Some May Beg To Differ

NYTimes (01.28.08):

"From a strictly economic perspective, it is difficult to blame Mr. Bush for the current crisis.

Even some economists who have been critical of the president, like Bruce Bartlett, who worked in the Reagan and first Bush administrations, say he cannot be held liable for the burst of the housing bubble or problems in credit markets."

Echo of First Bush: Good Economy Turns Sour

On the other hand, Dean Baker disagrees (01.27.08):

"Actually, from a strict economic perspective President Bush is absolutely responsible for the fallout from the collapse of the housing bubble. Competent economists recognized the bubble and warned of the harm that would come from its inevitable collapse.

President Bush absolutely can be blamed for the fact that he chose to ignore the bubble or that his economic team failed to recognize it."

Why Would Presidents Envy Bad Growth?

Assuming of course that old George understood it to begin with. We have our doubts.