The joke is that Fifth Circuit Judge Andrew Oldham said something that could also have been interpreted as celebrating Donald Trump's victory...everyone in the room easily understood the ambiguity, because the assembled judges and legal scholars were, in fact, all rooting for Trump.
The whole point of the Federalist Society is that its backers and members have less and less need to rely on elections. They won what they needed in 2016, when the Senate's then-majority leader Mitch McConnell backed by tens of millions of dollars from the Judicial Crisis Network to create a conservative judiciary.
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