By Katie Benner
November 3, 2010

Morning call: Stocks flat ahead of the Federal Reserve meeting. Europe rising. Asia ends the session higher. Reuters notes that international stocks have hit a 2-year high ahead of the Fed.

Political rout: “Republicans reclaimed the House majority tonight with an across-the-board sweep in every corner of the country, a victory rooted heavily in a deep dissatisfaction with the direction of the country and more particularly the economy.”

Politico notes that it was a rough night for Democrats, and especially so for Nancy Pelosi.

Obama needs a new way forward, “with nothing less than his presidency on the line,” while the battle cry of the Republicans is to repeal Obama care.

Major anti-tax measures failed across the country. David Leonhardt gives us 5 tax compromises worth considering.

Our friends overseas don’t think the election will do much to help America deal with its economic woes, but Wall Street is happy.

For the stars of the Republican party: An open letter to Speaker Boehner; and Paul Ryan’s big plans for a small budget

Finally, Sylvester Stallone says that when he said to throw out the Manchurian Candidate, he wasn’t talking about Obama.

The wait is over: The Fed will announce today its controversial plan to buy billions of dollars in government bonds to keep the struggling economy alive. But the central bank may be underestimating the risk of inflation.

Around the world: As Europe cuts, America spends. Iceland slashes interest rates.

Libya thinks $100 oil will be good for producers… like Libya

Corporate America: GM is looking at a huge tax break worth as much as $45 billion.

Google settles its Buzz privacy suit for $8.5 million.

Andreeson Horowitz $650 million for a new fund.

And banking analyst Meredith Whitney is ravaged by a bull market.

Finally… In honor of the election, let’s remember it isn’t everyday we’re gonna be the same way…

http://www.youtube.com/watch?v=UNZ2BZytN4o

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