July 23, 2008
Posted: July 23rd, 2008 02:10 PM ET
From CNN's Sarah Parker
President Bush said Wall Street got drunk.
(CNN) - Financial experts have spent months tracing the roots of the housing market implosion that sent the global economy into chaos. President Bush has his own explanation: Wall Street got drunk. "There's no question about it. Wall Street got drunk," Bush told supporters at a Republican fundraiser in Houston Friday. "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?" His comments at the private event were recorded on a cell phone, and posted to the Web Tuesday. White House spokeswoman Dana Perino said the president was just relating his views in a slightly more colorful manner. "He has said before that Wall Street was dealing with very complex financial instruments and that the markets didn't fully understand the risks that those instruments posed to the system," she said Wednesday.
"It is certainly a more colorful way of saying what he said before, but he's described it that way before in terms of his observations of what happened to the market.” In the video, The video shows Bush joking with a friendly crowd and musing about his life when he leaves the White House in January. "We've got a housing issue," Bush said. "Not in Houston, evidently not in Dallas, because Laura's over there trying to buy a house today." He also said the housing market seemed to be doing well in Dallas, where his wife had been looking for a new post-presidential home for the couple, despite earlier statements from Bush that the family’s ranch in Crawford, Texas would be their home after leaving the White House. "I like Crawford, unfortunately after eight years of asking her to sacrifice, I am no longer the decision maker," he said. "I did tell her, 'Honey, we've been on government pay now for 14 years, go slow.'" Filed under: Economy President Bush |
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