Tuesday, January 27, 2009

Bad leadership right to the end....

"Why me? Why did the financial collapse have to happen on my watch" - George W. Bush.

This man doesn't understand that he was responsible for the economy as the president. He was suppose to make sure there was sufficient regulation of markets and monitoring. Even if one argues that the whole mess was unexpected, his handling of the situation was highly reactive. From the start of the crisis, he preferred stand was to do nothing and let everything run its course. Initially when the subprime mess emerged, his immediate response was that people should not be bailed out....rather than examing the situation and do what needs to be done to mitigate it. At the critical juncture when Lehman was about to go down, he applied ideology again "no bailout!" he insisted without spending time to understand the implications of Lehman going down - at that time Lehman required $30B to rescue and AIG $30B. The collapse of Lehman set of a chain reaction within days AIG's rescue ballooned to $80B and they had to go to congress for $750B of TARP to bailout the entire system. Most market participants knew that Lehman was highly interconnected and letting it fail could be potentially disastrous.

It was not bad luck that made this guy one of the worst presidents in history. It was bad leadership. He could have done infinitely better if he had just gotten all the facts, listened carefully to expert opinion and their recommendations on what to do.

13 comments:

Anonymous said...

He had bad advisers as well. At the level of President, normally he rely a lot on his advisers for their recommendation. So if they gave him bad advice, that's it.

Remember he even attacked Iraq because his intelligence agency said Iraq had weapons of mass destruction which later turned out to be false.

That's why a good leader also need good advisers who must be experts in their various areas.

I also think that our GIC and Temasek which invested heavily in the western banks is also because of bad advice, maybe by foreign talent. Because LKY is no expert in these areas. After the failure, he justified it by saying for the long term, 30 years. Haha!

Kaffein said...

Totally agree about the bad advisors part. Most CEOs and company heads of large corporations depend on their advisors for strategic and key decision-makings.

Of course, it's always the head that rolls (pun included). That's why they are paid. But some heads in Singapore are always spared which leads to a 'protected' mentality.

I'd wouldn't call Bush a bad president. He tried his best but he'll be remembered for more bad stuff than good, eg Iraq war. I wouldn't blame him on the current economic crisis though.

Cheers,
Kaffein

Anonymous said...

Bush is a politician and he was successful to be elected as President of USA.

But here,our Madam Ho Ching is not a fund manager,she was a successful electrical engineer in Mindef and then SISIR-now Spring).

That was her career path until she was discovered by MM Lee and made the Chief Invesment Officer(CIO) of Spore Inc.

Whatever advisers she may have,I cant expect her to make the good decisions,may be after a learning curve of 15 years(for some one with lower IQ,probably 25+ years)

I have expected our CIO to lose big,and it happened.

Also,I do not believe that our expects(Ang Moh FTs) are innocent,as MM Lee has declared,he needed to pay 5 times his salary in order to recruit them,so one the most stupid invesmnet decisions -to pump S$400 million into an Australian milkman cum playboy managed child care centres might not be as simple as we were made to believe.

Lim Leng Hiong said...

"I'd wouldn't call Bush a bad president. He tried his best but he'll be remembered for more bad stuff than good, eg Iraq war. I wouldn't blame him on the current economic crisis though."

George W. Bush is the worst US President in recent history. That anyone can think otherwise reflects strongly on their twisted ideology.

Alexius said...

Not that George Bush is a bad leader,or else how can he be elected to sit the top job for the past eight years?

It is the combination of many situations that choked him to immobility. And most of it is really not his fault. The financial crisis is the result of the greediness of financial institutions and an obese society where money is just a slash on the cards. The war on Iraq is the misinformation of the intelligence part, and most of his strong advocates, especially Dick Cheney, endorsed it.

He just react to an unfortunate event like a normal folks would do. I don't see him as a bad leader but one who follows rather than dares to lead. Thus the big ear usually drawn to satirize him in the cartoons.

............
http://thesuffocate.blogspot.com/

Onlooker said...

Good riddance to bad garbage.
Bush senior also played golf when he protected "Kuwait". actually they are on familiar term with Sad Dam but guess what happen when he turn on them.((hint like Thakinsin, etc, etc).Is it any wonder why there are so many over covered negative news on Thailand also after the BBQ in YCK suddenly Movies like Air panic ,Hannibal , scream, aka low budget slash and horror film all suddenly become prime time leh).
Anyone would be an infinitely better president when Bushy terms are over.

Anonymous said...

The leader chooses his advisers. So it is still the leader's responsibilities. Blaming his advisers is like WKS saying oh the little guy screwed up, lets move on.

Anonymous said...

I don't think George W. Bush is a bad president. He is just a president who has incredibly bad luck.

He was unlucky enough to be the president when 911 happened. And 911 was the result of Bill Clinton's policy of appeasement towards terrorist regimes. How many attacks have there been on American soil since Bush's strong stance against Iraq and Al-Qaida? Any more Yankee battleships being bombed?

You want to pin the blame of the subprime crisis on Bush? You want to pin the credit crunch on him too? Why not pin the blame on those in the front line?

It is a national disgrace that the Madoff Ponzi scheme went undetected for decades. Where is the blame on Clinton? Bush is only unlucky that Madoff was exposed during his adminstration. Don't you think the collapose of the CDOs has its makings way before Bush became Prez?

Bush is more unlucky than he is incompetent.

And Bush did the right thing to remove Saddam. It certainly beats having to surround Iraq for perpetuity.

When will you morons learn that whenever you show mercy to terrorists, they will never extend the same mercy back?

Anonymous said...

"It was not bad luck that made this guy one of the worst presidents in history. It was bad leadership. He could have done infinitely better if he had just gotten all the facts, listened carefully to expert opinion and their recommendations on what to do."

Hey that sounds just like our PAP regime...err...leadership! Bush and LHL/LKY pay their subordinate lackeys...er..civil servants such high salaries the only feedback they'll ever get from these lackeys>...er...civil serpents is nothing less than good news. Anyway the famiLEE also have their famiLEE businesses to take care of first, followed by the nation's interests.

Anonymous said...

"It was bad leadership. He could have done infinitely better if he had just gotten all the facts, listened carefully to expert opinion and their recommendations on what to do."

By that argument, we all are bad leaders. All of us had made mistakes. All of us had not gotten all the facts or followed expert opinion.

In any case, none of the experts foresaw the subprime crisis. None of the experts knew that Madoff was a crook. Expert or numbskull, they all got caught with their pants around the ankles.

Anonymous said...

It is just that leaders sometimes employ advisors who will tell them nice things that is untrue but know that they will like to hear......truth sometimes is very painful to tell and painful for the person to tell your leaders and painful for theleader as well.... try to be the bearer of bad news and you will have a taste of what is like.....good luck!

Anonymous said...

hey guys, its simple, Bush was too busy thinking how to fix his opposition, the Democrats...

Don't blame Bush... Blame the Americans for electing too many opposition... The electorates should be blamed and held responsible for all the shits...

Anonymous said...

he has an IQ of 80...so pls don't blame him...blame the Americans who voted for him...

what about Obama? what's his IQ level?