He ain't gonna just shrink away - he plans on being a party leader and is already talking about 2008.
I like the quote from Carville in this article -
"I'm not in denial. Reality hit me," Carville said. "Let's take the greatest morality story of all -- we're born again," he added, in a play on words connoting both his view that the party needs a fundamental change, as well as the importance of evangelical Christians to Bush.
http://seattletimes.nwsource.com/html/nationworld/2002085778_dems09.html
P.S. - I think this kinda squashes any idea of him coming out and screaming fraud, which is most of the reason I posted this.