The Hill’s Blog Briefing Room is reporting President Bush said this at a fundraiser for a Congressman:
“There’s no question about it,” Bush said. “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.”
The rest can be found here.
Why did I label this President Bush and the Austrian Business Cycle. It is because the Austrian Business Cycle is often called the Heroin Cycle. This is because then the boom happens that is the bad part aka getting high or drunk. The recovery part is the good part. That is why we should do little to help those who are hurting because you must readjust and learn your lesson.
My work on the Austrian Business Cycle can be found here.