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Bush Says Wall Street's 'Got a Hangover'
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ShareJuly 22, 2008 11:05 PM
ABC News' Matt Jaffe reports: At a private fundraiser last week in Houston, President Bush, away from press cameras and unaware that he was being recorded, joked about the country's housing crisis and said Wall Street is hung over because it "got drunk."
"There's no question about it. Wall Street got drunk -- that's one of the reasons I asked you to turn off the TV cameras -- 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," the president said Friday at a fundraiser for Republican congressional candidate Pete Olson.
The event was closed to members of the press corps, but video of Bush's remarks was recorded on a personal camera and posted on the Internet.
"Then we got a housing issue, not in Houston, evidently, not in Dallas, because Laura was over there trying to buy a house today," Bush said of first lady Laura Bush. "I like Crawford. Unfortunately after eight years of asking her to sacrifice, I'm now no longer the decision maker. She'll be deciding, thanks for the suggestion. I suggest you don't yell it out when she's here. I did tell her, I said honey, we've been on government pay now for 14 years, go slow."
The crowd in attendance laughed loudly during Bush's comments before his voice trailed off.
"But it's, uh, I'm losing my train of thought."
White House spokesman Scott Stanzel told ABC News this evening that the president's statement about the economy was "not unusual."
"There clearly was a problem with the markets' understanding of risk associated with very complex investment instruments once confronted with the housing downturn," Stanzel said. "The President has made these points before. It is not unusual to describe the situation this way, as others have used the very same language to characterize the current problems, as well as past problems, in markets."
However, Bush's remarks are a departure from the more conservative tone he usually takes when speaking to the press. Earlier last week, in fact, the president preached optimism about the economy in a nationally-televised news conference.
"I'm an optimist," Bush said at the White House last Tuesday. "I believe there's a lot of positive things for our economy, but I will tell you it's not growing the way it should."
He acknowledged that the economy was experiencing "a tough time", but did not compare the current situation to a hangover.
"The bottom line is this: We're going through a tough time," Bush said to the crowded press briefing room full of television cameras. "But our economy has continued growing, consumers are spending, businesses are investing, exports continue increasing, and American productivity remains strong. We can have confidence in the long-term foundation of our economy, and I believe we will come through this challenge stronger than ever before."
The nation's economy has been struggling for months, with some analysts citing a faltering housing market, rising gas and food prices and collapsing banks as evidence that the country has fallen into a recession. The national average for gas prices has been over $4 for seven consecutive weeks. IndyMac, a bank with $32 billion in assets, collapsed this month, becoming the fourth-largest financial institution ever to fail. Treasury Secretary Henry Paulson stepped in to propose a rescue plan for government-sponsored mortgage giants Fannie Mae and Freddie Mac. And the Federal Reserve has cut interest rates 3.25 percentage points since mid-September, down to the current level of 2 percent, with the Labor Department reporting recently that inflation had risen to its highest levels since 1981.
July 22, 2008 | Permalink | User Comments (101)
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hmmm. I guess the hangover will end Jan 20th
Posted by: spacerook1 | Jul 22, 2008 11:43:24 PM
Was bush drunk when he said this?
Posted by: genzavets | Jul 22, 2008 11:51:45 PM
Yet further proof that being pickled by booze till your 42 does have side effects...the guy is flat off his rocker!
Posted by: CC | Jul 22, 2008 11:59:51 PM
Texas is the only state not feeling the drain of the Bush economy. I think we should build the immigration fence at the Red River and make sure that Bush is in the state when we finish it.
Posted by: Alex | Jul 23, 2008 12:03:12 AM
Bush's english is amazing also. I didn't know you could talk that ignorantly and still be taken seriously. I 'Got a hangover', and I'm fixin' to get over it ya'll. We'll get over the hangover the day Barack takes the Oath.
Posted by: Alex | Jul 23, 2008 12:06:02 AM
Sorry, just one more. Fancy financial instruments, oh really George, of what kind. He is like a parrot, he repeats what he hears. And unfortunatley, he listens to the biggest idiots in this nation.
Posted by: Alex | Jul 23, 2008 12:08:45 AM
Bush and the Republican elite, CAIN included, laugh at the economical pain the middle class feels in America.
Luckily, Mrs.Bush has time to buy some cheap bankruptcy houses now that the price is good for those who have money.
Republicans would love to have a young, strong, intelligent, strategic, moral and well spoken candidate like Obama.
Posted by: Alma | Jul 23, 2008 12:12:39 AM
I'd love to see the leader of the free world go on the game show "Are you smarter than a fifth grader" and flunk after the first 2 questions, as I know he would. What a stupid, ignorant tool our president is. November can't come soon enough.
Posted by: Scott | Jul 23, 2008 12:16:18 AM
Who is supervising oil in Iraq? Who is to say Bush cronies are not filling a supertanker a day of crude unwitnessed, thats why there is no strategy to leave.
Then they claim a shortage to jack up prices. Soldiers are dying to line corporate pockets. It is so obviously shameful.
There will be a time for revolution, when will America revolt? Two party system sucks, read Jesse Ventura.
Worst administration ever and only going to get worse.
Posted by: Jake | Jul 23, 2008 12:18:46 AM
I never liked Bush, but I like Obama even less.
Posted by: country_voter | Jul 23, 2008 12:23:37 AM
Country_voter, you are typical of a confused republican. Here it is your party has run this country straight to hell, and the best you can muster is " I dont like" the democrats. Give us some reasoning why. Is it race? McCain will be 4 more years of cheating and stealing, give me a break. Both parties suck, but after the last 8 years somethings got to give.......we need a 3rd party system. Jesse Ventura, read him.
Posted by: jake | Jul 23, 2008 12:30:34 AM
Don't forget, Bush was the canidate of "CHANGE", just like Obama. Both Obama and Bush were drunks and drug users earlier in life. Birds of a feather...
Posted by: Berger Johns | Jul 23, 2008 12:39:52 AM
I don't trust drunks, racists and liberals.
Posted by: helen in NY | Jul 23, 2008 12:43:49 AM
What an absolute embarrassment to us all, this "president". Like having a drunken uncle show up at your wedding and p*ss himself in front of guests... COMMON AMERICA, WE CAN DO BETTER!!!.. right?
Posted by: RW | Jul 23, 2008 12:44:51 AM
Obama, the democratic version of George Bush. I guess, the democrats want their version of a change artist. This proves the democrats are slow learners :(
Posted by: John W. in FL | Jul 23, 2008 12:46:32 AM
John W. in FL
Your right on the mark. I noticed George and Obama are alike in many ways. Neither one had a real job in their life.
Posted by: lee in orange county | Jul 23, 2008 12:51:21 AM
Both Bush and Obama are useless empty suits. I hope the voters will elect an honorable man or woman in November.
Posted by: Art in FL. | Jul 23, 2008 12:53:40 AM
Bush could get a job in the circus on Jan. 20, 2009.
Posted by: Baron | Jul 23, 2008 12:56:03 AM
@ Davis,
Both admitted to drugs and being drunks. This is a yes or no situation, just like being pregnant.
Posted by: Berger Johns | Jul 23, 2008 1:04:08 AM
I often wonder how Bush secured his security clearance, considering his sorted past. I bet Homeland Security will have to turn a "blind eye" for Obama's security clearance, if he steals the election.
Posted by: barry | Jul 23, 2008 1:09:44 AM
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