This is the Cato Daily Podcast for Thursday, November 6th, 2008.

I'm Caleb Brown.

As the GOP prepares for its time in the wilderness after a strong rejection at the polls, will the

party return with a clearly articulated vision of limited government and respect for

individual liberty?

David Bowes, Executive Vice President of the Cato Institute, comments.

The big picture for McCain was that it's extremely difficult for any party to win three consecutive terms in the White House.

It's really difficult if the incumbent is at 25% approval,

and it's incredibly difficult if there's an economic crisis going on.

So McCain really faced this perfect storm and there wasn't much he could have done.

I think the main headline ought to be voters rejected President Bush and the Republicans

who had delivered big government conservatism.

If this is a rejection of Bush, wasn't an embrace of anything?

Well, the left absolutely wants to say that.

I've been getting emails today from left liberal groups saying,

broad embrace of progressive agenda,

sweeping victory for change and the Obama agenda.

And that's obviously something we're going to argue about, but I don't think that can be proven.

I think what we know is that people didn't like Bush, they didn't like

what the Republicans had delivered, they wanted change, there's an economic crisis

going on and the Republicans are in power. I mean the Democrats

actually control Congress but understandably people look at the president and

...