“Wall Street Got Drunk”
Via the Huffington Post comes this video of President Bush at a fundraising event, explaining what he thinks is going on in the financial markets.
If Bush means to attribute blame for the sub-prime crisis on investment bankers’ irrationally exuberant trust in Moodys et al., well, he might not be too far off the mark. But if that’s the case, doesn’t it make the bail out of Bear and (potentially) Lehman sound a little like enabling? A better approach – to push the addiction metaphor a bit further – would require self-reflection.