The Reagan legacy is very vulnerable because George W. Bush has embraced it so wholeheartedly. Bush is the model, not the father, of the legacy. So much of the Reagan legacy is dependent on the Bush legacy.

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We believe the backlog at Sycamore has now been drawn quite thin and without a significant new customer win, which we think is unlikely, we see a good chance that Sycamore could fall short of earnings estimates within the next two quarters.

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This speech gives him a venue to turn things around, and it's important, but events are more important. Bush has been losing the battle for the agenda and the perception battle.

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