Tags: bush | wall | street

Bush on the Economy: 'Wall Street Got Drunk'

By Rick Pedraza   |   Wednesday, 23 Jul 2008 11:45 AM

An ABC-TV affiliate in Houston has posted a video of President Bush admitting that the economy is in bad shape and hinting that he and wife Laura will be moving to Dallas when his term is up.

Thinking no cameras were rolling, the president said, "There's no question about it: 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?” Bush asked.

The president, speaking at a political fundraiser in Houston for Republican Congressman Pete Olson, later admitted he and Laura Bush are looking into purchasing a home in Dallas, rather than Crawford, Texas, where they currently keep a home.

“And now we got a housing issue,” Bush said, making light of the nation's foreclosure crisis. “Not in Houston, and evidently not in Dallas, because Laura was over there trying to buy a house today.”

When pressed by a member of the audience on his choice of where he and his family will spend life after the presidency, Bush said he still likes Crawford, but, “Unfortunately after eight years of asking [Laura] to sacrifice, I’m now no longer the decision maker. She’ll be deciding, [but] thanks for the suggestion.”

After a little laughter, he added, “I suggest you don’t yell it out when she’s here. [I told] her “Hey honey, we’ve been on government pay now for 14 years . . . so go slow!"

A spokesman for the White House later issued a statement saying the president was merely describing the stock market in a way many observers have in recent months, and that despite thinking he was speaking privately to supporters off camera, the president has hammered this point home many times before in public.

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