Team Bush did a masterful job running what should have been a losing midterm election. But they used all their resources wisely, and the President really went to bat for the GOP.

Now comes the Big Question:  With all the power in Republican hands, what do we do with it?

Politically, let's be simple. If the economy is in good shape in 2004, then President Bush and the GOP will look great. But if the economy is bad, and the national mood is "down" and "sour" and pessimistic, then we will get creamed in 2004. Because we now control the whole ball of wax, we are either going to get all the credit or all the blame.

So it is clear: We have to get the economy rolling, and fast!

How?

1) Eliminate–totally–the capital gains tax. Such a move would re-energize a lagging stock market and also juice up the soon-to-falter real estate market. Yes, the Liberals will attack this move, but they'll attack anything we do anyway. The key is to do some- thing, and hope you are rewarded by 2004's election with a good economy to run on.

2) Accelerate the 2001 tax cuts to help prime the pump.

3) Do anything else that will jump-start the economy. It is doubtful that 9/11 or removing Saddam Hussein can mask a bad economy for another two years.

Other thoughts about the election results:

1) The Kennedy Dynasty Is Over. How sweet it is! Kathleen Kennedy Townsend's defeat in Maryland means the Kennedy Dynasty is finished. Good riddance.

2) Speaking of Dynasties: First, the Bushes have replaced the Kennedys as America's political royal family. There are others, too. Just look at the November 5 winners: a new John Sununu on the national scene, a new Sen. Dole, a new Gov. Romney, a new Sen. Pryor. Indeed, a well-known family name really helps.

3) The Clintons Are Losers. Virtually everywhere Bill and Hillary campaigned, their can- didates lost. Moreover, their handpicked DNC chairman, Terry McCauliff, has to get the blame for the Democrats' disastrous performance. Maybe the Clinton Dynasty, while not over, is at least damaged, eh?

4) Beware of the Unexpected. Giddy with triumph, many Republicans see clear sailing to W's certain reelection in 2004. Indeed, that may happen. But you never know what can and will happen. What looks certain today may look very different in six months.

One thing is certain: Events yet to come will change our views of what will happen in the next two years.

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