Bush tells Larry King, when questioned about the economy, “Let me bring you to the Roosevelt room last fall, Bernanke and Paulson tell me that what we are facing what could be worse than the Great Depression, and that got my attention, I’ll tell ya. So I said, what are y’all goin’ to do about it?”
Well, I am not sure where to start. I don’t think that Bush has done things to answer this economic crisis that are wrong, per se. However, the more appropriate question, is what did the Bush administration do to facilitate this economic crisis. And, more importantly today, what was done wrong that needs to be addressed now in order to bring this country to a place where our economy is sustainable and in a position to grow? Bush, of course, is not the only party to the bad decisions that led us to where we are. There is an entire political and economic ecosystem that contributed to the situation that we are in today. Hindsight is always perferct, so no need to try to blame for the past, but it is important for politicians to recognize explicitly where policies and regulations were harmful / contributory to the problems that we have now in order to find the path back towards an economy that works. Hopefully, that path is not one to go back to the status quo….we have not been in a sustainable economy for a long time now and we need to strip away all nostalgia in seeking solutions. I am hopeful that education, forward looking technology initiatives, green thinking, and a fundamental view towards creation of new products and services, all as opposed to an economy driven by derivative activities, will all be a part of new solutions.