In these times of uncertainty, it's good to know that we can look to our president as a beacon of wisdom, shining light and nuance on the tough economic challenges our country is facing.The New York Times reports that Bush summed things up this way at a Republican fund raiser: "Wall Street got drunk. . . 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?""
That kind of trenchant insight must be the true benefit of a Harvard MBA. I'm tempted to make a reference to the fact that George "Choked on a Pretzel" Bush knows all about drunkenness and hangovers, but instead I'll keep this non-personal. Although, maybe I won't: How long between Bush's last beer and his first run for office? Maybe that's how long it'll take Wall Street to sober up. Could be a quick turnaround!
But with bailouts of Fannie and Freddie set to cost taxpayers $25 billion -- to say nothing of the Bear Stearns fiasco -- it looks like this decade-long round of Grey Goose was on us. Cheers!
Before the bell: Wall Street headed higher; automakers, retailers in focus
Waiting for the other shoe to drop: The looming credit crisis
Bet on T&A with J&J (JNJ)
Reader Comments (Page 1 of 1)
7-23-2008 @ 2:18PM
scott said...
It is so not flattering to be a Bush hater. This artical is childish, gratuitious and lame.
7-23-2008 @ 2:55PM
Dimitri said...
scott says: "It is so not flattering to be a Bush hater. This artical is childish, gratuitious and lame."
You sir, have no credibillity whatsoever. Learn how to spell first and then we might take seriously what you write about.
The article is fair and proven. Are we better now than eight years ago? I say not!
7-23-2008 @ 3:04PM
Lynn Jones said...
New York Times You are so for to the left You can not even write a good article.
7-23-2008 @ 3:47PM
James said...
This is an extremely fair and balanced article which merely reports whta the President said. Our President again has put his foot in his mouth and proven he is extremely out of touch w/ the American people. Look at Argentina and what neocon policies did to that countries economy, this is what Bush and his cronies have been trying to do here. Despicable.
7-23-2008 @ 8:12PM
Nick said...
Bush was, of course, quite right.
How many of you understand Collateralized Debt Obligations or Securitized Investment Vehicles?
These very complex instruments (and I could explain them to you of you want!) were used to hoodwink international banks and financial organisations into purchasing worthless US mortgage debt, Yes, the Wall Street traders were indeed drunk on their own success and "skill", so drunk in fact that that they couldn't see the inevitable failure of their schemes and the fall-out which followed. Those who criticize Bush for this comment clearly do not understand the financial complexities. I don't blame you, many corporations equally failed to understand - and paid the price!
8-14-2008 @ 1:25PM
jim from ny said...
bush and his cronies removed all oversight and regulation because "government is bad for the economy." Let the weasels on wall street run wild and "get drunk", now we have to pay for the party. What happened to the obscene profits these clowns were making selling junk securities? The CEO"S lined their pockets and ran. Go after them, put them in jail.Oh no we cant do that they contributed money to our reelections.