Funny, but I always thought of W as all hat, no cattle. The nautical equivalent is just as good. Thanks for posting it.
Actually, the expressions do not mean the same. I believe all hat, no cattle, means someone who talks a good game, but does not have the wherewithal to back up what they are saying. In the case of 'all sail, no anchor,' the person is said to lack strongly held beliefs (think moral clarity) and is thus buffeted about by every change in the breeze. In the case of Bush, he told us during the campaign that he would get good advisors and rely on them. Which he did. But now the advisors are disagreeing, and Bush is waffling because the direction he needs to go is not being generated by strongly held values.