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Adventurer
Joined: 28 Jan 2006
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 Posted: Wed Jul 23, 2008 10:09 pm Post subject: 'Wall Street got drunk' says Bush |
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Page last updated at 18:28 GMT, Wednesday, 23 July 2008 19:28 UK
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'Wall Street got drunk' says Bush
President Bush was explaining the recent turmoil in US financial markets
US President George W Bush has explained the credit crunch savaging US financial markets by saying "Wall Street got drunk".
"It got drunk and now it's got a hangover," Mr Bush said at a private political fundraiser in Houston, Texas.
Members of the media were not invited and the audience had been asked to turn off their cameras.
But somebody recorded the statement on a mobile phone video camera and it was posted on the internet.
'Fancy instruments'
The comment was made on Friday and by Tuesday had found its way on to the internet.
"The question is, how long will it sober up and not try to do all these fancy financial instruments?" the president asks in the clip.
The White House has issued a more prosaic explanation of his comments.
"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," said spokeswoman Dana Perino.
[urlhttp://news.bbc.co.uk/2/hi/americas/7522335.stm]BUSHEE[/url] |
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Gopher
Joined: 04 Jun 2005
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| Posted: Wed Jul 23, 2008 10:12 pm Post subject: |
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| Yes, the President is quite brilliant. His mind is filled with rich metaphors. And he taps into this oratorical genius everytime he speaks to us. And, on top of all of this, I bet his staff just loves him for it. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Thu Jul 24, 2008 1:13 pm Post subject: |
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| Right Chimpy, it's those 3-Manhattan lunches they all enjoy. Remember those? |
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fiveeagles
Joined: 19 May 2005
Location: Vancouver
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Mon Jul 28, 2008 12:59 pm Post subject: |
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We been enroned, again.
And then they want investors lining up to hand over their retirement savings into their safe keeping? That's the part that kills me.  |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Jul 28, 2008 6:16 pm Post subject: |
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| Kikomom wrote: |
We been enroned, again.
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No. Enron was an isolated incident at a single company orchastrated by a handful of executives. This is a massive market-wide systemic failure. |
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Nowhere Man
Joined: 08 Feb 2004
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Mon Jul 28, 2008 8:48 pm Post subject: |
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| Kuros wrote: |
Enron was an isolated incident at a single company orchastrated by a handful of executives. This is a massive market-wide systemic failure.
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Ok, Kuros, let me put it this way: Enron was a mere 3-martini lunch compared to Wall Street's open bar. |
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