While it’s encouraging to see PBO come down to earth, we’re nowhere near a tipping point. Young people, who voted 2:1 for PBO, aren’t as invested in the stock market. So they’re not spooked by the Dow’s lows. Furthermore, unlike 15 years ago in the run-up to the dot com boom, young workers don’t now all aspire to be dot com entrepreneur/capitalists, with the job risk that entails.
Teachers and government employees, also big PBO supporters, are getting huge windfalls from the stimulus and the new budget priorities. They’ll stay happy with PBO.
PBO’s 7% percentage point victory over McCain would probably be considerably smaller if the election were held today, as the Obamicans are now an endangered species and many independents are having second thoughts about Hopeychangitude. But PBO is still popular enough to get his way.
On the other hand, if there’s a second economic “shock” (like gasoline at > $10 per gallon in the wake of an Israeli attack of Iran), then PBO = Carter Redux.