President Bush's Walkabout - New York Times

Mr. Bush cannot fire Mr. Cheney, but he could do what other presidents have done
to vice presidents: keep him too busy attending funerals and acting as the
chairman of studies to do more harm. Mr. Bush would still have to turn his
administration around, but it would at least send a signal to the nation and the
world that he was in charge, and the next three years might not be as dreadful
as they threaten to be right now.

Three years to go and I think plenty of time to turn things around, but I don't think Bush is the guy to do it. He is too stubborn to change course. The only thing that would help is a victory in some other arena that would manage to distract us from all of his other failures.