Posted on 07/24/2008 8:22:31 AM PDT by seanrobins
Remarks at Pete Olson Fundraiser (Partial)
July 18, 2008
(View clip on YouTube)
... It's uncertain, there's no question about it.
Wall Street got drunk, it got drunk, (it’s one of the reasons I asked you to turn off your 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.
And then we got a housing issue, not in Houston, and evidently, not in Dallas, because Laura was over there trying to buy a house today. (laugher.. Crawford!)
VOICE: What about Crawford?
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. Later, telling her “Hey honey, we’ve been on government pay now for 14 years... so go slow!"
It’s uh.. caused me to lose my train of thought. Anyway.
Wall Street decided it was OK to make loans to people who should not have had the loans. Alot of these Sub-Prime lendees were Illegal Aliens and the industry, and I assume GWB as well, turned a blind eye to this.
Hear it? I love it!
He is made out as a bumbling fool because he is not an eloquent speaker as Mr. Obama is (with teleprompter at least), but when he talks “real”, he makes me like him even more.
And I think it’s the truth. Wall St got drunk. They bet on paper above of value.
The only part we differ on is ‘WE’ got the hangover.
The Rockefeller Republicans are just as bad as the Socialist Democrats by not letting anything ‘fail’. ‘Failure’ allows the markets to clear and function better. It prolongs the pain.
GWB was not involved in the market. As he should not be. I don’t think he should be involved in bailing out Freddie and Fannie either, but that still stands to my basic premise. It is not the job of the President of the United States to monitor Wall St. It’d be in his or her best interest to keep an eye on it, but not influence it.
This has already been posted at least three times.
http://www.freerepublic.com/focus/f-news/2049940/posts
http://www.freerepublic.com/focus/f-bloggers/2049603/posts
http://209.157.64.200/focus/f-news/2049765/posts
Why would people complain? It’s the truth.
Sorry Mr. President...you signed away massive amounts of taxpayer dollars too...the HUGE education bill with Teddy K, the 48 billion for AIDS releif to Africa and now you will sign and not veto the latest Congressional ripoff in rewarding bailouts of the irresponsible mortgage industry.
You sir have not been a fiscal conservative to the degree
necessary to stem the tide of wasteful govt. Your 21% approval rating is not without merit and GOP leadership mostly has lost its way!
Yup. Just like the Internet boom and bust of the '90s. When Wall Street goes on a bender, it's usually a doozy.
>>>This has already been posted at least three times.
Well, I wish there was same easy way to tell. I did check so far as the current page lists stories....
If there was ever a time to take a stand against this bloated bill it would be now. Bush has to rethink this and veto this insane legislation and address the American people explaining how this bill is an economic disaster.
Hard to believe given the state of affairs, this came out of his mouth, while all his wealthy friends sat around giggling and laughing.
Bush doesn't have enough credibility left to take such a stand. Most view his administration as an economic disaster.
I like everything he said. What is supposed to be the problem with this?
The President speaks from the heart. This is good..
Problem with corporations is they lacked leadership. Twenty years ago if the gov demanded banks make loans to people with inadequate incomes they would balk and rather face lawsuits which they would eventually win. Older generation of bankers think long term. They know the bad government policies may force them to deal with court trials that they will win, but the short run nusiance is minor compared to the long term diseaster if they do not fight. Fast foward, new generation of leaders is affected by PC and want to avoid litigation (even if they win) because of nusiance and PR factors. Furthermore the new generation of leaders are short term thinkers and do not plan to stay in the company permenantly. Their motto is grab the money now and let my unlucky successor deal with it when the crap hits the fan. Consequence is they kick the football down the road and let their successor deal with it. This mentality in politics and even business will kill this country if we do not change.
You're suggesting the super wealthy bankers with pockets full of politicians have no influence on those in D.C.?
Right.
Americans have got to learn to understand, there is a wide political disconnect between “Wall Street” (those who perform and give advise on investment trades) and Main Street (the corporations in the U.S. that actually produce actual goods and/or services).
Follow the money - you’ll find “Wall Street” firms have been solidly liberal - politically - for years. They are the perennial narcissistic “insiders”, love the game of it and have no inhibitions about government favors to them or anyone else.
Too bad some of our good and conservative CEOs, from main street, don’t start a new kind of investment trading firm that actually believes in looking at the long term and not just this quarter. Over the long term, the short term analysis and recommendations that come daily out of “wall Street” do nothing but “churn” (create) more trade transactions (revenue for them).
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