lol, another good thread...
I myself happen to have a common noun for a type of building as a surname. Nicknames? Oh wow - dozens at least in elementary school alone.
Like KakarSmakar, my high school and college friends pretty much were required to have nicknames - and we didn't get offended by them at all (as you seem to have been Git). Some of them were Loadboy, Stickboy, Bubba, Beaner (no), Zipman/Zipdude/Zipgook (yes and his idea), Fishbone/Toddler, Burglar/Putz, Choad (me), Assman (before Seinfeld used it), Squeely, Misterrr, Der Fuhrer, etc. We always had a lot of fun, and everybody seemed to have several good nicknames at least.
Nobody ever let themself be bothered by it... one of our common expressions that we lifted (from Leary?) was 'you can call me ******* or ******** as long as you say it with a smile'. Names are just a way if getting somebody's attention after all.
As far as GW Bush goes - his constant nicknaming of people (using insulting ones to non-friend colleagues) just reflects on his personality... of a self-centered silver spoon jerk. That and all the coke and booze has left him a bit impaired - he's definitely a smart guy, but his party days have turned him into a tongue tied monkey who CANNOT speak worth ****. And this is a Minnesotan saying that - and we had to watch Jesse Ventura give horrible speeches for a full term. ^^
Bush is probably using nicknames because his brain is a bit stunted, and they are easier to use as a 'key' for remembering the person. Either that or he is just a disrespectful ******.