Reading Freddy’s post on Philip Delves Broughton, I came across Broughton’s assessment of the value of MBAs:

MBAs in the public mind have become expert at extracting value from an economy, through fees, bonuses and exorbitant salaries, without knowing how to build value. They use their management voodoo to suck the blood of the real value creators in an economy. But really they are of less practical use to society than a decent carpenter or accountant.

In light of this, it is very appropriate that Mr. Bush was known from the beginning as our first MBA President. We had some warning. “Extracting value without knowing how to build value” could very easily have been the administration’s motto. It is certainly how they governed.