It takes a Harvard MBA to destroy an economy. The response of George Bush to America's financial crisis while he was president just proves the point.
With his memoirs out, Bush is on the interview circuit, defending his government's role in the financial crisis which was created by lack of regulation and the refusal of lawmakers to bring the shadow banking system of derivatives and swaps into line. In the final year of his presidency, 2.6 million jobs were wiped out.
Speaking on NBC, as reported here, Bush says it's not his fault at all, he blames it on the banks. "I don't think this was a matter of overregulation or lack of regulation. It was a matter of poor judgment by Wall Street and others,'' he said.
He has also defended the way his government bailed out the banks. Driven by rampant greed, the banks lost billions and nearly went out of business. The only reason they stayed in business was because Bush bailed them out with taxpayer money, protecting the rich shareholders and making some bank executives very rich. It's American style socialism.
Of course, this was a man who was close to Enron, a company headed by his old friend Ken "Kenny Boy" Lay, who chaired Bush's presidential campaign finance committee the year before Enron collapsed.
The Ernon style of management and accounting chicanery was all part of the Bush administration's economic management. America is still paying the price.
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