Never underestimate the conservative element in society. The Republicanns are far from done. They're dedicated, they breed fast, and even when pushed back, they're always there, biden their time for when an opportunity / happening in the world comes along they can use to push their views forward or 'prove' they still have a place in this world. Humans are fickle, and the odds could swing in their favour again faster than you'd expect. In Europe extremist movements are heavily on the march, I don't see why the same thing couldn't happen (again) in America, which is facing several similar challenges the extremist movements use to feed on Europe has, but may be going through different phases right now, which doesn't mean they couldn't reach those phases Europe is currently in later.
In fact, if things go horribly wrong in Europe, and they might, Republicanns may point to Europe and go 'this is what's going to happen to America!' You know fear is their favourite weapon.
The main thing I'm trying to say is that there seems to be this whole 'oh hey the Republicanns are done! They're done! They're too divided and can't come back anymore' optimism (on Belgian television as well) going on which I just think is too Utopian, in fact, thinking so will allow them to come back easier.
What they're probably going to do first is (continue to) try and thwart Obama at every corner and then blame him (and in a more broad sense, the Democratts) if things don't work out.
The world's a mess on so many levels right now, and we may need, nope, we will need to seriously rethink the way we're living and have organized society up to this point soon. In a time where companies can screw over 10 000's of workers and relocate their factories so a few rich guys can earn a couple bucks more, how can you expect to guard and regulate your economy in accordance with other's economies, or create stability and that's without even starting to think about applying regulations on the ecological scale. It's easy for a lot of people to blame 1 man for everything, and forget he's not god, and people are more difficult to please in difficult times. So let's hope Obama does well, 'cos it might never have been more important.