An Obama victory offers two potential paths: a major political realignment, following Roosevelt in 1932 and Reagan in 1980. This would require that he rack up successes in his first two years, a honeymoon when presidential power is at its peak.
If he does, and realignment is under way, he could avoid the catastrophic losses that Clinton suffered after his 1993 health care plan crashed under a Democratic Congress, replaced in 1994 by a Republican one.
Another model is 1964, with a big Democratic win followed by a collapse four years later, or 1976, when Democrat Jimmy Carter ran a flawless campaign but proved a weak leader unable to control his party or rally the public.
"You could have a scenario where Obama is under a lot of pressure from his left and yet can't do big economic things because of the difficult situation we're in, where he can't disengage from Iraq and Afghanistan as quickly as the base would like," Fiorina said. Obama could then come under attack from his left, face congressional losses in 2010 and by 2012 a challenge from his own party, perhaps Hillary Rodham Clinton.
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