I see this current political period much like the period in 1894 and 1896.
In 1892, Democrats won back the White House from Republicans with former President Grover Cleveland(the only President to serve two non-consecutive terms). The next year, Cleveland become completely discredited due to the economic panic of 1893.
This resulted in Democrats being wiped out as political force in Congress in the 1894 midterm elections, losing a record setting 125 seats in the House. William Jennings Bryan was defeated in a Senate race that seem year.
In 1896, the economy had barely improved and Cleveland was in such bad shape that he decided not to bother seeking reelection. William Jennings Bryan ran for the Democratic nomination and won.
Right now, polls are showing that Russ Feingold could well lose reelection in 2010, just like Jennings Bryan lost his Senate race in 1894.
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And if this happens, what will Feingold move on to? He is natural politician and I cant see this populist Democrat becomming a lobbyist like most other defeated Senators.
I could see him running to challenge Barack Obama for the 2012 Democratic nomination. After Democrats lose the House and maybe the Senate in 2010 and Obama allows Social Security cuts and caves on healthcare funding and the Bush tax cuts, and unemployment rises back above 10%, are Democrats really going to be ready for four more years of this torture?
If Feingold decides to run, he would have a good chance in the Iowa caucuses, which are full of activists who have no enthusiasm for Obama. This could well set the stage for Feingold winning New Hampshire and then the nomination.
At worst, its a thought.