John Howard says Bush passed the test
George W Bush
(White House photo)
Former prime minister John Howard writes in the Australian edition of The Spectator:
Bush’s critics will inevitably shout ‘the economy’, which is fair enough given that the American financial system went into a tailspin under the Republican administration. Additionally, economic issues dominated the presidential campaign after the collapse of Lehman Brothers and this focus, more than anything else, delivered Obama his victory over McCain. The jury will be out, however, for some time, on the real causes of the subprime meltdown. There is plenty of evidence to suggest that some of the blame must be shouldered by those in the Clinton administration and the Congress of that period who encouraged the provision of housing loans to people who had no capacity to meet their obligations under those loans. Likewise, it was the Democrats who presided over the final dismantling of the Depression-era Glass-Steagall Act, which decreed that commercial and investment banks should be separate.
Read the story at The Spectator.