Bush: Wall Street got drunk

Saturday, July 26, 2008 at 5:07 am

It was business as usual Wednesday (July 23) for the President but the media was in a frenzy over his explanation for the housing market meltdown that has thrown the global economy into turmoil: “Wall Street got drunk.”

In a private event in Houston on Friday(July 18), Bush said, “It got drunk and now it’s got a hangover. The question is, how long will it sober up and not try to do all these fancy financial instruments?”

Bush’s comments were recorded on a cellular telephone camera and posted to the YouTube Internet site on Tuesday(July 22).

He was in Houston to raise money for Republican congressional candidate Pete Olson, who is challenging incumbent Democratic Rep. Nick Lampson.

At her Wednesday briefing, White House Press Secretary Dana Periono defended the President’s statements saying that it was no different from statements he had made previously. “President Bush has had similar sentiments before when he was talking about how over the years Wall street was dealing with very complex financial instruments,” said Perino. She also added, “The President has described it the way others have, obviously he did it in a way that was with much candor.”

Bush, 62, was arrested for drunken driving when he was 30 and gave up alcohol when he turned 40.

(Agencies)

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Bush: Wall Street got drunk

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