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The Obama Administration began at midnight Sunday.

Even if Sen. Barack Obama loses the presidential election — and of course he may — the playing field of our politics now has shifted seismically in his philosophical direction.

The era of cowboy capitalism has died, largely of self-inflicted wounds. Who knows what’s coming now? I do: A new era of tight business regulation and government intervention in the markets.

For now, and perhaps for many years, there will be no going back.