And the sheeple are so stupid that they will blame Bush and the Republicans for the inevitable revaluation of their inflated positions.
If we can get down to 15 PE fast enough so that the market spends the rest of this term at least rising with productivity, I think the damage won't be too bad. Bush can say "stay the course". All bets are off if Morgan defaults on derivatives though. We'll have to see if there's anything to that.