You are exactly right. Obama would have never been elected without the dismal performance of his predecessor in the White House.
For the record, since some people seem to forget such details: Ron Paul ran as a Republican in the 2008 election, against a flock of RINOs who, to a man, defended everything that George W. Bush had done to ruin chances for a Republican victory that November.
The wars, the bailouts, the Medicare prescription drug plan, campaign finance reform -- all of it was on GWB's sorry record, but only one Republican presidential candidate had the intestinal fortitude to tell the American people these things were not conservative, not constitutional, and not in keeping with the traditions of the Republican Party.
Of course, the Republican establishment didn't want to hear it. So Ron Paul was not permitted to speak at the Republican convention, for fear he would attack the Bush policies of the past eight years and make the Republicans look "divided." Which he would have, I have no doubt.
Bad move on the RNC's part. Ron Paul supporters held their own rally in Minneapolis, with probably more in attendance than McLaim had at the official convention. And C-SPAN coverage to boot.
The Republican Party was divided whether the establishment knew it or not, and it remains divided to this day. Big-government "conservatives" remain firmly in charge, despite the protests. It will take another bruising like last year's before we begin to see a change in direction, I fear.