Personally, I can’t see President Bush dropping Cheney from the ticket.
I think Bush is too prideful to take any action that looks like weakness. (I also think he is too opportunistic about future boardroom prospects to turn Cheney into an enemy, or having future business partners worry about being hung out to dry.)
On the other hand, I’m sure he realizes how a combo with McCain or Powell could be a slam dunk. Because the speculation is intriguing, I’ve diagrammed the basic dynamics.
(…The other reason I don’t think anything is going to happen is because Bush, essentially, is an adrenaline freak. That said, I believe he’s more into the risk/rush of keeping Cheney and winning, than dumping him and “playing it safe.”)
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