And consider the NASDAQ--which from a height of about 5000 is now at about 2200. Anybody who rode it all the way up and all the way down is no doubt painfully aware that they have not by any stretch come even close to recovering those losses.   And people always tend to judge their losses from the peak, no matter how unrealistic it is that they would have in fact managed to time the market so perfectly as to sell out at the peak.

The upshot of all this is that Bush will be able to make very little hay with 11,000 DJIA--with regular investors or people who have concerns about mutual funds or pension funds.