Posted on 07/23/2008 7:21:23 AM PDT by Red in Blue PA
WASHINGTON - President George W. Bush has an explanation for the housing-market meltdown that has thrown the global economy into turmoil: Wall Street got drunk.
“There’s no question about it. Wall Street got drunk,” Bush said at a private event in Houston on Friday. “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?”
(Excerpt) Read more at msnbc.msn.com ...
druck=drunk
I thought it was the Federal Reserve that was bailing them out.
If I read an earlier account correctly, Bush apparently requested that microphones/video cameras be turned off. This was supposed to be off the record.
Men may "deserve" to fail, but then many men deserve nothing more than six feet of earth.
If they all got it tomorrow, the "elect" would be rather put out to replace their efforts. Since there would be oh, maybe 5000 human beings left alive.
who cares either way? Although it might hurt his chances of being re elected, oh that’s right, he cannot run again, sorry forgot!
It was just an analogy..duh!
I don’t understand what you said.
And here come the Bush apologists right on schedule!
The easiest, most expeditious way of growing an economy is loose money (ie inflation). Add to the pot millions of new 'immigrants', all in need of food, housing, transportation, etc, and you have the instant ingredients for growth.
Now that we have won in Iraq, it's time to both deflate the monetary bubble and send the illegals packing from whence they came.
What exactly was your point with that????
It’s just an annoying reminder that the press is constantly playing “gotcha” with President Bush while obama and other idiots get their comments airbrushed and retouched for public consumption.
Maybe it is Bush that is drunk.
Exactly! He should be acting like a state trooper arresting an inebriated driver that is swerving all over the road near Kennebunkport, Maine; this president should not tolerate weak characters that cannot handle alcohol. No, oh, wait...
?
I could just imagine your reaction (and others here too) if Obama as President asked people to turn off electronic devices so he could say things like this off the record.
Between the dot-coms of the 90’s and the subprime mess I’m sort of tired of an economy that seems to prefer making money out of nothing as opposed to producing real value.
Of course I’m just a tax paying chump.
Aere you druck drunk too?
aere = are
I agree with you 100% and I know many others who do too.
I don’t know anyone (besides some people who post here) who think that loose money leading to speculative bubbles is a good thing.
5
They'll keep that up until its illegal.
Right. ANY man, or woman for that fact, that calls themselves liberals, dimocrats, socialists, communists, progressives, and homosexuals, seem to fit for me.
You're just as knee-jerk as the people you're railing against.
I'm not sure why you have transformed my comment into a conversation where I need to recant my vote for Bush or be pilloried.
I'm glad I voted for Bush both times and I still support him. I'd pick him over mccain any day. So come and get me. :p
I assume that "off the record" requests are made all the time for both sides. I also suspect, as I plainly implied, that it's respected less when the msm can snatch an opportunity to please folks who suffer from BDS by supplying gotchas even at this point in the "lame-duck" presidency. By BDS, I am referring to folks who frequent DU and many here at FR (apparently including you) as well.
C’mon. At this point, the White House and the Fed are trying to avoid a further meltdown of the housing market and further defaults. Another 20% in the housing market would close many bank doors and clobber Fannie Mae and Freddie Mac. At that point, we would have the worst depression in the history of the U.S.
Frankly, I don’t like the fact that borrowers went crazy speculating and lenders winked and gave them loans. BUT, I don’t want to crash the economy just so I can say “Nah, nah, nah, nah, nah.”
What SHOULD happen is that they should build additional prisons to house to kingpins in the subprime/ALT-A/Low doc lending fiasco.
Where was the oversight?
Can it be that everyone in the country except President Bush and every federal agency with oversight responsibility knew that lenders, realtors, appraisers, sellers and buyers had a multi-billion dollar scam going on for several years?
This happened because politicians wanted loose money to artificially pump up the economy and their friends in the financial business wanted huge profits.
And neither one cared about the ultimate outcome.
To the politicians and the profit takers it's no big deal.
Now that the last bit of profit has been scammed taxpayers can just pick up the tab for another humongous bailout. A few tokens will be prosecuted but the enablers within the government, and the well connected, large political contributors will walk away unscathed - as they always do.
This is just more wealth transfer on a large scale, like all the other bailouts we have had to finance over the years.
I think it’s a good analogy. Do you really believe he expected them to turn the cameras off? I feel sure he knew they wouldn’t.
Sound fiscal policy? Deport criminal leaches on society? No way dude, what in the world will the communist democrats have to wail about before the election? You can not just willy-nilly go around messing with their victimhood justification, they will not have a thing to campaign on!
When I lost money, I am forced to eat it. Why should others be bailed out simply because they made a bigger bad bet?
Makes. No. Sense.
And I am quite sure not what the Founding Fathers had in mind for the Federal govt.
Boy if that doesn't sum up so many of the threads I've seen on FR lately.
Simply pointing out a logical inconsitency many of FR have.
That worked so well for Jesse Jackson.
That was uncalled for and disrespectful.
Exactly. No politician was going to stop the party. I have said as much to many people who are astounded that no one tried to stop the real estate bubble
The real estate party was a magic money machine. We are as primitive as the New Guinea cargo cults
Bush should have known better, or he deliberately wanted his comments to be repeated.
sw
In this day and age of the cell phone cameras, Bush would be sadly mistaken if he thought anything was off the record in a room full of people.
I have a camera with me 24/7, and I can capture up to eight hours of high-def 720p video with it. It’s a download and an eMail away from being public any time I like.
I’m not all that convinced that Bush really cared if this became public. He had the eagle eye perch up there, and must have seen the camera being held up to take the video.
Oh please he is right on the money. But what I wish he would have said was - because we do not have a strong religious structure anymore , wr have allowed money to become our god therefore the obtaining of it has become the only goal for many - the ends justify the means. We need ethics back in business and we need to hold business and government accountable for their actions.
I think that the republicans really want to give this country away. What a dolt.
That's a valid point. I can't resist wondering if that was staged, though, to benefit "the one". :)
I agree. There are also those who will negate him no matter how good he has been for the country.
I don't operate on the understanding that any president is going to be omniscient or omnipotent, so I try to give some grace for decisions or actions that I don't agree with when I'm lucky enough to have a president in office who got my willing vote. I kind of see that as the give and take of politics for such a massive and powerful country.
Using that approach to temper my thinking, the only thing I really couldn't understand or justify at all with Bush was the amnesty for the illegals and that kind of broke my spirit.
Well, I’ve got to admit that you’re right on both points. Though there was a time when “off the record” mattered and was respected.
No, Wall Street got Politically Correct. The lending institutions lowered the bar so that the “disenfranchised” could qualify for a home. I was not the least surprised by the disastrous outcome.
Hate to inform you that some of the worst hit areas are also some of the highest priced areas.
But the blame the little guy refrain appears to be common here, not to mention popular.
No, I was referring to the the comment by the poster that “Maybe it is Bush that is drunk.” At least you have the decency to criticize his policy rather than throw out cheap-shot childish personal insults about the President as the other poster did.
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