I wouldn't think that would stand.  Regardless of how it sometimes seems, we do not live in a 3rd rate Bannana Republic, and people do NOT have to answer to him.  He would need to build a strong and loyal force of well-armed men to enforce his will, and frankly I think he's been so busy sending them off to be slaughtered in Iraq that their loyalty to him is hanging by the thread of their oath and damn little else.

If he were not bound by the 2 term limit, I'd say we could expect an election-rigging in 2008, but the Republicans themselves were so outraged that a liberal would take office and impede their rollback of the New Deal for almost 16 years straight that they may have cut off their own noses to spite their face in amending the constitution to limit Presidential terms.