That's it--the only credible conclusion. He's delusional when he talks about Iraq, about terrorism, the economy, the state of the nation--of the world--in general.
Only if, in the six weeks between now and the election, enough fence-sitters can be persuaded that the obvious is true--that Bush is bonkers, March-hare mad--can his poll numbers be dented significantly.
There are too many Bush-devotees out there--ignorant, small-minded churls--to get Bush's numbers below 45%. But those 5%, those who usually don't vote, or haven't made up their minds yet, they're the target, and somehow they've got to come to understand that which is apparent to all astute Bush-watchers: Bush is batty.