Bush's Explanation For Credit Crisis: Booze

At what was supposed to be a closed Republican fund-raiser in Houston, President Bush offered his honest opinion of the sub-prime crisis (video below):

New York Times: “Wall Street got drunk — that’s one reason I asked you to turn off your TV cameras,” the president said at the fund-raiser, held at a private home on Friday to benefit Pete Olson, the Republican who is challenging Representative Nick Lampson. “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 sentiments were no different from those Mr. Bush has voiced in public, said Tony Fratto, the deputy White House press secretary.

“The president has made this point before,” Mr. Fratto said, adding, “What the president is referring to is the fact that the markets were using very complex financial instruments that had grown up over the years, and when confronted with the shock of this housing downturn, they did not fully understand what the consequences were going to be.”

Because they were “drunk?” To be fair, perhaps Dubya was just speaking from experience.

And let’s go to the videotape:

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