Japan has thrown out its government and restored the conservative Liberal Democratic Party (yes, that's right) to power:
the dominant view of Sunday’s vote was that it was not so much a weakening of Japan’s desire for drastic change, or a swing to an anti-Chinese right, as a rebuke of the incumbent Democrats. They swept aside the Liberal Democrats with bold vows to overhaul Japan’s sclerotic postwar order, only to disappoint voters by failing to deliver on economic improvements. Mr. Abe acknowledged as much, saying that his party had simply ridden a wave of public disgust in the failures of his opponents.
“We recognize that this was not a restoration of confidence in the Liberal Democratic Party, but a rejection of three years of incompetent rule by the Democratic Party,” Mr. Abe, 58, told reporters. Now, his party will be left to address deepening public frustration on a host of issues, including a contracting economy and a teetering pension system.
In the powerful lower house, the Liberal Democrats held a commanding lead with 294 of the 480 seats up for grabs. That would be almost a mirror image of the results in 2009, when the [incumbent center-left] Democrats won 308 seats.
And while the President leads a vigil in Connecticut tonight, House Speaker John Boehner appears to have relented to the facts and is conceding that income taxes have to rise on the rich:
Public opinion strongly favors it. President Obama just won re-election campaigning more strongly on the tax issue than on any other. Federal revenue as a share of the economy is near a 60-year low. Washington faces a $1 trillion annual deficit.
Yet even as some party leaders and intellectuals urge them to concede the point, most rank-and-file House Republicans refuse. That is why Speaker John A. Boehner has moved so gingerly, finally offering late last week to raise rates only on incomes of $1 million or more, despite calls from Senate Republicans for a deeper concession.
What Mr. Boehner has proposed is allowing the top rate to revert to 39.6 percent for income of $1 million and above, and to raise his total for new revenue over 10 years to $1 trillion from $800 billion, according to a person familiar with his latest offer. That rate increase would raise far less revenue than Mr. Obama’s plan, which would affect many more taxpayers.
I believe the White House response to that will still be "go fish," but it's a good start.