Ezra Klein has written a great post-election article. It's worth quoting at length:
Barack Hussein Obama was, arguably, the country's most unlikely candidate for highest office. He embodied, or at least invoked, much of what America feared. His color recalled our racist past. His name was a reminder of our anxious present. His spiritual mentor displayed a streak of radical Afro-nationalism. He knew domestic terrorists and had lived in predominantly Muslim countries. There was hardly a specter lurking in the American subconscious that he did not call forth.
And that was his great strength. He robbed fear of its ability to work through quiet insinuation. He forced America to confront its own subconscious. Obama actually is black. His middle name actually is "Hussein." He actually does know William Ayers. He actually was married by Jeremiah Wright. He actually had lived in Indonesia. These were not smears, though they were often used as such. They were facts. And this election was fundamentally about what happened when fear collided with fact.
For the first time, America had to articulate what exactly it feared. Did it truly believe that the middle name "Hussein" suggested a terrorist threat to the country? Well, no. Did it genuinely think Obama a radical Afro-nationalist who had dedicated his life to serving a country he loathed? Probably not. Did it actually seem plausible that Obama wanted to become president so he could finish the job the Weathermen started? Unlikely. The shadowy terrors that animated American politics in the dark aftermath of 9-11 receded. Time had passed. To borrow a line, it was morning in America, and our country looked different in the clean light of the dawn. And so too did its problems.
In 2008, America awoke to new anxieties. Concrete dangers. If the threat of shadowy terrorist networks is amorphous and hard to define, the dangers of an economic collapse are clear and easily explained, as is the horror of a city drowning while its government panics. There is nothing vague about the grim reality of a failed war nor anything ineffable in the relentless rise in health insurance costs. Like a hypochondriac who forgets his mysterious headaches when he must suddenly deal with his wife's cancer, America found there was plenty to worry about but little time to be afraid.
Indeed, the election results suggest something striking: America has forgotten. September 11 has not disappeared from our memory, of course, but we have recovered from the blow. We have forgotten how it felt to be afraid, and so, yesterday, we forgot to vote our fears. And in doing, we have elected a black president with a Muslim name. Fear again proved but a temporary detour from our history's long arc toward justice. [The American Prospect]
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