During the second presidential debate between George W. Bush and John Kerry (10-8-2004), John Kerry was asked a question about how America could remain competitive in manufacturing. During the answers and rebuttals between Senator Kerry and President Bush, the following exchange took place:

KERRY: The president got $84 from a timber company that owns, and he's counted as a small business. That's how they do things. That's just not right.

BUSH: I own a timber company? That's news to me. Need some wood?

A funny exchange, intended to make Kerry look like a liar and/or an idiot. Only one problem...yes, the President does, in fact, own a timber company.

Bush has part ownership of Lone Star Trust, which is an oil and gas company. Lone Star Trust owns 50% of another company, LSTF LLC. According to Bush himself, LSTF LLC is a company organized "for the purpose of the production of trees for commercial sales."

So, according to Bush's own words, he DOES own a timber company. Guess he forgot!