BUSH'S BUDDY ECONOMY

When George W. Bush took office, his Administration loudly touted its corporate credentials. In place of Clinton's policy wonks, the Bush economic team featured real businessmen, who knew how the world worked, and who appreciated, in a visceral and practical way, the value of free markets. Bush had more former C.E.O.s in his Cabinet than any previous President. His Vice-President was a former C.E.O., and Bush himself had run an oil company. "No president, administration, and Cabinet has been as marinated in capitalism," observed USA Today, which also praised the Administration's "deep management pool" and its "all-star boardroom."

Now, though, the consensus seems to be that Bush's boardroom is filled with benchwarmers, not all-stars. [read more]