Disagree. I think it stems from unadulterated avarice, which results in a nuclear response from the FED every time we are on the cusp of a mild recession that would pass quickly. In their zeal to avoid a few mild recessions, the FED flooded the world with a massive liquidity bubble, the ONLY result of which can be what we are now experiencing. Direct cause and effect.
Well of course..Bush and his administration are just innocent by-standers here. They have no power to do anything.