The electoral prospects of the Republican Party are looking increasingly bleak...

*In the current RealClearPolitics electoral map, Barack Obama has fairly solid leads in enough states to give him 264 electoral votes.  If the election was tonight and each candidate won the states where they lead in the poll average, Barack Obama would defeat John McCain in a landslide--364-174.

*All of the "blue states" that McCain made competitive with the Palin pick are now out of play.  Since the financial crisis started, Pennsylvania, Michigan, Wisconsin, Minnesota, and New Hampshire have all slipped out of play.  Several are now very solidly in Obama's camp.  Obama has also consolidated his gains in Iowa and New Mexico--two former Bush states.  He only needs one more to win the election.  The most likely candidates to switch are typical battlegrounds Florida and Ohio, though Obama holds decent leads in Colorado, Virginia, and Nevada as well.  He also is virtually tied in typically solid "red states" Missouri (more purple), Indiana, and North Carolina.  Remember, if Obama takes any of the 8 states just listed--which are all currently either tied or favoring Obama--he wins.  McCain would have to sweep those 8 in order to win.  In other words, you may be able to go to sleep early on election night if you're a Republican.

*In addition, Democrats are likely to expand their majority in the House by 10-15 seats.  That majority would be quite dominant.  Even more startling is the possibility of Democrats picking up around 10 seats in the Senate. Pollster has helpful maps, especially for the Senate and House.

Election results could very well be the nightmare scenario for Republicans: a very liberal Democrat in the White House and substantial majorities in both Houses--perhaps even enough to defeat filibusters.  From a conservative standpoint, the ramifications for foreign policy (e.g. rapid withdraw from Iraq, appeasement of Iran and Russia, etc.) and economic policy (universal health care, widespread tax hikes to pay for new spending) are near-disastrous.  There is even a possibility of three Supreme Court retirements and an inability of Republicans to prevent or even slow any candidate of Senator Obama's choosing.

The silver lining for Republicans: This could prove to a "rebuilding season," where such a pervasive electoral defeat will cause a purging within a rank of those who fed from the government trough rather than staying true to conservative principles.  With a more solid foundation, the future could be bright.

The Republican Study Committee--that brave caucus of 100 House conservatives--today came out with a proposal of their own in response to the present economic crisis.  The RSC should now reach out to the many other disgruntled Republicans and Democrats behind their free-market proposals and consolidate their support for three moves this week:

First, At a press gathering involving both Republican and Democratic supporters of the free-market initiative, they should announce their plan in simple terms.  They should present their plan as one which not only supports the present economy but also maintains the economic structure that has defined and benefited our country for much of our history.

Second, These members of the House should then categorically reject the Paulson plan on both philosophical and populist grounds.  Philosophically, the plan is a socialist maneuver and blatantly opposed to American freedom and economic values (as Sen. Bunning rightly pointed out).  Pragmatically, it puts taxpayers (the "little guy") on the hook for monstrous debt.  For the sake of America and Americans, the plan should be rejected.

Third, If the free-market initiative lacks the requisite support in Congress, certain concessions should be made.  For example, allowing a partial, temporary bailout with clear boundaries and a fixed ending point could be allowed in order to advance these free-market reforms.  In this way, these politicians will appear to be both people of conviction and flexibility.

Economist F.A. Hayek reminded his readers that trying circumstances are always used to justify blatantly socialist measures.  Principled conservatives reject such petty justifications, preserving the free-market while bringing its resources to bear for the good of the American people.