Well, the smart money lost the bet. The election of a Conservative government, after 13 years of Labour rule, got the radicals all worked up: Ed Miliband has just been elected as Labour's new party leader.
Before going into details, I think that this is a godsend to David Cameron and his coalition government. For Red Ed's election simply indicates a strong veer to the left. In fact, besides belonging to Gordon Brown's closest circle of collaborators, and being the unions candidate, he got most of Diane Abbott and Ed Balls second option votes, so it is clear that the most radical wing of the party carried him to victory. Fortunately, there's no space for radicals in democratic societies, and so, the Labour Party, by electing Brown's successor Ed over his graceless yet Blairite brother David, has taken the road to wilderness, a road that won't lead them back to power. And that is excellent news.
Now the comical thing is, that most Labour talking heads are singing from Ed's sheet about the party having lost the trust of millions of voters in the last general election -under Gordon Brown's leadership, and yet they have thrown their lot behind Brown's heir, instead of electing the successor of the only Labour leader that has won the party three consecutive elections. Priceless.