I am an incurable optimist.
Many folks have drawn parallels between 1994 and 2010, dreaming that the Republicans will pick up the 50 or so seats in the House and 7 or so seats in the Senate. I think such a victory is indeed possible.
Perhaps we ought to dream bigger.
1894 was a much more momentous election. Mismanagement by the Cleveland administration and the Panic of 1893 caused a massive turn to the GOP–with the Party recapturing the House by winning 130 seats in the House–“the largest midterm election victory in the entire history of the United States.” http://en.wikipedia.org/wiki/United_States_House_of_Representatives_elections,_1894
Not only was the 1894 election win massive, but it was followed, unlike 1994, with a decisive victory by the GOP in the following presidential election. So decisive was the victory in 1894-1896, that America entered a period of thirty years of economic growth, GOP dominance, with the Republicans successfully championing fiscal restraint, balanced budgets, and consumption (not income) taxes (mainly tariffs) as the way to pay for federal expenditures. This was the era that gave us the third greatest Republican President in US history–Calvin Coolidge (after, of course, the Great Emancipators, Lincoln and Reagan).
Dare to dream, my friends.