Posted on 09/27/2008 6:33:48 PM PDT by daisyscarlett
The President delivered his weekly radio address from the White House. In Focus: The Economy
The President and Mrs. Bush and Jenna and Henry Hager participated in a commemorative tree planting ceremony Saturday, on the South Lawn of the White House. The tradition of planting commemorative trees dates back to 1830 when President Andrew Jackson planted two Southern Magnolias on either side of the South Portico of the White House.
The National Book Festival continued today beginning with a breakfast in the East Room.
THANK YOU FOR WAITING FOR THE "ALL CLEAR" BEFORE POSTING ANY PHOTOS
QUOTE OF THE DAY:
In his weekly radio address President Bush said,
"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."
President's Radio Address
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.
President Bush, left, walks behind daughter Jenna Hager and son-in-law Henry Hager as they walk to a commemorative tree planting, Saturday, Sept. 27, 2008, on the South Lawn of the White House in Washington.
President Bush, left, and first lady Laura Bush, second from left, join their daughter Jenna Hager and son-in-law Henry Hager as they walk to a commemorative tree planting.
U.S. President George W. Bush (L-R), his wife Laura Bush, their daughter Jenna Hager and her husband Henry Hager arrive to participate in a commemorative tree planting ceremony on the South Lawn at the White House in Washington September 27, 2008.
U.S. President George W. Bush (L-R), his daughter Jenna Hager and her husband Henry Hager participate in a commemorative tree planting ceremony.
U.S. President George W. Bush attends a commemorative tree planting ceremony on the South Lawn at the White House in Washington September 27, 2008.
U.S. President George W. Bush applauds a commemorative tree planting ceremony on the South Lawn at the White House in Washington September 27, 2008.
U.S. President George W. Bush (L) watches as his wife Laura Bush (R) participates in a commemorative tree planting ceremony on the South Lawn at the White House.
Someone needs to leave the Dose.
President Bush and first lady Laura Bush's daughter Jenna Hager and son-in-law Henry Hager shovel dirt onto a Cherokee Princess Dogwood during a commemorative tree planting.
U.S. President George W. Bush departs after a commemorative tree planting ceremony on the South Lawn at the White House in Washington September 27, 2008.
It is interesting to speculate what all the haters will do when this great man steps down from the most powerful office in the world.
I still admire him for throwing down the gauntlet on Fannie Mae and the entire credit crisis.
It would have been possible to kick the can down the road just past the election or Jan 20 but President Bush called the Congress’ bluff and said let’s settle the creeping socialism of Fannie Mae right now.
He did the same thing with Social Security— where he was summarily back stabbed by Republicans.
he did the same with Afghanistan.
he did the same with Iraq and was backstabbed by democrats and some conservatives.
I do think that as the election and debates approach, the public increasingly understands that politics has to be about more than criticisms.
Many critics stand with their criticisms of Bush in the bailout like a badge of honor. These critics provide precious little in the way of alternatives.
So many months we hear:
NO ____
like some sort of mantra.
President Bush has compelled the Congress to drop the offshore drilling ban, which passes with hardly a word of thanks.
Bush will likely compel some reigning in of Fannie Mae which was already becoming creeping socialism.
Thank you Mr. President for doing your thankless job. Maybe some day, others will be inspired to do theirs instead of imagining criticism as a useful substitute.
Thanx for the ping!
U.S. President George W. Bush walks away after a commemorative tree planting ceremony on the South Lawn at the White House in Washington September 27,
President Bush walks on the south grounds of the White House after watching first lady Laura Bush, daughter Jenna Hager and son-in-law Henry Hager plant trees, Saturday, Sept. 27, 2008, on the South Lawn of the White House in Washington.
President Bush walks alone on the south grounds of the White House after watching first lady Laura Bush, daughter Jenna Hager and son-in-law Henry Hager plant trees, Saturday, Sept. 27, 2008, on the South Lawn of the White House in Washington. Bush refused to answer questions about the administration's financial bailout plan posed by a reporter following the commemorative tree plantings.
US President George W. Bush is pictured on on the South Lawn in Washington, DC. Bush said Saturday he understood Americans may not want to foot the bill for a proposed massive rescue for the shellshocked US financial system but argued it was necessary to save the country's economy.
President George W. Bush and Mrs. Laura Bush watch their daughter Jenna Hager and son-in-law Henry Hager plant a Cherokee Princess Dogwood during a commemorative tree planting ceremony Saturday, Sept. 27, 2008, on the South Lawn of the White House.
Jenna Hager, daughter of President George W. Bush and Mrs. Laura Bush, and husband Henry Hager pose for a photo after shoveling dirt onto a Cherokee Princess Dogwood during a commemorative tree planting ceremony Saturday, Sept. 27, 2008, on the South Lawn of the White House. White House
Mrs. Laura Bush plants a Silver Leaf Linden tree during a commemorative tree planting ceremony Saturday, Sept. 27, 2008, on the South Lawn of the White House. The tradition of planting a commemorative tree dates back to 1830 when President Andrew Jackson two Southern Magnolias on either side of the South Portico of the White House. White House photo by Joyce N. Boghosian
You may also want to move along as well and get off this thread.
I won’t replicate your ridiculous profanity but I will let you know that President Bush has saved your sorry mouth for another day of freedom of speech.
Your words are pathetic.
President Bush defines good leadership.
Mrs. Bush's Remarks at the 2008 National Book Festival Authors' Breakfast
East Room
8:20 A.M. EDT
MRS. BUSH: Good morning. Welcome to the White House. Thank you for coming to the Eighth Annual National Book Festival. I want to say a special thanks to Dr. James Billington and to everyone at the Library of Congress for working year-round to arrange this one great day of readers on the National Mall. Thank you very much, Dr. Billington, and thanks to everyone from the Library of Congress who has joined us today.
I want to thank the sponsors of this year's National Book Festival for making today's celebration possible. And, of course, a special thanks to the authors, the poets, the illustrators who are here today for giving us the reason to celebrate. Thank you all very much for joining us.
The writers at this year's festival have given us an insight into so many parts of the world -- from our own home kitchens to the castles of England. So thank you all for joining us.
We'll start this morning by hearing from two of our talented authors: Jan Brett, who writes and illustrates, for children. Jan is the artist for this year's wonderful National Book Festival poster. I hope you all have all seen it. (Applause.) Jan's poster has all the state animals and birds in a parade toward the Capitol. So thank you, Jan, for it's a beautiful poster.
Mike Richman has Redskins fever. Since the early 1970s, he's rarely missed a game. His latest book, "The Redskins Encyclopedia," is a 432-page tribute to the history of this local sports franchise. Mike, we're happy to host you here at the White House.
We'll also hear from Chris Duhon of the NBA's New York Knicks, and Ivory Latta of the WNBA's Atlanta Dream. Chris and Ivory are basketball players who are taking time to give back by helping hurricane victims and collecting gifts for needy children.
Thanks to Bob Lanier, an eight-time NBA All-Star and children's book author, for joining us here today. Thank you very much, Bob.
First, we'll hear from a man who promotes reading every day by sharing the resources of the largest library in the world. Ladies and gentlemen, the Librarian of Congress, Dr. James Billington. (Applause.)
END 8:23 A.M. EDT
Mrs. Laura Bush delivers remarks during the National Book Festival Breakfast Saturday, Sept. 27, 2008, in the East Room of the White House. White House photo by Joyce N. Boghosian
Mrs. Laura Bush and daughter Jenna Hager listen to author Jan Brett during the National Book Festival Breakfast Saturday, Sept. 27, 2008, in the East Room of the White House.
First lady Laura Bush and her daughter Jenna Hager read their book 'Read All About It!' during the National Book Festival in Washington, Saturday, Sept. 27, 2008.
First lady Laura Bush and her daughter Jenna Hager autograph their book 'Read All About It!' to James Baker, 4, right and Christopher Florence, 4, during the National Book Festival in Washington, Saturday, Sept. 27, 2008.
And here’s a dillema - who gets the toaster!!?? (I think you should!).
It is nice to see President Bush smiling. It must be awfully hard for him to do these types of things and keep a smile on with all that is going on.
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