Wednesday, Jul 23, 2008
Wall Street got drunk, so says Bush
Credit Writedowns: Quote of the day: 23 Jul 2008 - George W. Bush
"There is no question about it. Wall Street got drunk.... That’s one reason I asked you to turn off your TV cameras....[Wall Street] got drunk and now it's got a hangover......The question is, how long will it [take to] sober up and not try to do all these fancy financial instruments?"
See the video. All the rage at Youtube.
Posted by edwardnh @ 08:02 PM (756 views) Add Comment
12 Comments
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1. tyrellcorporation said...
Excellent stuff from Bush - he tells is how it is.
2. paul said...
"The thing is, my staff got drunk and now they've got a hangover ... the question is, how long will they take to sober up?"
Do you think my boss would let me keep my job if I said that?
3. icarus said...
You're the saloonkeeper, George, and you know these guys are dangerous when they've had too many of them there fancy cocktails.
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. harold said...
Excellent stuff from Bush; that is, if you're an amoeba. No offence TC.
6. alan said...
I think it's dreadful. This is one of his country's top institutions.
This comment will rattle round the world as he says publicly what the so called "doom and gloom" bloggers have been saying for the last year.
How long will the hangover take...?
Untill another 20 small banks have gone to the wall, I reckon. That's people's investment, jobs, etc. It happened on dubya's watch - don't forget that.
7. drewster said...
Why did Bush feel it necessary to switch off the cameras while he said this? It's hardly controversial stuff, by now everyone knows that the financiers on Wall Street (and in London) were getting drunk on low interest rates. The chairman of the Federal Reserve from 1951 to 1970, William McChesney Martin, famously said "The Federal Reserve's job is to take away the punch bowl just when the party gets going". In this case they spectacularly failed to do so, instead they knowingly served drunks with no designated driver.
8. paul said...
drewster, I agree. This was Bush wanting to appear candid, wanting to say that off the record (where he has to say that everything is fine), he understands that mistakes have been made, but hey that's fine because everyone does it once in a while.
The facts are much further from the truth - this is a terminal alcoholic, addicting to cheap credit like a tramp is addicted to buckfast who now finds himself on life support from the taxpayer.
I find Bush's "candid" analogy is as untruthful as it is insidious.
9. titaniccaptain said...
That man just has no f#cking brain.............yet the press laugh like he is some comic genius about thinks that are not funny.................how did he become president again? are Americans that stupid????????
10. titaniccaptain said...
OOOOPPPPPPSSSSS bad spelling sorry guys...........too much red wine.............looks like bush may be a better speller than I am........he may even have a brain...........nah........im just half p#ssed. Thats my excuse and im sticking to it.............now where is my bottle opener
11. tyrellcorporation said...
None taken Harold... ;)
12. Whostolemyendowment said...
Bush junior is a total F'wit (who I think he still likes a drop of the ol' JD or Jim B), but is only the puppet of his administration....the 'clever' people behind Bush have got very very rich during the past 7 or so years.....it is the rest of us and the next incoming President who will carry the can for many many years to come.....so where has all that money gone that was loaned on sub-prime mortgages ? Where has all the money gone that the banks paid for toxic CDO's and other 'exotic' investments?