Bush legacy – a failed capitalist did everything a socialist leader would have done
Paula Rabke
Jul. 27, 2008

He was elected by the conservatives and corporate special interests. He tried to serve his constituencies as much as he could. As far conservatism is concerned, it failed miserably. Social conservatism turned into war mongering against non-white nations like Iraq whose leadership tried defying white western supremacy. He tried his best to serve the corporate special interests that helped him come to power. But that too turned into a failure. Even the oil genie that he created for the oil companies is ready to haunt them for decades to come.

The legacy of Bush junior as President of US will be recorded in the history as a failed capitalist leader whose policies and actions pushed America into socialism – something unthinkable when he came to power.

Bush Administration treated the Governing as running a family with unlimited inheritance. Whenever they faced any challenge, they opened their hypothetical money chests to borrow and spend. They first paid the Airlines close to $100 billions for losses in 2001. Airlines could sustain till 2007 and then started collapsing in 2008 due to skyrocketing oil price. Now America might have to provide special assistance to the Airlines to operate transportation in US. It is another form of socialism where Government companies operate Airlines with very low efficiencies.

Bush Administration created the biggest real estate and mortgage bubble in the world. Former Federal Reserve Chairman Alan Greenspan, a loyal Republican and disciple of Ronald Regan helped Bush create the ‘dollar printing’ machine to create unprecedented liquidity. The trick was to create economic slavery among the poor people who could not afford a home. The Bush special interest folks created the mortgage bubble. But their financial mismanagement fell apart right in their face as the mortgage bubble collapsed taking those special interests and banks with it. Mortgage securitization and the use of financial derivatives created the unlimited pool of money from the resources of the world to provide loans and mortgages to any one and every one. Eventually the so called CDOs have started haunting the financial world creating the largest financial meltdown since the liquidation of Roman Empire.

Now, US faces socialism to save the banking system. The Fed creating the basis for socialism in US is saving Bear Sterns and other regional banks. The number of regional banks facing run is rising exponentially because of Bush special interest fiscal mismanagement and failure to assess financial risks.

What Bush Administration did in the case of employment is also backfiring badly creating a new wave of American socialism. They tried to help the rich class of Americans by promoting outsourcing and not enforcing immigration laws. Illegal, H1B, and other immigrants flooded the job markets. Millions of jobs were forced out of the country through NAFTA and China-India outsourcing. Something called underemployment was created where every one has a job but very few earn enough to maintain their standard of living.

The lowering of dollar was the result of uncontrolled spending through senseless borrowing. That helped in outsourcing and export of well paying American jobs. The oil and gold price spiked creating the nastiest stagflation ever in the United States.

Bush Administration rewarded its Republican farmer base by promoting ethanol based bio fuel initiative. The wheat, corn, Soybean prices skyrocketed creating food inflation together with energy hyperinflation. Now common people in US depend on Government give out to pay for their bills, mortgage and the basics of their livelihood.

Mismanagement of health care costs now threatens America with a socialist type Government guaranteed healthcare. The supply side economy finally collapsed into socialism – never thought before in America.

Bush waged a war based on borrowed money. The war mongering expenses will be paid by the next generation Americans like the Russians are paying for their mistakes in Afghanistan.

Simply put, Bush tried to promote the capitalism of inheritance through tax cuts, lowering wage rates for businesses by allowing illegal immigration, temporary workers and outsourcing. At the end everything fell apart creating a financial meltdown and economic depression like never before.

Bush legacy will be known as how a conservative American Administration created the roots of socialism in US. Brezhnev and Gorbachev of Soviet Union created the roots of capitalism in Russia. Clinton and Bush have similarly created the roots of socialism in the country that fought in Vietnam to stop communism and socialism.

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