Radio Address by the President to the Nation, 09-27-08

WhiteHouse.gov ^ | 08-27-08 | George W. Bush

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For Immediate Release
Office of the Press Secretary
September 27, 2008

President's Radio Address

  President's Radio Address
  Audio
  En Español

      In Focus: Economy

THE PRESIDENT: Good morning. This is an extraordinary period for America's economy. Many Americans are anxious about their finances and their future. On Wednesday, I spoke to the Nation, and thanked Congress for working with my Administration to address the instability in our financial system. On Thursday, I hosted Senator McCain, Senator Obama, and congressional leaders from both parties at the White House to discuss the urgency of passing a bipartisan rescue package for our economy.

The problems in our economy are extremely complex, but at their core is uncertainty over "mortgage-backed securities." Many of these financial assets relate to home mortgages that have lost value during the housing decline. In turn, the banks holding these assets have restricted credit, and businesses and consumers have found it more difficult to obtain affordable loans. As a result, our entire economy is in danger. So I proposed that the Federal government reduce the risk posed by these troubled assets, and supply urgently needed money to help banks and other financial institutions avoid collapse and resume lending.

I know many of you listening this morning are frustrated with the situation. You make sacrifices every day to meet your mortgage payments and keep up with your bills. When the government asks you to pay for mistakes on Wall Street, it does not seem fair. And I understand that. And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible. The failure of the financial system would mean financial hardship for many of you.

The failure of the financial system would cause banks to stop lending money to one another and to businesses and consumers. That would make it harder for you to take out a loan or borrow money to expand a business. The result would be less economic growth and more American jobs lost. And that would put our economy on the path toward a deep and painful recession.

The rescue effort we're negotiating is not aimed at Wall Street -- it is aimed at your street. And there is now widespread agreement on the major principles. We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets. We must ensure that taxpayers are protected, that failed executives do not receive a windfall from your tax dollars, and that there is a bipartisan board to oversee these efforts.

Under the proposal my Administration sent to Congress, the government would spend up to $700 billion to buy troubled assets from banks and other financial institutions. I know many Americans understand the urgency of this action, but are concerned about such a high price tag. Well, let me address this directly:

The final cost of this plan will be far less than $700 billion. And here's why: As fear and uncertainty have gripped the market for mortgage-related assets, their price has dropped sharply. Yet many of these assets still have significant underlying value, because the vast majority of people will eventually pay off their mortgages. In other words, many of the assets the government would buy are likely to go up in price over time. This means that the government will be able to recoup much, if not all, of the original expenditure.

Members of Congress from both sides of the aisle have contributed constructive proposals that have improved this plan. I appreciate the efforts of House and Senate Democratic and Republican leaders to bring a spirit of bipartisan cooperation to these discussions. Our Nation's economic well-being is an issue that transcends partisanship. Republicans and Democrats must continue to address it together. And I am confident that we will pass a bill to protect the financial security of every American very soon.

Thank you for listening.

 

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[Salvation]

** banks to stop lending money to one another and to businesses and consumers. **

I say, “Let the banks stop lending the money.”

The big banks will buy out the smaller banks and we will all be better.

And absolutely, no money for ACORN!

Or no provision for Reid trying to slip prohibiting drilling and oil shale exploration into this bill!

Unelect all these dimocrats who want to pass this!

[what's up]

The final cost of this plan will be far less than $700 billion. And here's why

Good for President Bush.

This is the truth and I hope people will listen and understand.

[Salvation]

U. S. Senate

U. S. House of Representatives

[mouse1]

I think most people understand that we need to do something. But funds going to ACORN or La Raza or anywhere else than to pay down the 700b is unacceptable. These are the very organizations responsible for this mess and our do nothing congress wants to reward them with more federal dollars. Insane.

[Reagan Man]

BTTT

[rockinqsranch]

“...I appreciate the efforts of House and Senate Democratic and Republican leaders to bring a spirit of bipartisan cooperation to these discussions.”

Can somebody help me to understand where the BIPARTISANSHIP exists? I see Democrats as obstacles to addressing any legitimate course change. More like CYA as they are the responsible Party in all of this. To the Dems, it’s as usual their way or the highway.

[Salvation]

**I see Democrats as obstacles to addressing any legitimate course change. **

And supposedly it was the Dimocrats who stalled out on the White House meeting too.

Hopefully, from the two reports I have seen from insiders, this is the truth.

[DrDeb]

THANK YOU PRESIDENT BUSH for continuing to be the one ADULT in Washington DC . . . Both the Democrat and Republican leadership (and party members) are attempting to use the Rescue plan/process as a means to enhance their electoral prospects in November . . . The President wants a plan that actually solves the problem! I certainly hope the latter perspective wins in the end.

[FYI: The ACORN contribution was taken off the table yesterday morning, as were several other nonstarters for both sides.]

[Vaduz]

Agree 100% screw the bail out the market will recover alot faster with out the governments sticky fingers in it the bail out is a Christmas gift for the democrats to grab money by putting up fake up-front programs sometimes you eat bear and sometimes the bear eats you.

[Parmy]

Many times it is best to do nothing. Especially when nothing was done to avert the mess.

Let's just it sort itself out. It is called 'natural selection'.

Those who played the game by the rules and haven't blown their capital on frivulous b.s. will undoubtedly will survive.

[llandres]

“Or no provision for Reid trying to slip prohibiting drilling and oil shale exploration into this bill!”

Yes, what’s the latest about that since Sen. Jim DeMint uncovered this sneaky provision???

[llandres]

“[FYI: The ACORN contribution was taken off the table yesterday morning, as were several other nonstarters for both sides.]”

That’d be great, but where did you learn that? Even this morning on cspan’s washington journal, with TX republican congressman John Carter taking calls about the paulson bill, said one of their (repubs’) major points of opposition to it is still the ACORN allocation issue.

I also hated the weasely response last night in the debate of BHO, when asked if he supported the bill, said “well, we haven’t seen the verbiage of it yet”.

[DrDeb]

You may want a re-run of the Great Depresstion, but I don’t — I’ve talked to a lot of financial experts (none of whom are members of the political punditry thank goodness) and to a person, they advocate this rescue — I think I’ll rely on their informed judgement vs. FR’s keyboard analysts and various other partisan ‘talkers’.

[DrDeb]

Both Barney Franks and Nancy Pelosi indicated that they had told their caucuses that ACORN along with other Democrat pet projects were now off the table. [I also know people who are VERY ‘close’ to the actual negotiations.]

[Tempest]

The banks will stop lending my a** I guess they’ve decided they don’t want to make revenue any more.

[llandres]

“Both Barney Franks and Nancy Pelosi indicated that they had told their caucuses that ACORN along with other Democrat pet projects were now off the table.”

Well then, that explains it. :-))))))

But thanks, DrDeb. This will be interesting as it’s continued to be.

[DrDeb]

You neglected to include the most important source of my information.