There's a lot of media laughter at President Bush today suggesting his rather candid comments about the housing market collapse were proof of his incompetence.
Well, leaving the competence issue globally aside, in this case the President is quite right.
Not literally, of course -- alcohol had nothing to do with the housing market collapse -- but figuratively yes. It was the fancy financial instruments that hid the underlying value (or lack of value) that led to the collapse.
When a man's right, he's right.
WASHINGTON (Reuters) - 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?"
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