We finished discussing parties in most classes last week, and and concluded with a look at party eras - those periods of time where a specific relationship between political parties - and political forces in general - are somewhat stable. They tend to last 30-40 years, and we haven't seen one in a while, possibly since 1968.
Given that Obama not only won reelection last night, but was the first Democratic president since FDR to win consecutive elections with a majority, there's talk that we might be undergoing a long delayed shift in politics.
The Reagan Coalition, which has dominated politics since 1980 might be running out of steam, and could be replaced with a multi racial, coalition that might keep Democrats in power for some time.
Andrew Sullivan has a list of the various takes on this theme from various commentators. These includes advice - mostly unsolicited - about what Republicans need to consider doing in order to stay competitive. A consensus seems to be emerging that the Republican Party is old and white, and that wont help them much as the nation continues on the road to being majority minority.