You actually hit the answer on the head, he wasn't following Conservative principles with the mortgage meltdown. You are mistaken about the war costs. They only comprised 15% of the deficit spending. One of Bush's lack of Conservative failings was that he was an out-of-control spender. It was said that he never met a spending bill he didn't like. And this was before 9/11, when he at least had an excuse. Most of your points come from the mortgage meltdown which was fueled by another lack of Conservative principle failure - buying into the well-intentioned but fiscally reckless Progressive agenda, obsessed with providing "affordable" low-income housing..................at any cost.
You are also wrong about the taxes, which your friends are not quick to point out. The 2nd part of the Bush tax cuts were implemented in 2003, besides having an almost immediate effect in lowering unemployment, they increased revenues. Without Bush slacking off on spending, his 2nd term yearly deficits stepped down dramatically. They were on track with the projection of a balanced budget in 2010. The lowest deficit was less than $200 billion in 2007. This with the 2 wars going on. All this got blown out of the water by the mortgage meltdown, absolutely unrelated to the tax cuts. THIS, was one of Bush's solidly Conservative things he did. That's why it worked.
You seem to be comfortable mixing half-truths with attitude to create conclusions you like to hear. Is Romney going to have another of another mortgage meltdown? I think you know the answer to that but the spiteful sound of what you want to hear sounds better. Here's some things about Obama and Romney you should consider.
Typical recoveries from recessions, even ones fundamentally worse off than this one, last 6-24 months. We are now in month 39 of "recovery". This is because of the business-hostile environment the Obama Administration has created. The constant threats of tax hikes (2/3 of small business and their owners are effected by the high-end Bush tax cut extensions), the machine gun of regulatory red-tape spewing out from Washington, a pathological hatred of oil, coal or anything that does not fit the utopian ideal of "green" energy, blowing past and even accelerating past the "bridge out" sign in respect to the debt 5 trillion dollars ago and treating corporations as if they are some fire-breathing dragon that must be slain, all contribute to keeping the recovery from happening, business expansion from happening thus, creating jobs. Any job creation that has been going on has little to do with Obama policy and everything to do with the doggedness of business to survive and claw it's way back to profitability, regardless of what roadblocks are put in it's way.
Unlike Obama, Romney brings actual business experience and economic understanding to the office. He also comes in with chief executive managerial experience from business and political office. Unlike Obama, he will actually put a budget in place for running the country. We haven't been running under a budget since Obama took office! Budgets are what fiscally responsible people work in. They Ryan budget, which he endorses, has the courage to deal with the 800 pound gorilla in the room namely, Social Security, Medicare and Medicaid. These are ALL going bankrupt, increasing in cost, are bureaucratic, riddled with fraud and waste and full of red-tape. He will reform them, making them cost efficient and cutting out a big part that drives our deficits and debt.
Business confidence, which is rock bottom, will start rebounding the moment he is elected. He will end the business-hostile environment and allow for the boom in the oil market that is straining to happen. He will push for simplifying the tax code and stop the knee-jerk regulatory red-tape, all helping small business. He will cut the corporate tax (currently, the highest in the world). This will end much of the outsourcing and be a boost to business. Too many Liberals have this idea that if you are not punishing big business (for some reason), then you are pandering to them. I could fill up a whole post on how Conservative tax policy has worked whenever tried.