Last night's election results should send a shiver up Wall Street's spine. Harold Meyerson explains:

The two aging financial whiz kids on tonight’s ballots -- former Goldman Sachs CEO Jon Corzine and Bloomberg’s Michael Bloomberg -- seriously underperformed.

Corzine was unseated in his bid for re-election as New Jersey’s governor by Republican Chris Christie. Across the river in New York, Bloomberg eked out a much- closer-than-anyone-expected 51 percent to 46 percent victory over city Comptroller William Thompson, whom he outspent by no less than 14-to-1, to win a third term as mayor.

Wall Street's man in the Adirondacks, Doug Hoffman, also went down to defeat. Hoffman was the darling of the Club for Growth, the right-wing group funded by some of Wall Street's biggest fat cats. Meyerson continues:

Both Corzine and Bloomberg have always been self-funding candidates, with Corzine setting records for most money spent on a state gubernatorial election and Bloomberg setting records for most money spent on any sub-national contest on planet earth. Writing in Tuesday’s New York Times, Joyce Purnick noted that Bloomberg’s expenditures in this year’s mayoral contest already surpassed the $85 million he spent on his re-election effort four years ago, and could reach $100 million when all the spending is tallied. By the middle of last month, the total that Bloomberg had spent on his three mayoral runs was a tidy $245 million.

Bloomberg’s underperformance looks like a clear case of voter resentment of hizzzoner’s hubris. The guy runs the city well, most New Yorkers seem to believe, but he also got the city council to scrap the city’s term-limits law this time around so he could run again. The richest guy in town -- and New York’s got a lot of rich guys -- gets the law changed just so he can keep the job? In a world nearly undone by the arrogance of Wall Street, Bloomberg displayed just enough of that arrogance to threaten his re-election. Unlike his fellow Wall Street gazillionaires, however, and more than Corzine over in Jersey, he had a record he could defend, which is what -- narrowly -- saved him...

Will 2010 turn out to be as deflating for CEO candidates as 2009 did? Stay tuned.

In the aftermath of the global financial crisis, Americans have wised to the ways of Wall Street and they don't like what they're seeing. It's not just Wall Street's arrogance that has people on both sides of the political spectrum enraged, it's the fear that a rising plutocracy is undermining our democratic institutions.

On Main Street, Americans are continuing to feel the pain and pay the price for Wall Street's financial crisis. That's why, in yesterday's elections, Americans on both sides of the political divide sent Wall Street a message by voting no on their candidates. Those advocating for real reforms designed to protect middle class and working families in our financial regulatory environment rightly feel emboldened by yesterday's results.