A Middle East war will make the stock market plummet even faster.
The Saudis and other Arab countries will need to mobilize for war and then keep up a steady flow of spending, which they will pay for by selling U.S. government bonds, gold, and stocks.
If the oil price spikes it will #$%$ the China bubble, and what is left of the one on Wall Street. China may have to start selling U.S. government bonds to pay for oil which would contribute to the rout on Wall Street. The oil price is unlikely to stay up for long with China's banks falling like dominoes, and Wall Street crashing.
Needless to say, it will be much easier for Obama to ram tax increases through with the bond market in a sell-off and still more military outlays ahead. The raised taxes to 94% during World War II, so there is a great deal of upside for the tax rate and downside for the speculator crew who lives and dies by the tax rate...