Posted on 10/11/2008 3:04:44 PM PDT by daisyscarlett
President Bush delivered his weekly radio address today from Washington. In Focus: The economy.
President Bush met with G7 Finance Ministers to discuss world economy in the Roosevelt Room of the White House. He then made remarks of this meeting in the Rose Garden.
President Bush went mountain bike riding today with incoming Commander of U.S. Central Command Gen. David Petraeus
THANK YOU FOR WAITING FOR THE "ALL CLEAR" BEFORE POSTING ANY PHOTOS
"If you value your posting privileges, don’t let me catch you on a Dose thread again. Got it?" ~ Lead Moderator
President's Radio Address
Fact sheet In Focus: Economy
THE PRESIDENT: Good morning. Over the past few days, we have witnessed a startling drop in the stock market -- much of it driven by uncertainty and fear. Many Americans have serious concerns about their economic well-being.
Here's what the American people need to know: The United States government is acting -- and will continue to act -- to resolve this crisis and restore stability to our markets. The Federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy.
Here are the problems we face and the steps we are taking: First, key markets are not functioning because there is a lack of liquidity. So the Federal Reserve has injected hundreds of billions of dollars into the system. The Fed has joined with central banks around the world to coordinate a cut in interest rates -- a step that should help free up credit. The Fed has also announced a new program to provide support for a vital tool that many American businesses use to finance their day-to-day operations -- the commercial paper market, which is freezing up. As this program kicks in over the next week or so, it will help revive a key source of short-term financing for businesses and financial institutions.
Second, some Americans are concerned about whether their money is safe. So the Federal Deposit Insurance Corporation and the National Credit Union Administration have significantly expanded the amount of money insured in savings accounts and checking accounts and certificates of deposit. That means that if you have up to $250,000 in one of these insured accounts, every penny of that money is safe. The Treasury Department has also acted to restore confidence in a key element of America's financial system by offering government insurance for money market mutual funds.
Third, we are concerned that some investors could take advantage of the crisis to illegally manipulate the stock market. So the Securities and Exchange Commission is launching rigorous enforcement actions to detect fraud and manipulation in the market.
Fourth, the decline in the housing market has left many Americans concerned about losing their homes. My Administration launched the HOPE NOW Alliance, which brings together homeowners and lenders and mortgage servicers and others to find ways to prevent foreclosure. We're also making it easier for responsible homeowners to refinance into affordable mortgages insured by the Federal Housing Administration. Americans listening today can know that if you're struggling to meet your mortgage there are ways you can get help.
These actions are helping to address a key problem in the housing market: The supply of homes now exceeds demand. And as a result, home values have declined. Once supply and demand balance out, our housing market will be able to recover -- and that will help our broader economy begin to grow.
Fifth, we have seen that problems in the financial system are not isolated to the United States. So we're working closely with partners around the world to ensure that our actions are coordinated and effective. Today, I'm meeting with the finance ministers from our partners in the G-7 and the heads of the World Bank and the International Monetary Fund. And Treasury Secretary Paulson is also hosting finance ministers from the world's 20 leading economies.
Finally, American businesses and consumers are struggling to obtain credit. So my Administration worked with Congress to pass a $700 billion financial rescue package. This new law authorizes the Treasury Department to use a variety of measures to help banks rebuild capital -- including buying or insuring troubled assets and purchasing the equity of financial institutions. The Department will implement measures that have maximum impact as quickly as possible. Seven hundred billion dollars is a significant amount of money, and as we act, we will do it in an effective way.
In the short term, we'll continue to face challenges. But in the long run, Americans have reason to be confident. We have the strongest and most resilient economy in the world. When we have faced difficult tests in the past, the American people have always risen to meet them. And that is exactly what we're going to do again.
Thank you for listening.
The G7 finance ministers at the US Treasury in Washington, DC. US President George W. Bush and finance ministers from the Group of Seven rich countries have opened crisis talks in Washington in a bid to find a united approach to tackling the global financial crisis.
President Bush, second from left, meets with the G7 Finance Ministers at the White House on Saturday, Oct. 11, 2008 in Washington. From left, Secretary of State Condoleezza Rice, Bush, Treasury Secretary Henry Paulson, National Security Advisor Stephen Hadley, and Italian Central Bank Governor Mario Draghi.
President Bush, fourth from right, is seated with Treasury Secretary Henry Paulson, third right, during a meeting with G7 financial ministers in the Roosevelt Room of the White House about the financial crisis, Saturday, Oct. 11, 2008. Also pictured are Italy's central bank governor Mario Draghi, far right; National Security Adviser Stephen Hadley, second right; Secretary of State Condoleezza Rice, fifth right; Britain's Chancellor of the Exchequer Alistair Darling, left.
US President George W. Bush (L) and Treasury Secretary Henry Paulson meet with Group of Seven (G7) rich countries finance ministers and heads of international financial institutions for crisis talks on October 11, 2008, looking for unity on a remedy to the global financial crisis, in the Roosevelt Room of the White House in Washington, DC.
U.S. President George W. Bush arrives to make a statement in the Rose Garden after a meeting with G7 finance ministers and heads of international finance institutions at the White House in Washington, October 11, 2008.
President Bush makes a statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington
Treasury Secretary Henry Paulson, center, listens as President Bush, not pictured, makes a statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington. Pictured from left to right: Italy's central bank governor Mario Draghi; Eurogroup's Chairman Jean-Claude Juncker; Japan's Finance Minister Shoichi Nakagawa; Secretary of State Condoleezza Rice; Paulson; France Finance Minister Christine Lagarde; Canada Finance Minister James M. Flaherty, Britain's Chancellor of the Exchequer Alastair Darling, and Italy Finance Minister Giulio Tremonti
US President George W. Bush makes a statement in the Rose Garden after meeting with G7 finance ministers and heads of international finance institutions at the White House in Washington, October 11, 2008. Also pictured are US Treasury Secretary Henry Paulson (L) and France's Finance Minister Christine LaGarde (R).
US President George W. Bush has said after crisis talks with finance ministers from the G7 rich countries that all agreed the world financial meltdown required "a serious global response".
President Bush, left, finishes his statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington. Also pictured from left to right: Italy's central bank governor Mario Draghi; IMF Managing Director Dominique Strauss-Kahn; Eurogroup's Chairman Jean-Claude Juncker; Japan's Finance Minister Shoichi Nakagawa; Secretary of State Condoleezza Rice; Treasury Secretary Henry Paulson; France finance minister Christine Lagarde; Canada finance minister James M. Flaherty.
President Bush walks with France's finance minister Christine Lagarde after he made a statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington.
US Army General David Petraeus, incoming commander of US Central Command and former commanding general of the Multi-National Force in Iraq, returns to the White House following a bicycle ride with US President George W. Bush, in Washington, October 11, 2008.
US Army General David Petraeus gives a thumbs-up to photographers after returning to the White House following a bicycle ride with US President George W. Bush, in Washington, October 11, 2008.
US Army General David Petraeus (C) fixes his hair after returning to the White House following a bicycle ride with US President George W. Bush, in Washington, October 11, 2008.
US Army General David Petraeus (C), incoming commander of US Central Command and former commanding general of the Multi-National Force in Iraq, interacts with other guest riders after returning to the White House following a bicycle ride with US President George W. Bush, in Washington, October 11, 2008
After mountain biking with President Bush. Gen. P. hands a souvenir coin to former White House photographer Paul Morse, left, at the White House Saturday, Oct. 11, 2008, in Washington.
Republican vice presidential candidate Alaska Gov. Sarah Palin, left, greets supporters during a campaign stop in Johnstown, Pa., Saturday, Oct. 11, 2008.
Piper Palin, left, yawns as her sister, Willow Palin looks over while their mother, Republican vice presidential candidate Alaska Gov. Sarah Palin speaks at a campaign stop in Johnstown, Pa., Saturday, Oct. 11, 2008.
Republican vice presidential candidate Alaska Gov. Sarah Palin top, waves with daughter Piper after a rally in Johnstown, Pa., Saturday, Oct. 11, 2008
Todd Palin, husband of Republican vice presidential candidate Alaska Gov. Sarah Palin, meets locals at the Grass Drags and Water Crossing snowmobile event in Fremont, N.H., Saturday, Oct. 11, 2008.
Todd Palin, husband of Republican vice presidential candidate, Alaska Gov. Sarah Palin, greets McCain supporters Saturday, Oct. 11, 2008 at a barbecue at the Moosehead Trail Trading Post in Palmyra, Maine.
Todd Palin, husband of Republican vice presidential candidate, Alaska Gov. Sarah Palin, speaks to McCain supporters Saturday, Oct. 11, 2008 at a barbecue at the Moosehead Trail Trading Post in Palmyra, Maine.
FRIDAY
Mrs. Laura Bush stops and poses with children at their lemonade stand during her visit to Charlotte, N.C., Friday, October 10, 2008. White House photo by Chris Greenberg
President George W. Bush and First Lady Laura Bush pose with members of the 2008 Little League World Series Championship team at Charleston Air Force Base in Charleston, S.C., Friday, October 10, 2008. White House photo by Chris Greenberg
President George W. Bush meets with Cuban American community leaders Friday, Oct. 10, 2008, at Havana Harry's restaurant in Coral Gables, Fla. White House photo by Eric Draper
President George W. Bush speaks with reporters at the conclusion of his meeting with Cuban American community leaders Friday, Oct. 10, 2008, at Havana Harry's restaurant in Coral Gables, Fla. President Bush is flanked by Javier de Cespedes, president of Directorio Democratico and Sylvia Iriondo, right, president of Mothers and Women Against Repression (M.A.R.) Por Cuba. White House photo by Eric Draper
President George W. Bush addresses his remarks on the economy Friday morning, Oct. 10, 2008, in the Rose Garden at the White House. President Bush said that he understands that the startling drop in the stock market over the past few days has been a deeply unsettling period for the American people, but they need to know that the United States government is acting, and will continue to act to resolve this crisis and restore stability to our markets. White House photo by David Bohrer
That last picture of Bush makes it looks like he’s aged 25 years, Laura still looks great.
I’m Back! Things haven’t changed much!
Very nice pictures.
Thanks!
God Bless President Bush.
Talked with my sister in Michigan after the “report came in from ALaska this AM. We agreed that the only thing Sarah should respond is.....
“Now let me see, if I understand the report correctly they want me to tell Todd what to say and do?????” uh huh!.... wink!
You are first today and win the toaster!
Welcome back...
You are welcome. The Bush’s and Palins are both very photogenic families.
Thanks but I have a very nice toaster that has a bagel setting and a button that pops up the toast if you want to take it out early.
Please donate my toaster to the needy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.