselves money, that will herald the end of the republic."
I think the people who voted for Obama like the money/benefit flow, which will invariably stop since the wealth creators are going to sit back and let this mess of a country slide off the cliff. Will the Republicans rise again? Only if the republic does as a whole. Presently configured, we're going the way of 5th century Rome, or present-day Greece. It wasn't Romney's fault. Not enough Republicans remain, and those that do did not participate sufficiently. Crack-up ahead--stock market knows it.