If a guy billed as a black Muslim socialist/terrorist can win an election in such an ideologically polarized environment, it is a huge rejection of conservatism - one with a mandate for arguably more progressive governance than Obama himself is even proposing.
That's why conservatives are freaking out - they realize that under such circumstances, a McCain loss isn't just a loss for one candidate in one election, but a much more far-reaching rejection of an entire ideology.
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