Posted on 10/20/2008 5:55:40 PM PDT by snugs
Today the President participated in a roundtable meeting on the economy with local business leaders from Alexandria, Louisiana.
Pray for President Bush -- Day 2941 - McCain/Palin--Day 53.
Today Defense Secretary Robert Gates spoke at a summit for wounded warriors and their families at the Pentagon. He also met with Italian Minister of Defense Ignazio LaRussa at the Pentagon.
Republican vice presidential candidate Alaska Gov. Sarah Palin was campaigning in Colarado today.
Enjoy Sanity Island
QUOTE OF THE DAY
President Bush Participates in Roundtable Meeting on Economy
Central Louisiana Chamber of Commerce
Alexandria, Louisiana
THE PRESIDENT: I am honored to be with you all. Thank you very much for hosting this meeting here, and the good folks from Alexandria and Pineville, Louisiana.
I have come to talk about the economic situation in the country. A lot of the people down here and other parts of the country are wondering why a free market-oriented President made the decisions to -- necessary to get the government buying stocks in banks, for example. Why would you do that?
The answer is because I was deeply concerned about a financial crisis becoming so profound and so acute that it hurt the people and small business owners here in Alexandria and Pineville, that's why. If I felt that the crisis could be contained in Wall Street, then I'd have taken a different course of action. But the crisis that is gripping this country, and still has a grip on this country, affects the people around this table. And that's why I made the decision I made.
Part of that decision is to make sure that the people who end up with hardworking taxpayers' money don't enrich themselves as a result of that kind of money. I was talking to Rodney Alexander -- he's a fine congressman from this part of the world -- he said, one thing people want to make sure of, Mr. President, is that when you invest that they're not able to take that government investment and use it to their own advantage, personally -- in other words, golden parachutes, or something like that.
Secondly, I believe -- and I can say this with confidence to the people out here -- that I think we're going to get -- be able to get most of your money back. And the reason I say that is because the government is really making investments, and obviously making investments in a difficult period for our economy. And we're big enough and patient enough to be able to hold these investments. Plus the investments are structured to encourage, for example, big banks, when they get back on their feet and get doing better to buy back the shares or get somebody else to buy back the shares.
One of the things that I have heard around the table -- and I'm not surprised -- is that the regional banks and the community banks, which provide such an important part of many communities -- are such an important part of many communities, and provide such stability for the country's financial system, they're worried about being labeled with the same brush as some of the big banks that have had economic difficulties. And I think the people in Alexandria need to know that community banks are strong, and they got good capital ratios, and they're healthy. And that's good. It's going to be very important for the small business sector.
I am deeply concerned about the small business sector. Seventy percent of new jobs in America are created by small business owners, and we've got small business owners with us today. One of the problems facing small business owners is that they were very worried that their non-interest-bearing accounts in banks were not insured. And so the FDIC took action to insure those accounts so that small business owners can be comfortable that the money they got in place for inventories are in good shape.
And then the question I've asked here is, what are the attitudes like? And I have heard that people's attitudes are beginning to change, from a period of intense concerns -- and I would call it near panic -- to being more relaxed and beginning to see the effects of changes and the liquidity that is being pumped in the system, that we got a long way to go. As I said Friday, this thaw -- took a while to thaw, it's going to take a while to unthaw. But it's -- but the attitude here is a little different than it might have been a week ago.
And so I want to thank you all very much for giving me a chance to come visit with you. I'm very fond of this part of the country. It's not that far away from my home state. And so, appreciate your time. Appreciate the good folks in this part of the world. I do want to thank all those who have said prayers for me and Laura during our presidency. It's meant an awful lot. Thank you all.
PHOTOS OF THE DAY
President Bush meets with Freedom Corps volunteer Marion Harrison, from Montgomery, La., who volunteers at the Alexandria Veterans Affairs Medical Center, Monday, Oct. 20, 2008, as the as president arrived at Alexandria International Airport in Alexandria, La.
President George W. Bush shakes hands with a young boy as he arrives at Alexandria International Airport - Air National Guard Base Monday, Oct. 20, 2008, in Alexandria, Louisiana. White House photo by Chris Greenberg
;)
Hi snugs...
President Bush smiles and waves as he departs the White House in Washington, Monday, Oct. 20, 2008, for a trip to Alexandria, La. to speak to the Chamber of Commerce.
Hello both of you are quick off the mark tonight - congratulations both of you are toaster winners.
President Bush walks towards Air Force One at Andrews Air Force Base in Maryland, Monday, Oct. 20, 2008, for a trip to Louisiana where he will participate in a meeting with business leaders regarding the economy.
President Bush and Rep. Rodney Alexander, R-La., wave from the steps of Air Force One as the president arrived at Alexandria International Airport in Alexandria, La., Monday, Oct. 20, 2008.
President Bush meets 11-year-old James Christopher Allums, who was diagnosed with a rare disease which causes bone marrow failure, Monday, Oct. 2008, as the president arrived at Alexandria International Airport in Alexandria,
President Bush meets 11-year-old James Christopher Allums, second from left, who was diagnosed with a rare disease which causes bone marrow failure, as the president arrived at Alexandria International Airport in Alexandria, La., Monday, Oct. 20, 2008. Also pictured are parents Ellen and Chris Allums, and Rep. Rodney Alexander, R-La., far right.
P resident George W. Bush shakes hands with supporters after arriving at the airport in Alexandria, Louisiana, October 20, 2008
President Bush greets students from Buckeye High School and Rosenthal Montessori as he arrives at Alexandria International Airport in Alexandria, La., Monday, Oct. 20, 2008.
President Bush is followed by Secret Service agents and his limousine as he walks back to Air Force One prior to departing Alexandria International Airport in Alexandria, La., Monday, Oct. 20, 2008
President George W. Bush participates in a roundtable discussion on the economy with local business leaders from Alexandria, Louisiana Monday, Oct. 20, 2008, at the Central Louisiana Chamber of Commerce in Alexandria, Louisiana. The President delivered a statement on the Emergency Economic Stabilization Act and the Department of the Treasury's Troubled Asset Relief Plan. Joining the President from left to right, Martin Johnson, Lance Harris, Grace Allen, and Blake Chatelain White House photo by Chris Greenberg
President George W. Bush gestures as he participates in a roundtable meeting on the economy with local business leaders from Alexandria, Louisiana Monday, Oct. 20, 2008, at the Central Louisiana Chamber of Commerce in Alexandria, Louisiana. The President delivered a statement on the Emergency Economic Stabilization Act and the Department of the Treasury's Troubled Asset Relief Plan. Joining the President from left to right, Martin Johnson, Lance Harris, Grace Allen, and Blake Chatelain. White House photo by Chris Greenberg
President Bush walks down the stairs from Air Force One upon his arrival to Andrews Air Force Base, Md., Monday, Oct. 20, 2008.
President Bush steps off Air Force One at Andrews Air Force Base, Md., after a trip to Louisiana where he participated in a meeting with business leaders regarding the economy, Monday, Oct. 20, 2008.
Marine One with President Bush onboard, makes it final approach before landing on the South Lawn of the White House, Monday, Oct. 20, 2008, in Washington
Hi snugs, and thanks for the Dose
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