President Bush is taking a lot of heat for blaming the current housing crisis and the subsequent economic downturn (a.k.a. – recession) on Wall Street. Specifically, he said that Wall Street ‘got drunk’ and was now suffering a ‘hangover’.
People are angry that he blamed Wall Street for the current economic crisis, but I think there is a ring of truth to his assessment. The part of his statement that frustrates me is, first – is he only able to recognize this binge in hindsight? and second – where was the government?
Bush made it clear that he abhorred government regulation and spent the past 8 years looking the other way while big business was told they could do whatever they wanted so why is he so surprised by this binge drinking? If Wall Street got drunk, there is no doubt in my mind that George Bush and the Republican led Congress were tending bar. Apparently there is no more open bar and people like you and me have been stiffed with the tab.