07.22.08
Bush: “Wall Street got drunk”
Pres. George W. Bush can’t even count on his friends attending Texas fund raisers to keep his secrets. KTRK reporter Miya Shay posted this video obtained anonymously at a Bush event to benefit Republican congressional candidate Pete Olson (for TX-22, the seat once held by Tom DeLay). (Hat tip to KVUE’s Elise Hu).
Shay posted the transcript on her blog. Here’s the money quote:
Wall Street got drunk, it 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.
Last Tuesday, Bush said, “Our economy has continued growing, consumers are spending, businesses are investing, exports continue increasing, and American productivity remains strong.” The private comments that the President made to supporters, believing no cameras present, are in sharp contrast to the optimism of six days ago.
Set aside for the moment the peculiar image of a reformed alcoholic using this particular metaphor to chasten Wall Street. At the heart of the matter, we have one more false statement of the President on an important economic matter. Pile atop that the insulting laughter of the well-to-do in attendance who find it all so terribly amusing, and you have a revealing and incredibly damaging video clip that will certainly further erode the President’s popularity, already at historic lows.