Topic of the Day: Wall Street is Drunk?
Posted 6 weeks 3 days ago byPresident Bush, last week at a private event:
"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," he said.
President Bush using an alcohol metaphor to describe the economy?
Thoughts
Its all a mess
Submitted on July 24th, 2008 by janmbEvery which way you turn---there is some kind of MESS.
Takes one to know one----seems GW ran this country on being a dry-drunk---and he contributed to the mess.
and you will get drunk
Submitted on July 23rd, 2008 by John 2000because ...?
When Bush
Submitted on July 23rd, 2008 by charlesbaronleaves office, I'll be the one getting drunk.
I seen it
Submitted on July 23rd, 2008 by rom12921the clip. President Bush looked a bit annoyed if not angry. Seemed upset/ dissappointed at the financial industry for encouraging risky behavior.
Actually, Congress and Federal reserve had a hand in the mess by encouraging home-ownership (at any cost?), allowing Freddie and Fannie to essentially back loans that should not have been made (Congress created Freddie & Fannie in 1970-1?) and Fed Reserve lowering interest rates making money easy to come by.
Still no excuse for people applying for loans they could not pay back.
It's probably a pretty
Submitted on July 23rd, 2008 by John 2000It's probably a pretty accurate off-the-cuff metaphor for certain financial sector major players in the international stock markets where generic Wall Street remains the major player. It is no secret that over the years new financial instruments crept into usage that made money flow and identification increasingly impossible to track. Failure of oversight will always lead to rather 'drunken' behavior where large sums of money are involved.
It is a shame that he did not include the drunken behavior of other entities such as the Federal Reserve, the congress, and federal quasi-institutes such as Freddie and Fanny Mac in his 'private' remarks.