My optimistic take: he's probably going to be a Berlusconi. Generally bad for the economy, bad for freedom, but probably won't carry through on the worst of his bad ideas. I think there's a small chance he'll be more of a Mussolini. The obvious thing to look for there is if he starts trying to carry out the threat to deport illegal immigrants, which would require door to door searches, "papers please" and that kind of thing.

There are also some serious geopolitical things that could go real wrong real quick: if I were in one of the Baltic states this morning, I would be doing some serious thinking about defense.