Set the WABAC (way back) machine to 1993 Mr. Peabody...
Now my boy Sherman...The Clinton administration had just taken office with a vengeance. It was filled with drama and far-left agendas (Zoe Baird, Hillary Care, TC Bombing, Don't Ask Don't Tell, etc), actually IMO much less hub bub than exists today, regardless, this was a big factor in a sweeping Republican victory. It was the first time in 40 years that the Democrats didn't control at least one of the houses. The rest is history president Clinton governed from the center and the US enjoyed a period of economic success.
Fast forward to today, the Obama administration. The Democrats control both houses in addition to the executive branch and the far-left agenda is back. Heath care reform is also back and losing support daily. Two wars continue on, one badly. Spending in just the first few months has exceeded every other administrations spending since Washington. Financial scandals have plagued cabinet appointments and czars with dubious backgrounds have been appointed. The rouge states of Iran and North Korea have flaunted their military advances to the dismay of the world. Attempts at atonement for past US "sins" have added to the presidents personal appeal abroad, yet has done little help, and possibly hurt, US prestige. The persons in control of government have ridiculed and ostracized the growing grassroots movement that disagree on the direction this administration is taking.
Could potential backlash bring back a Republican controlled Senate and House of Representatives? Would this force president Obama to govern from the center and possibly save his presidency as it had for Bill Clinton? Or will the damage be so severe that the people will remember long enough to affect the 2012 presidential election? If the Republicans do take control, will they have learned their lesson from 2006? Will the administration start getting it right and retain power in congress and the WH?
All is hypothetical of course, so there are no wrong answers. Perhaps you feel a different scenario may occur?
UPDATE UPDATE UPDATE
So over a year has passed and the Mid-term election is over. The results are not so surprising. Will President Obama now govern from the center? His address (after the election) was contrite, but will he now listen to the peoples demands? Take a page from the Clinton play book or "stay the course"? What say you?
As a side note, many of the folks that responded here could, without more than a passing interest in politics, see what was coming over a year out. I'm surprised that even if the president couldn't (or wouldn't) foresee this, why didn't any of his closest advisor's? Will they keep Pelosi, and the stench of failure, alive in the minority leader position?
The next two years will be interesting indeed.