What the fuck? Is he an errant schoolchild who needs to sit in the corner and reflect on the error of his ways?
Arnold Schwarzenegger will be the next Republican party candidate for President. Hillary Clinton will be the Democratic nominee, and will lose catastrophically because the US just isn't ready to elect a woman President yet.
so: who do the Democrats have who could even conceivably win against Schwarzenegger? let's make a list and start the letter-writing campaign NOW. let's get those people into the public eye and build their reputations.
I actually don't think Arnold is viable for the GOP (assuming they "fix" the Constitution so that he can run). Bush basically won because of the evangelical base, and I don't think Arnold can appeal to them (foreign, Hollywood, pro-choice, not-anti-gay, pro-stem-cell, etc.), meaning he wouldn't make it through the GOP primary. If he did make it through the primary, though, he'd have a good shot, because he'd get enough moderate Dems.
McCain might be viable for the GOP in both the primary and the election, and arguably might not be awful (although IIRC he's anti-choice).
I have no idea who would be viable for the Dems in 2008. It will probably be too early for Obama (and the nation may not be ready for a black President, either). Other than him--I don't follow Dem politics that closely, but there certainly don't seem to be any winners among the current leadership. The few I know who I respect are probably too liberal to get anywhere (unless somehow being more lefty could actually turn into a viable strategy).
Basically, Bush would have to screw up in some huge way even more than he already has, which is hard to imagine: in what way could he could screw up more than the current and future deficit, Abu Ghraib, postwar Iraq, etc.?
(Even granting that there might be reasonable arguments that removing Saddam was a good thing independent of the WMD threat, it's hard to understand how anyone can fail to comprehend the sheer incompetence of the postwar effort. Even the freaking Economist held its nose and endorsed Kerry, for Xrist's sake.)