First, the video:

Bush was speaking at a July 18 fundraiser for Pete Olsen. 

The first moments form the event find him speaking almost incoherently in admitting, for once, that his friends in big business had screwed up:

"There’s no question about it. 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."

Now, this is getting a little play on the blogosphere, and of course what is controversial is not what Bush said, but the fact that he said it.

He’s basically placing blame for the mortgage crisis on those on Wall Street who create "fancy financial instruments" which hide the value (or lack thereof) of investments.

And he’s right!

What’s telling is that he wanted the cameras OFF when he said that.  Apparently, he didn’t want to piss off his fatcat buddies.  But what does that say about presidential leadership???