Why the long face?

Cheer up. Anatole Kaletsky argues in The Times (you may need to register) that this may have been a good election for the Democrats to lose:

Will the Democrats one day thank John Kerry for losing, just as Labour is grateful to Mr Kinnock? This seems distinctly possible, given the challenges now facing America, especially in geopolitics and macroeconomics. Iraq is a mess which Mr Bush created and it is surely fitting that he should be the one forced to clean it up. The same is true of ballooning government deficits, escalating oil prices and the small but growing, threat of a crisis in the US balance of payments leading to an international run on the dollar.