It does seem like it's the end of the geo-political power structure as we know it.  Or at least the beginning of the end.  Bailing out private companies left and right is a recipe for economic disaster, particularly when it's combined with drives to increase regulations/taxation to appease global warming types or socialist-minded people.

Wasnt the highest American marginal rate before the Reagan tax cuts something like 64%?  We in America are now used to low marginal rates but it wasn't always that way.  My guess is that Obama will stealthily push the marginal rates higher by letting the Bush cuts expire and getting rid of deductions.  I also look for a raise in the capital gains tax to somewhere around 35-40%.