Bush Redefines Us Economic Downturn, Saying, 'wall Street Got Drunk'

It is the sort of folksy, down-to-earth talk you'd expect from a Texas rancher looking forward to his retirement. Speaking at a Houston fundraiser last week president Bush aired his considered opinion of the financial crisis facing the nation he leads.

"There is no question about it. Wall Street got drunk," the president told the small gathering of 400 Republican supporters.

After defining the ills afflicting the economy, the president turned to solutions.

"The question is," he continued, "How long will it [take to] sober up and not try to do all these fancy financial instruments?"

His comments comes after another leading Republican, former Texas senator Phil Gramm, told a newspaper that the recession was "a mental recession" and that the US had become " a nation of whiners". Shortly after making the remarks earlier this month, Gramm resigned as a senior adviser to John McCain's presidential campaign.

President Bush, at least, seemed aware of the ripples his comments might cause. Before delivering his analysis of the economy, he ensured that there were no cameras in the room. "That's one reason I asked you to turn off your TV cameras," he said.

Unfortunately, as even a president challenged by the workings of the "internets" seemed to be aware, someone would manage to record a clip of the comments and post them on the website YouTube.

"I don't know a lot about technology," he said, "but I do know about YouTube." By Wednesday, the clip of his comments was drawing multiple hits on the site.

The president also used the event to give his view on the housing crisis afflicting the country, noting that Dallas seemed unaffected by the current downturn.

"Laura's over there trying to buy a house today," he said to laughter. "I like Crawford. Unfortunately, after eight years of asking her to sacrifice I am no longer the decision-maker."