Ehhhh....I think Bush fucked up plenty don't get me wrong. We would have been in this predicament regardless because of the extreme growth we had in the 90s and no real correction so to speak of since then....but Iraq, robber baron capitalism, cronyism, etc definitely made things worse, just like Obama is making things worse now.
I'm 100% anti-Iraq and anti-Bush yes. Just because I hate Bush doesn't mean I like Obama, just like the fact that I think Obama is making things worse doesn't mean I'm a neocon, trickle down economics, tax cuts for the rich and corporate interest above all Bush/McCain supporter.
As far as Ferrel, I came across that article and it mirrored what I had been thinking all along. I don't know who the guy is, and believe it or not I don't read the Economist, but whatever. What he is saying is right on the money.
The market needs to correct. The market WILL correct. Stop being a lotus smoker thinking Obama's creative maneuvering of money will make it go away, it won't. Prepare for the hard times ahead or else you will be steamrolled.
Believe it or not (knowing this group, probably not, but that's okay), hard economic times lead to the most innovative and spectacular breakthroughs.
The key is surviving the downturn with a little money intact, and making sure you have a good education in something marketable when the economy picks back up and skilled labor is desperately needed and greatly rewarded.
Also, be thankful you live in the US. Europe is going to suffer, GREATLY. There is already a mass exodus beginning from England to the US, the UK economy is SO bad off it will never recover. They will be a third world country in a year and they know it.
The UK economy has nothing to offer the world except 1. it's financial institution (which is in worse shape than ours) and 2. oil from the north sea (which is dried up).
They are bankrupt. Same with Germany and France. (The Euro is valued so high and since there is such a money/credit crunch forget about anyone buying there goods for a long time)
America may or may not go that route, it's hard to say because of us being linked to China the way we are economically. But don't for a second think it will spare us from the recession or even give us a 100% chance of avoiding depression.
edit: Just noticed you are in Spain. Good luck bro, I really wish you the best and hope everything ends up okay for you.