Radio Address by the President to the Nation, 11-15-08

WhitieHouse.gov ^ | 11-15-08 | George W. Bush

[Salvation]

For Immediate Release
Office of the Press Secretary
November 14, 2008

President's Radio Address

  President's Radio Address
  Audio
  En Español

      In Focus: Economy

THE PRESIDENT: Good morning. This weekend I am hosting a summit on the global financial crisis with leaders of developed and developing nations. By working together, I'm confident that with time we can overcome this crisis and return our economies to the path of growth and vitality.

I know many of you listening are worried about the challenges facing our economy. Stock market declines have eroded the value of retirement accounts and pension funds. The tightening of credit has made it harder for families to borrow money for cars, homes, and education. Businesses have found it harder to get loans to expand their operations and create jobs. Many nations have suffered job losses and have serious concerns about the worsening economy.

Nations around the world have responded to this situation with bold measures, and our actions are having an impact. Credit markets are beginning to thaw and businesses are gaining access to essential short-term financing. It will require more time for these improvements to fully take hold and there will be more difficult days ahead, but the United States and our partners are taking the right steps to get through the crisis.

As we address the current crisis, we also need to make broader reforms to adapt our financial systems to the 21st century. So during this summit, I will work with other leaders to establish principles for reform, such as making markets more transparent and ensuring that markets, firms, and financial products are properly regulated.

All these steps will require decisive actions from governments around the world. At the same time, we must recognize that government intervention is not a cure-all. While reforms in the financial sector are essential, the long-term solution to today's problems is sustained economic growth. And the surest path to that growth is free markets and free people.

This is a decisive moment for the global economy. In the wake of the financial crisis voices from the left and right are equating the free enterprise system with greed, exploitation, and failure. It is true that this crisis included failures by lenders and borrowers, by financial firms, by governments and independent regulators. But the crisis was not a failure of the free market system. And the answer is not to try to reinvent that system. It is to fix the problems we face, make the reforms we need, and move forward with the free market principles that have delivered prosperity and hope to people around the world.

The benefits of free market capitalism have been proven across time, geography, and culture. Around the world free market capitalism has allowed once impoverished nations to develop large and prosperous economies. And here at home, free market capitalism is what transformed America from a rugged frontier to the greatest economic power in history.

Just as important as maintaining free markets within countries is maintaining the free movement of goods and services between countries. There are many ways for nations to demonstrate their commitment to open markets. The United States Congress can take the lead by approving free trade agreements with Colombia, Panama, and South Korea before adjourning for the year.

In the long run, Americans can be confident in the future of our economy. We will work with our partners around the world to address the problems in the global financial system. We will strengthen our economy. And we will continue to lead the world toward prosperity and peace.

Thank you for listening.

 

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[Salvation]

For your reading and listening pleasure as well as your comments!

[Salvation]

Radio Address Ping!

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[Salvation]

I’m not liking the global implications here. Any other opinions out there?

[jessduntno]

“I know many of you listening are worried about the challenges facing our economy.”

Wrong. I am worried that His Highness Paulson decides what to do with MY money I gave you and changes everything on a whim...without oversight.

[Salvation]

BTW, I will not be doing the Obama Radio Addresses. Anyone who might wish to take over can FReepmail me.

Thanks!

I'm thinking about posting the response from the Republicans. Still haven't decided on that. Maybe we don't even need to post Obama's empty words??

[jessduntno]

“I’m thinking about posting the response from the Republicans. Still haven’t decided on that. Maybe we don’t even need to post Obama’s empty words??”

Hear, hear!!

[spodefly]

I am no economist, but the biggest challenge I see facing the economy now is that there is too much money in the hands of government being thrown around willy nilly, and not enough money in the hands of the people being spent on goods and services.

[Salvation]

I’d say we need more common sense economists like you! God bless!

[RC2]

Before you post Obama’s, you need to find out who wrote his speeches for him. I wonder when he’ll stop using monitors and written speeches?

[uncbob]

Stock market declines have eroded the value of retirement accounts and pension funds.

Where is it written that the market has to go up

Problem is this philosophy that the INVESTMENT advisers foisted on the public so they could get all these funds to manage and charge for their expertise

It used to be they advised "DON'T PUT ANYTHING IN THE MARKET YOU COULDN'T AFFORD TO LOSE "

When that changed to set your retirement up based on the market the dye was cast

[ridesthemiles]

Before you post Obama’s, you need to find out who wrote his speeches for him. I wonder when he’ll stop using monitors and written speeches?”””

When the world figures out that he is a well-programed robot.

[RC2]

Yup....well schooled by students of dictators. Follow things he is promoting and you will see that same things promoted and used by the dictators of the world.....all the way back to ancient Rome. An example is his picture coming out on collector coins. Roman Ceasars had their image on coins also....why? The Roman Praetorian Guard (civilian army come to mind?) The list goes on.

[JaneNC]

Good message. Go W.