Bush, in Unguarded Moment: 'Wall Street Got Drunk'

President says the 'hangover' will take some time to cure
By Newser Editors and Wire Services
Posted Jul 22, 2008 6:45 PM CDT
President Bush pauses as he speaks with reporters after arriving at Ellington Field Friday, July 18, 2008, in Houston.    (AP Photo/Evan Vucci)
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(Newser) – President Bush has a new analogy about the nation's financial meltdown. "There is no question about it. Wall Street got drunk," the president said at a Houston fundraiser after asking audience members to turn off their video cameras. "That's one reason I asked you to turn off your TV cameras. It 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?"

He segued to problems in the housing market but said they weren't an issue in Houston and "evidently not in Dallas because Laura's over there trying to buy a house today," he said to laughter. "I like Crawford, but unfortunately, after eight years of asking her to sacrifice I am no longer the decision-maker." Someone in the audience disobeyed the president's request, then leaked the video to ABC affiliate KTRK in Houston.