- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
Bush Says Wall Street's 'Got a Hangover'
Email
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)
You can follow this conversation by subscribing to the comment feed for this post.
Well, we heard it from our American Idiot again. I rest my case.
Posted by: Patriot | Jul 23, 2008 1:14:42 AM
It took almost 8 years for Bush to talk about drinking, a subject he knows about.
Posted by: josh | Jul 23, 2008 1:18:10 AM
BUSH SAYS WALLSTREET HAS A HANGOVER, WELL HE SHOULD KNOW HOW TO FIX THAT FROM HIS DAYS OF BATTLING WITH THE BOTTLE
Posted by: Nicole | Jul 23, 2008 1:18:33 AM
Davis,
Are you on Obama's crack?
Posted by: Berger Johns | Jul 23, 2008 1:20:28 AM
Guess whos going to pay for the aspirin ? Hint, look in the mirror.
Posted by: mikewoolf9 | Jul 23, 2008 1:22:31 AM
he "goofs" up anymore, he might recent being called human!!!!!!!!! maybe his mom would support birth control from a mother's perspective. luckily she's a tough lady!
Posted by: augusta | Jul 23, 2008 1:24:06 AM
BUSH SAYS WALLSTREET HAS A HANGOVER, WELL HE SHOULD KNOW HOW TO FIX THAT FROM HIS DAYS OF BATTLING WITH THE BOTTLE
Posted by: Nicole | Jul 23, 2008 1:25:50 AM
JUST IN: BUSH SAYS WALSTREET HAS A HANGOVER, WELL HE SHOULD KNOW HOW TO FIX THAT FROM HIS DAYS OF BATTLING WITH THE BOTTLE
Posted by: Nicole | Jul 23, 2008 1:26:44 AM
Speaking of fools, did anyone catch Obama's interview with Nightline's Terry Moran? Oh my God, Obama was HORRIBLE and everyone is admitting it.
Love it. Obama is clearly in over his head and it's starting to show.
Yeeehaw.
Posted by: Jo | Jul 23, 2008 1:30:50 AM
Davis you're the idiot. In two different posts you call someone an idiot and yet you can't even spell correctly.
You're the idiot. Thanks for proving it.
LOL. Obamabots crack me up.
Posted by: Jo | Jul 23, 2008 1:42:03 AM
Speaking of idiots like Davis, I guess we can wipe John Edwards name off the VP list for the clueless Obama.
The National Enquirer has BUSTED him big time visiting his mistress and love child. And they have eyewitnesses and PICTURES of him sneaking out of her hotel room in Beverly Hills! So there is no denying it. Can't wait to see him fumble his way out of this one.
Love it. Another arrogant democrat BUSTED. LOL.
Posted by: Jo | Jul 23, 2008 1:45:14 AM
Anyone who defends Bush's behavior over the last 8 years is himself or herself a drunk. And to think this guy got elected? Not once but twice!!!!!!!!
Posted by: Joe Reed | Jul 23, 2008 1:51:32 AM
This fool is a real clown..He still wears his "CLOWN SHOES" in the White House. He is about as funny as a rubber crutch and just as useful..8 years we have had to endure this drunk..He still keeps a bottle hidden in the toilet tank every where he goes..180 more days until 20 January 2009 and this fool will be in the back of the turnip truck heading for Crawford, Texas and not a day to soon. He is as usless and t*ts on a bore hog.And so is his drunk buddy Cheney.Only the Repubs love him.The rest of the world hates his Gu*'s
Posted by: Repubsout | Jul 23, 2008 1:56:32 AM
we need a democrat in the white house...after seeing our country go to ruins over the last 8 years of the bush-cheney era, how can anyone in their right minds vote to put mc'cant in there to do the same thing over and over again.....beginning stages of alzheimers....
Posted by: carlasue | Jul 23, 2008 2:06:31 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
Jake you won't get reasoning from country voter and his ilk, Frankly, he's a idiot who makes no argument only stupid remarks. Which reminds me of the saying. Never argue with idiots, they'll only drag you down to their level and beat you with experience.
Posted by: CC | Jul 23, 2008 2:16:17 AM
STUPID!, STUPID!, STUPID! THIS CLOWN OF A PRESIDENT. THE REPUBLICAN PARTY IS PATHETIC!!! THERE ARE A FEW GOOD ONES, BUT ITS LIKE TRYING TO FIND A NEEDLE IN A HAYSTACK. NOVEMBER CAN'T COME FAST ENOUGH FOR ME TO VOTE FOR SENATOR OBAMA AND HE WILL WIN AND JANUARY 20TH WILL BE LIKE BEING TOLD YOU'RE CURE OF MALIGNANT CANCER AND WILL LIVE TO BE A 100.
Posted by: Bishop9109 | Jul 23, 2008 2:20:07 AM
Does Bush ever sober up??????
Posted by: Repubsout | Jul 23, 2008 2:21:30 AM
THE BUSH/CHENEY/MCCAIN CLOWN SHOW IS STILL ON STAGE AND EVEN THOUGH EVERYONE IS LEAVING THE TENT. THESE FOOLS JUST KEEP GOING AND GOING AND GOING...
Posted by: Bishop9109 | Jul 23, 2008 2:25:00 AM
he was telling a joke allright......i'm sure that idiot bush thinks it's funny that middle class and the poor americans are falling flat on their faces trying to struggle to make it, while he and that creep cheney are lining their pockets with oil money profit before they leave the white house.
if this country elects mc'alzheimers, we will all be in deeper doo-doo than we are now....because apprantly, mc'alzheimers doesn't see anything wrong, (or even knows or remembers) with how this country is falling flat!
Posted by: carlasue | Jul 23, 2008 2:32:19 AM
davis, how many proud repukelikans do you think are on this site tonight?
do you suppose they are drunk?......or just plain stupid!!!
repukelikans, tip your flasks with GW!
hahahahahaha.
Posted by: carlasue | Jul 23, 2008 2:37:26 AM
Post a comment
