I still believe, as I have for over a year, that Osama is long dead -- and Bush knows it. Ditto Saddam. He's dead and Bush knows it.
...would love it knowing both were dead, but I sure can't see your logic - Bush is suffering the blasts of the media and the left that he "can't get the big fish"...in other words, where's the capital in hiding this?
Bush's enemies may be milking the idea that "Osama is still on the loose," but so are the neocons. Osama (and Saddam) are more valuable alive than dead for the "war effort," because as long as they're alive, the American people can be better cajoled into maintaining the war. Think about it. If Osama were found to be dead, 9/11 would be largely avenged. Ditto Saddam (since 71% of Americans falsely believe that Saddam was involved in 9/11).
I'm sure the Bush White House is calculating the political benefits vs. costs of announcing Osama's/Saddam's death. I wouldn't be surprised if it were announced shortly before election day.