Bobert, you're right that Obama sure hasn't been acting like a liberal. Neither have most of the Democrats in Congress.

Giuliani is right that many, if not most voters think "we're going in the wrong direction" (on health care, terrorism, and various other issues. But to spin that as meaning that the disenchanted want the country to move to the "right" is disingenuous.   
A lot of voters think Obama and the Democrats are not liberal or progressive enough.
That may indirectly help conservatives win elections -- as in NJ and Virginia, where the Democratic candidates weren't even as progressive as Obama -- when Dems. stay home or back 3rd party candidates, but it doesn't mean they want anything like the Bush-Cheney administration or a conservative Congress back.