Of the 2008 Economic Crisis, ChrisB writes,
It’s hard to predict what will be said about this president and this crisis when we’re still trying to figure out what the heck is going on, but I think two things will be emphasized by future historians:
First, the Bush administration called this thing years before it happened. They certainly could have worked harder to prevent the eventual crisis, but they identified at least some of the dangers in the mortgage market years before the crisis was realized and called for reform.
Second, when the crisis hit, Pres. Bush did not cling to his ideology when he thought it was not working. To use his phrase, he opted, right or wrong, for “compassionate” over “conservative.”
The best that Bush’s apologists can hope for when it comes to the economic crisis is that the blame gets spread around. After 9/11, Bush encouraged Americans to go out and shop. Federal Reserve Chairman Alan Greenspan cut interest rates to 1% and held them there far too long which sparked the housing boom and allowed consumers to use their houses like ATM’s. Until the bubble burst, the administration unabashedly took credit for the debt-fueled economic expansion and constantly touted the record level of home ownership as proof of Bush's economic stewardship. History will confirm that Bush was a cheerleader throughout.