The New York Times reports that President George W. Bush is seeking to blame the housing market collapse on excess liquidity and views the current correction as normal. What are his goals? To keep "history" from blaming him for yet another "worst U.S. President ever" accomplishment.
As a "recovering alcoholic," Bush excels at motivating other people to cover up for his inadequacies (this is known as co-dependence). For instance, when his oil company, Spectrum 7, collapsed in 1986, he got Harken Energy to bail him out through his father's political connections. In the case of the current debt-fueled economic reversal, he has gotten his Treasury Secretary, Henry Paulson and Fed Chair Ben Bernanke to repeat the talking point that the subprime collapse is "contained" and won't affect the rest of the economy.
I think Bush is responsible for the housing collapse for three reasons:
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