The Bush economy was based mostly in part on the housing and mortgage markets. With no regulations in place, a wild west type monetary explosion hit and fueled Bush's "ownership society." While the scam worked, it infused tremendous amounts of cash into the economy which consumers spent very aggressively while also racking up their credit card debt. This also made the rich, much richer. 1920's rich. When that unraveled we had a complete economic meltdown. The NY Times hits it up with a piece called: White House Philosophy Stoked Mortgage Bonfire
rest at http://crooksandliars.com/john-amato/bushs-ownership-society-scam
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