He is one of the US Presidents who made a rare visit to NYSE, and therefore he knew exactly what he was talking about.
seems like one of his more lucid explanations. They were either stupid and drunk or smart and crooked.
Really though. Bush had good intentions with the concept of an "ownership society" I think he underestimated how people could fuck something up that was pretty simple.
Nah, classic case of a)agency problems/"free rider phenomenon" and b) moral hazard on behalf of the Fed...