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Radio Address by the President to the Nation, 10-18-08
WhiteHouse.gov ^ | 10-18-08 | Geoge W. Bush

Posted on 10/18/2008 1:30:35 PM PDT by Salvation

White House Radio Front Page

For Immediate Release
Office of the Press Secretary
October 18, 2008

President's Radio Address

     Fact sheet In Focus: Economy

THE PRESIDENT: Good morning. Our Nation is dealing with a serious financial crisis. Over the past month, Americans have witnessed fast-moving events involving complicated financial issues. I know many of you are concerned about your finances. So this morning, I want to tell you how we're addressing the uncertainty in our economy.

The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people. These actions will take more time to have their full impact. But they are big enough and bold enough to work.

The primary focus of our efforts is addressing the underlying problem behind the freeze in our credit markets. Earlier this month, Congress passed bipartisan legislation authorizing the Treasury Department to use up to $700 billion to help banks rebuild capital. This week, I announced that the Treasury will use a portion of that money to inject capital directly into banks by purchasing equity shares. This new capital will help banks continue making loans to businesses and consumers. In addition, the Treasury will use part of the $700 billion to purchase some of the troubled assets that are weighing down banks' balance sheets and clogging the financial system. This extraordinary effort is designed with one overriding purpose: to help banks get loans flowing to American consumers and businesses, so they can create jobs and grow our economy.

I know many Americans have reservations about the government's approach, especially about allowing the government to hold shares in private banks. As a strong believer in free markets, I would oppose such measures under ordinary circumstances. But these are no ordinary circumstances. Had the government not acted, the hole in our financial system would have grown larger, families and businesses would have had an even tougher time getting loans, and ultimately the government would have been forced to respond with even more drastic and costly measures later on. So I decided that government had to move, but that government's involvement in individual banks had to have prudent limits.

The government's involvement is limited in size. The government will only buy a small percentage of shares in banks that choose to participate, so that private investors retain majority ownership.

The government's involvement is limited in scope. The government will not exercise control over any private firm, and federal officials will not have a seat around your local bank's boardroom table. The shares owned by the government will have voting rights that can be used only to protect the taxpayer's investment -- not to direct the firm's operations.

The government's involvement is limited in duration. It includes provisions to encourage banks to buy their shares back from the government when the markets stabilize and they can raise money from private investors. This will ensure that banks have an incentive to find private capital to replace the taxpayer's investment -- and to do so quickly.

I know many of you are also concerned about the price tag of this rescue package. Ultimately, we believe the final cost will be significantly less than the initial investment. Many of the troubled assets that the government buys will increase in value as the market recovers. That means the government eventually will be able to resell them for a higher price. In addition, the government will receive quarterly dividends from the equity shares it purchases in financial institutions. If banks do not repurchase these shares within five years, the dividends they owe the government will increase substantially. This provides a clear incentive for banks to buy back their shares, thus returning the money to taxpayers, as soon as possible.

In the long run, the American people can have confidence that our economy will bounce back. America is the best place in the world to start and run a business, the most attractive destination for investors around the globe, and home to the most talented, enterprising, and creative workers in the world. We're a country where all people have the freedom to realize their potential and chase their dreams. This promise has defined our Nation since its founding, this promise will guide us through the challenges we face today, and this promise will continue to define our Nation for generations to come.

Thank you for listening.

 

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TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: bush; bushosocialist; congresstaxes; economy; radioaddress; term2; transcript

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


1 posted on 10/18/2008 1:30:35 PM PDT by Salvation
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To: Salvation
Radio Address Ping!

Please notify me via FReepmail if you would like to be added to or taken off the Radio Address Ping List.

I had an early morning meeting. Sorry I am so late here.

2 posted on 10/18/2008 1:31:13 PM PDT by Salvation ( †With God all things are possible.†)
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To: nicmarlo; bonesmccoy; cactusSharp; Dog Gone; rfmad; Wphile; rintense; ladyinred; ...
Radio Address Ping!

Please notify me via FReepmail if you would like to be added to or taken off the Radio Address Ping List.

I had an early morning meeting. Sorry I am so late here.

3 posted on 10/18/2008 1:31:42 PM PDT by Salvation ( †With God all things are possible.†)
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To: All

LIVE 4:10 PM (EDT)
President Bush and Mrs. Bush welcome the President of France and the President of the European Commission to Camp David.

4 posted on 10/18/2008 1:32:20 PM PDT by Salvation ( †With God all things are possible.†)
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To: Salvation

I wish this socialist would go home and shut up. I am very tired of this moron.


5 posted on 10/18/2008 1:36:12 PM PDT by stockpirate (Herbert Hoover, "Every collectivist revolution rides in on a Trojan horse of 'Emergency.'")
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To: stockpirate
John McCain's Weekly Radio Address - "this sounded a lot like socialism"
6 posted on 10/18/2008 1:46:05 PM PDT by Salvation ( †With God all things are possible.†)
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To: Salvation

I heard about McCains speech. He was referring about O, I’m referring to Bush.

Of course McCain has his own socialist problem, he is after all left of center.

Actually I think represents the old Democrat party.


7 posted on 10/18/2008 1:53:36 PM PDT by stockpirate (Herbert Hoover, "Every collectivist revolution rides in on a Trojan horse of 'Emergency.'")
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To: Salvation

I can’t listen to him anymore. Especially hearing the one-world-government he’s letting Sarkozy and Germa-Chick spew at today’s meeting. His presence isn’t needed anymore. He physically makes me sick.


8 posted on 10/18/2008 2:24:19 PM PDT by AmericanGirlRising (Joe the Plumber is a Lesson for Every American! -- www.protestthemedia.com - Oct. 21)
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To: Salvation
Is there no place left to go on FR where mcc is not stuck in my face?

A Day in the Life of President Bush? - Nope
Pray for President Bush, Day ____ - No, they've added "him" even though he has his own prayer thread
Radio Address by the PRESIDENT to the Nation - Nope, now we are presented with "his" radio address.

Time for another vacation I guess.

Photobucket

*** AND ***

Thank You

9 posted on 10/18/2008 2:25:06 PM PDT by Just A Nobody (PISSANT for President '08 - NEVER AGAIN...Support our Troops! Beware the ENEMEDIA)
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