But all this just goes to show that raw intelligence is overrated. Bush was smart. Plenty of the people around him were smart. But he was a bad president. Presidential scholars rank him 38th -- and, remember, there have only been 43 presidents (Barack Obama is the 44th, but his term isn't up yet). He left office with dismal approval ratings, though he's since rebounded from unbelievably unpopular to merely unpopular.
No industry on earth had the IQ-scores-per-capita of the financial industry in 2007. And we saw how that turned out. To see Bush's failures -- or Wall Street's failures -- as a failure of insufficient intelligence is comforting, but very wrong. These are stories about how smart people can lead themselves and others down the wrong paths. To a large degree, they wouldn't be able to do it if they weren't smart, but that just proves that not all mistakes are dumb, and that being smart isn't the same thing as being wise, right or capable.