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Power Shift: Armey, Corzine, Peebles Sound Off

As the markets digest a shift of power in Washington, political experts shared their outlooks on everything from the public's mood to the future of Dodd-Frank and tax cuts.

Armey: This is a 'Paradigm Shift'

"This is really the paradigm shift. It is no longer Washington telling America 'you're going to get this whether you like it or not because we want to do it.' It's America sending instructions to Washington."

Dick Armey, former GOP House Majority Leader and FreedomWorks chairman

Peebles: A Time for Humility

"This is not a time for gloating. It's a time for humility on both parties. The time for rhetoric is beyond us. The House is a representative body and it's up every two years for a reason, so that [as] the mood of the public as it changes can send a message to the government.

Don Peebles, The Peebles Corporation owner

Corzine: People Want to Work

"Let's get the economy going. People want to go to work; people want to protect their families economically... They don't feel that government is focused on the economy in a way that's protecting their lives. So throw the folks out that haven't done that and get the economy moving. I think you'll see a laser-like attention on that. There will be action on extending most of the tax cuts. We need to get the economy moving today so that we can address our longer term problems."

Jon Corzine, former Gov. and Senator (D-NJ) and MF Global chairman & CEO

Impact Wall Street Reform

"The Congress will be more business friendly. The House in particular will go after certain sections of the Dodd-Frank Act. Housing will be the headliner issue for financial services in the next two years for this Congress. They must and they will try to do something about GSEs. Fannie Mae and Freddie Mac. Whether they will be successful in solving that issue is an open question."

Camden Fine, Independent Community Bankers of America president & CEO

Future of Congress Dynamics

"There's a [John] Boehner-Steney Hoyer relationship. Boehner and Hoyer are personal friends and I think they would lower the temperature quite a bit. The issue is whether they can sell deals to their own caucuses because I think both parties move more to the extreme."

Greg Valliere, Potomac Research Group and CNBC contributor