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Plus you don't have the issue of the South finally turning over to the Republicans in 1994 - something you could argue was long overdue in terms of realistic expectations (if LBJ predicted it in the 60s...). There is nothing like that in this election.
Further, because of this issue of mood and the way that (I think) it's moving, I doubt that an anti-incumbent election would hurt progressives rather than help them - because you would have new politicians who have not lived through the roll-over-and-play-dead Democratic caucuses of the last 8 years.
Frankly, I would be more excited to see some minimally decent legislation and a lot of easy public relations attacks (e.g. like the Sotomayor nomination) come out of this administration rather than measures that would convince the public that this lot is all that useful.
Because I think they're not and they should go. We need more progressives in Congress, not just to retain an overwhelmingly centrist Democratic base, as the bailout debate and subsequent events have shown. Otherwise, we're playing dice with our future.