Cost of the G.W. Bush Administration: $11.5 trillion

[Beet]

"True, a big part of that number reflects the government's purchase of securities that may actually yield a profit one day. "

The debt will yield a profit one day? That is simply delusional. It's based on the notion that somehow the old, over-inflated market values will return "when the economy recovers". Except that the old, over-inflated market values were based on debt in the first place. So basically the only way this bad debt will "yield a profit" is if more bad debt is generated.

What bunk. I supported the initial bailout to stabilize the markets and get a handle on the situation. But what the government needs to do is to start recognizing losses, the sooner the better.

Oh yes, and Bush will go down in history as the President who presided over the downfall of America, although to be fair he was a clueless idiot, and it is Mr. Greenspan who should have known better (and mayhap he did).

Edit: Though I am afraid to say, but is true, most of the visible deterioration will likely occur under Obama.

[Beet]

Are you guys blaming Bush and the Republicans for spending on 9/11 recovery, Afghanistan, Katrina recovery, and Wall Street bailouts?  I'm curious to know how many Democrats opposed him on those expenses. 

I opposed both the 2001 and 2003 tax cuts. Katrina was a gnat economically. By the time the Wall Street bailouts became an issue, it was far, far too late. To be fair, the bubble started in the second half of the Clinton administration; if Greenspan and Bush had allowed an ordinary correction, we would have had a medium-sized recession somewhere between the severity of the 1991 recession (light), and the 1982 recession. Of course that would have meant some Republican losses in the 2002 off-year cycle, and a more difficult re-election for Bush in 2004. The problem with modern democracies is that the needs of tommorrow's election, combined with the limited lifespan of our CEO's and bureaucrats, guarantees economic policy directly primarily toward the short term.