Analysts said that the assassination of Benazir Bhutto has set the United States back in its quest for a stable, democratic Pakistan that can help in the fight against Islamic extremism. Possible outcomes of the killing include riots by Bhutto's supporters and the worst-case scenario of Pakistan becoming a nuclear-armed, unstable Islamic state. Financial investors, who are already aware of Pakistan's political risks, stated that the assassination was not unexpected but ongoing instability would increase those risks. Stephen Cohen from the Brookings Institution described Bhutto's death as a setback for the idea of a liberal, moderate Pakistan and expressed concern for the country's future, warning that its deterioration would have negative consequences for its neighbors, Europe, and the United States. According to Cohen, the United States may not be able to take significant action at this point as they had previously supported Musharraf over Benazir's requests until recently. The US had made significant efforts to bring the exiled former prime minister back to Pakistan and convinced Musharraf to step down as military leader in favor of a power-sharing arrangement with her. However, now the US is facing multiple challenges, from a stalled democratic transition to an increased risk of attacks by extremists, as noted by South Asia expert Frederic Grare from the Carnegie Endowment for International Peace. Grare also pointed out that leaders of major political parties are being targeted for assassination. He stated that this weakens the political parties and does not bode well for the restoration of democracy in Pakistan. President George W. Bush urged Pakistanis to honor Bhutto's legacy by continuing with the democratic process she fought for. U.S. officials hope that Pakistan will proceed with the planned elections on Jan. 8. Security analyst Anthony Cordesman believes that Bhutto's death has worsened an already unstable political situation, as there is no leader who can immediately work towards political stability and bridge the divide between Musharraf and the Pakistani people. Analysts are cautioning that in a country known for conspiracy theories and intense politics, blame could be pointed in various directions following the assassination, leading to grief and anger that may escalate into violence. Lisa Curtis of the Heritage Foundation emphasized the importance of keeping peace on the streets of Pakistan as the top priority, advising against the imposition of emergency rule by Musharraf. Some experts also questioned Musharraf's ability to effectively combat terrorism, highlighting the failure to protect a prominent politician in a relatively secure area and raising doubts about his capabilities in addressing issues in more volatile regions where al-Qaeda and the Taliban are believed to be thriving. Win Thin, senior currency strategist at Brown Brothers Harriman & Co, inquired about the safety of Pakistan's nuclear arsenal during crises. According to US officials, the assessment remains unchanged despite recent turmoil over Musharraf's emergency rule. Cordesman of CSIS mentioned that Islamabad had received assistance from the US and studied other nations' strategies to enhance the security of its nuclear facilities. However, he pointed out that without transparency, it would be difficult for outsiders to definitively comment on the security of Pakistan's nuclear weapons without risking their credibility.