FRONT PAGE: "Indian Voters Reach for Era of Stability," by Peter Wonacott and Paul Beckett, Wall Street Journal, 18 May 2009.

Another severe disappointment for the doom-and-gloomers: the communists do poorly, and the more openly nationalistic BJP can't manage a comeback.

Instead, the symbol of stability (and past market reform efforts), the Congress Party is back, strong enough to rule largely on its own.

What to expect?

A government with a convincing majority, unshackled from communist political allies, was viewed as crucial at a time when officials are expected to explore fresh approaches to spurring India's economy, reforming its archaic labor laws and perhaps opening it further to global capital flows.

"The best thing is that the Left has been left behind. This is great news for the markets, and we are going to see strong foreign inflows into the country," said Arun Kerjiwal, founder and managing director of Kerjiwal Research & Investment Services Pvt. Ltd.

Oh right, he's a capitalist for crying out loud! What do you expect him to say.

Globalization in complete retreat, I tell you, its death knell rapidly approaching.

Don't worry. Something bad will happen soon enough. Then we can all go back to freaking out full time.