But look at the "bright" side! On top of everything else this has probably cinched the "worst president in the history of the US" title for Bush! I'd far rather have things done the right way (which is my way of course ;) but when some idiot insists on doing things the wrong way and you have no power to stop him then a nice "i told you so" is a good cathartic exercise before you go cry in the corner. (I'm currently looking forward to doing the same thing about global warming in a couple decades' time. I'll be pleasantly surprised if 95% or so of the worlds climatologists were proven wrong, but i'm not betting on it.)
Of course one can argue about how much control/responsibility Bush has had over the economy, but he's been the nominal leader of our country for eight years. His party has been in control of congress for most of that time. Either they didn't foresee the problem coming or they did absolutely nothing to stop it. At least i haven't heard any well documented claims from the Republican leadership about "we saw this coming and did X Y and Z to try and stop it! Obama is claiming "i told them so!" himself which, as i said above, is a good cathartic exercise for those of us who were powerless, however it's only marginally better than total failure on the part of those who actually had/have power.
So in any case, this happened at the very end of 8 years of Bush management and whether it's a direct result of his policies or not it clearly falls under the category of "on your watch."
Edit: Hey! If we can keep this up for a few more days, then we'll have managed to lose _half_ the total value of the dow jones in just a year! Exciting!