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Bush's Presidency: FAILKarl Denninger I know, I know, Laura Bush says it wasn't. Laura, like Condi Rice, is defining this in terms of foreign policy - that the terrorists didn't "win" after 9/11. Or did they? Was Bin Laden's attack intended to destroy us militarily? Obviously not - two of his four planes that went somewhere were aimed at financial targets, not military or political ones. Here's reality folks - Bush's Presidency is a failure not because he went into Iraq, not because he went after Afghanistan, and not because he set up a grand new Department of Homeland Security who's greatest achievement is forcing everyone to remove their shoes when going through airport security, never mind disallowing me from carrying on a tube of toothpaste in my handbag. No, Bush's Presidency is a failure because he utterly failed to crack down on the financial fraud that was rampant in the Internet age and in fact not only turned a blind eye to it but appointed people to high office (Paulson and Bernanke, for example) who were complicit in the excesses and scams of that era and egged them - and everyone else - on into a credit-induced orgy that now has led to the biggest economic crisis since The Panic of 1873. The responsibility for that is squarely and exclusively his. Clinton handed Bush a recession, but Bush himself turned it into a Depression. By taking his advice from the fraudsters himself he has corrupted his Presidency beyond repair and redemption. That's a fact - one that historians will recognize in the fullness of time - and it won't be due to his foreign policy, but rather due to his domestic economic policy that was and is laced with fraud, theft and intentional deception. PS: Obama looks to be headed toward doing the exact same thing. Hoover #1 and #2? We'll see. Dec 28, 2008 Karl Denninger's Market
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