If anyone doubts that Bush, Cheney, Rove and their confidants are planning an "October Surprise" to prevent the Republicans from losing control of Congress, then he or she has not been observing this presidency very closely.
What will that surprise be? It's the most closely held secret of the Administration.
How risky will it be? Bush is a whatever-it-takes risk-taker, the consequences be damned.
One possibility is that Dick Cheney will resign as Vice President for "health reasons," and become a senior counselor to the president. And Bush will name a new vice president - a choice geared to increase his popularity, as well as someone electable in 2008. It would give his sinking administration a new face, and new life.
The immensely popular Rudy Giuliani seems the most likely pick, if Giuliani is willing. (A better option for Giuliani might be to hold off, and tacitly position himself as the Republican anti-Bush in 2008.) But Condoleezza Rice, John McCain, Bill Frist, and more are possibilities.
Bush's second and more likely, surprise could be in the area of national security: If he could achieve a Great Powers coalition (of Russia, China, the United Kingdom, France, and so on) presenting a united-front "no nukes" stance to Iran, it would be his first diplomatic coup and a political triumph.
But more likely, Bush may mount a unilateral attack on Iran's nuclear facilities - hoping to rev up his popularity. (It's a risky strategy: A unilateral hit on Iran may both trigger devastating Iran-sponsored terrorist attacks in Iraq, with high death tolls, and increase international dislike of Bush for his bypass of the U.N. But as an active/negative President, Bush hardly shies away from risk.) Another rabbit-out-of-the-hat possibility: the capture of Osama bin Laden.
If there is no "October Surprise," I would be shocked. And if it is not a high-risk undertaking, it would be a first. Without such a gambit, and the public always falls for them, Bush is going to lose control of Congress. Should that happen, his presidency will have effectively ended, and he will spend the last two years of it defending all the mistakes he has made during the first six, and covering up the errors of his ways.
I vote for Option C: attacking Iran.
It's expensive but rewarding for cronies, idiotically wrong-headed, extremely dangerous, and a complicated cocktail of class and religious warfare — and perfectly fits the pattern.