Paul Krugman:

A magnificent victory for Barack Obama. And bear in mind that the campaign, in its final stages, was really about different philosophies of governing. This wasn't like the 2004 campaign, which was essentially fought over fake issues — Bush running on national security and social issues, then claiming that he had a mandate to privatize Social Security. In this election, Obama proudly stood up for progressive values and the superiority of progressive policies; John McCain, in return, denounced him as a socialist, a redistributor. And the American people rendered their verdict.