So how did this guy get Re-elected?

[2952-0-0]

It depends on his second term. If Iraq spiralls even deeper into chaos, the WMD report damns him in March, and the economy tanks (yes, some are warning of stagflation), then he's toast. So far most historians agree he's been the worst president ever (look up Google if you disagree), but he could change.

JFK, if he was not shot, would have been reelected in a landslide but then would have bungled Vietnam like Nixon and not have been a hero he is today.

[2952-0-0]

If Iraq spiralls even deeper into chaos, the WMD report damns him in March, and the economy tanks (yes, some are warning of stagflation), then he's toast.

I wouldn't say that he would be toast.  He's already achieved the crown jewel of American politics: being a two-term president.  He can't get anything more.

The Republican Party, however, would probably be toast in the event that you describe.

He's a weakened  two term president. And of the above happens, he would be remembered as an incompetent rich frat kid. And besides, if the WMD report paints a bad picture, his approval rate premenantly falls into the low 30-upper 20 category and the Dems gain both houses he could be impeached.

[2952-0-0]

He's in a much stronger position than any two term president since FDR.  It would take a series of catastrophies or scandals to weaken him. 

His approval rate is only 49%, a record low for someone who got reelected.