The good news is this is a knockout punch for Obamanamics. Cap-and-Trade and a whole bunch of other Obama supported nonsense is no dead. This Congress, especially the House, will be far more fiscally conservative than the last, also a good thing.

The bad news is the economy will remain stuck in the mud and troops will likely remain stuck in Afghanistan and 139 other places around the globe.

The Republicans can block anything they want, but they cannot pass anything they want. The same holds true for Senate Democrats.

No miracles are in store. So don’t expect any.

via Mish’s Global Economic Trend Analysis: Anticlimactic Blowout and Knockout Punch for Obamanamics.