Washington - US President George W Bush summed up the problems in the US economy by telling a private gathering that "Wall Street got drunk" and is now suffering a "hangover."

"Wall Street got drunk - that's one reason I told you turn the cameras off - it got drunk and now it's got a hangover," Bush said at the fundraiser in Houston. "The question is how long will it sober up and not try to do all these fancy financial instruments."

But though no media cameras were allowed at the event, the comments drew criticism as they echoed through the media Wednesday after an amateur video was obtained by a local television station.

White House spokeswoman Dana Perino said the sentiments were nothing new, noting that Bush has in the past criticized financial practices that led to the subprime mortgage crisis and credit crunch, but that the comments were made "with a little bit more candor and more bluntly."

"I imagine what he means, as I've heard him describe it before in public and in private, is that Wall Street let themselves get carried away," Perino said. "And they did not understand - the markets did not understand the risks that these newfangled financial instruments would pose to the market, and now we are having to deal with those." (dpa)