• With: Kim Strassel, Jason Riley, Dan Henninger, Peggy Noonan, Collin Levy

    GIGOT: To give you a sense of the magnitude, there were 8 percent of the Hispanics in 2008. There 10 percent this year. And Romney's share went from -- Republican share went to 27 from 31.

    HENNINGER: And the Romney campaign thought they needed 37 percent of that Hispanic vote for their numbers to win and they got 27 percent. The arithmetic on the Latino vote is just brutal and obvious. They have to do something about that.

    GIGOT: Quickly, Jason?

    RILEY: I want to make one more point about the type of campaign that Romney ran. He focused on the economy.

    GIGOT: Right.

    RILEY: He wanted to make this the Obama economy.

    GIGOT: Yes.

    RILEY: But he woke up Wednesday morning and probably saw an exit poll figure that had him devastated, which is that, for people -- 50 percent of the electorate still thought this economy was George W. Bush's fault.

    GIGOT: It's astonishing.

    RILEY: It's absolutely astonishing.

    GIGOT: And that suggests one of the failures was not making a distinction in the campaign, the thematic explanation of why he would be different than George W. Bush.

    All right. When we come back, the soul searching begins as Republicans face another four years of a Democrat in the White House and at least two more in the Senate minority. What the party needs to do to regroup for 2014 and beyond, next.

    (COMMERCIAL BREAK)

    GIGOT: Another White House loss for the GOP, coupled with their failure once again to take back the Senate leave many in the party calling for change. What can Republicans do to regroup for 2014 and beyond?

    Jason, it's a wonderful time of the season, called recrimination.

    (LAUGHTER)

    Otherwise known to journalists as "shooting the wounded," which is our specialty.

    (LAUGHTER)

    So, what --

    (LAUGHER)

    How much trouble is the Republican Party in?

    RILEY: They're in a lot of trouble.

    (LAUGHTER)

    The coalition needs to expand. It's that simple. There are demographic trends in this country that the GOP has to wake up to and adjust accordingly. And I think you have to start with the Hispanic vote. And this is doable, Paul. Between 1996 and 2004, the GOP doubled its percentage of the Hispanic vote to more than 40 percent. The Hispanics are not natural Democrats. They're not lost to the Republican Party. They need to be courted appropriately.

    GIGOT: Are you saying they don't all naturally want to be part of the 47 percent, to sit on the goal?

    (CROSSTALK)

    GIGOT: Is that what you're saying?

    (CROSSTALK)

    GIGOT: Some Republicans talk like that's what they do.

    RILEY: And this is irrespective of immigration policy, Paul, because these demographic trends are being set by immigrants or by Hispanics already in the country, not new people coming.

    GIGOT: You're saying if you shut down the border now, for the next 50 years --

    RILEY: You would not stop this wave.

    GIGOT: -- you would still have --

    RILEY: You would not stop it.

    GIGOT: -- you would not stop it?

    RILEY: Their percentage of the electorate --

    GIGOT: All right.

    RILEY: -- continues to grow.

    GIGOT: So what should Republicans do to appeal to that vote?

    RILEY: Make them feel welcome in the party, I think, is the way to go. And of course, they don't only vote on issues of immigration.