Do you miss George W Bush?

The rehabilitation of the US ex-president begins.

Of course you don't. But a growing number of Americans do.

The most visible sign of George W Bush's rehabilitation is a now famous billboard in Wyoming, Minnesota, featuring a smiling, waving Bush, opposite the line: "Miss me yet?"

Rumour originally suggested that the billboard was an internet hoax, but reporters on the ground in Wyoming soon confirmed it was real. That just left the question of who paid for the thing. Bob Collins of NPR's Minnesota Public Radio eventually revealed the culprits:

Mary Teske, the general manager of Schubert & Hoey Outdoor Advertising reports, "The Bush Miss Me Yet? billboard was paid for by a group of small business owners who feel like Washington is against them. They wish to remain anonymous. They thought it was a fun way of getting out their message."

So, even though Bush's legacy includes an unwinnable war in Afghanistan, Guantanamo Bay and economic collapse, it turns out that the poster isn't intended to be ironic.

But businessmen aren't the only ones indulging in Bush revisionism. Over at the New York Times, Stanley Fish points to a recent Newsweek cover story which argues that Bush's decision to invade Iraq has been vindicated by the country's most recent election.

He also puts his finger on why a significant section of the US electorate are ready to reassess the 43rd president:

Bush's policies came to seem less obviously reprehensible as the Obama administration drifted into embracing watered-down versions of many of them. Guantanamo hasn't been closed. No Child Left Behind is being revised and perhaps improved, but not repealed. The banks are still engaging in their bad practices. Partisanship is worse than ever.

But Barack Obama need not fear: most Americans don't really want his predecessor back in the White House. A recent Newsmax/Zogby poll found that, in a hypothetical election between Obama and Bush, Obama would win by 48 per cent to 38 per cent.

And yet, if, as my colleague Mehdi Hasan contends, Obama has morphed into Bush, perhaps it's not surprising that some Americans long for the real thing.

Follow the New Statesman team on Twitter.

George Eaton is political editor of the New Statesman.

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BHS is Theresa May’s big chance to reform capitalism – she’d better take it

Almost everyone is disgusted by the tale of BHS. 

Back in 2013, Theresa May gave a speech that might yet prove significant. In it, she declared: “Believing in free markets doesn’t mean we believe that anything goes.”

Capitalism wasn’t perfect, she continued: 

“Where it’s manifestly failing, where it’s losing public support, where it’s not helping to provide opportunity for all, we have to reform it.”

Three years on and just days into her premiership, May has the chance to be a reformist, thanks to one hell of an example of failing capitalism – BHS. 

The report from the Work and Pensions select committee was damning. Philip Green, the business tycoon, bought BHS and took more out than he put in. In a difficult environment, and without new investment, it began to bleed money. Green’s prize became a liability, and by 2014 he was desperate to get rid of it. He found a willing buyer, Paul Sutton, but the buyer had previously been convicted of fraud. So he sold it to Sutton’s former driver instead, for a quid. Yes, you read that right. He sold it to a crook’s driver for a quid.

This might all sound like a ludicrous but entertaining deal, if it wasn’t for the thousands of hapless BHS workers involved. One year later, the business collapsed, along with their job prospects. Not only that, but Green’s lack of attention to the pension fund meant their dreams of a comfortable retirement were now in jeopardy. 

The report called BHS “the unacceptable face of capitalism”. It concluded: 

"The truth is that a large proportion of those who have got rich or richer off the back of BHS are to blame. Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable. 

“The tragedy is that those who have lost out are the ordinary employees and pensioners.”

May appears to agree. Her spokeswoman told journalists the PM would “look carefully” at policies to tackle “corporate irresponsibility”. 

She should take the opportunity.

Attempts to reshape capitalism are almost always blunted in practice. Corporations can make threats of their own. Think of Google’s sweetheart tax deals, banks’ excessive pay. Each time politicians tried to clamp down, there were threats of moving overseas. If the economy weakens in response to Brexit, the power to call the shots should tip more towards these companies. 

But this time, there will be few defenders of the BHS approach.

Firstly, the report's revelations about corporate governance damage many well-known brands, which are tarnished by association. Financial services firms will be just as keen as the public to avoid another BHS. Simon Walker, director general of the Institute of Directors, said that the circumstances of the collapse of BHS were “a blight on the reputation of British business”.

Secondly, the pensions issue will not go away. Neglected by Green until it was too late, the £571m hole in the BHS pension finances is extreme. But Tom McPhail from pensions firm Hargreaves Lansdown has warned there are thousands of other defined benefit schemes struggling with deficits. In the light of BHS, May has an opportunity to take an otherwise dusty issue – protections for workplace pensions - and place it top of the agenda. 

Thirdly, the BHS scandal is wreathed in the kind of opaque company structures loathed by voters on the left and right alike. The report found the Green family used private, offshore companies to direct the flow of money away from BHS, which made it in turn hard to investigate. The report stated: “These arrangements were designed to reduce tax bills. They have also had the effect of reducing levels of corporate transparency.”

BHS may have failed as a company, but its demise has succeeded in uniting the left and right. Trade unionists want more protection for workers; City boys are worried about their reputation; patriots mourn the death of a proud British company. May has a mandate to clean up capitalism - she should seize it.