    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [October 15, 2008]
    [Pages 1311-1312]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With Business Leaders and an Exchange With
    Reporters in Ada, Michigan
    October 15, 2008

        The President. First of all, I want to thank leaders and small
    businesses and workers here in Grand Rapids for joining me. I explained
    to them why I felt the rescue plan was necessary. I explained to them
    that I was worried that if we did not do something about the financial
    situation, the economics would affect a lot of hard-working people all
    throughout our country, including right here in western Michigan.
        So we moved with a plan big enough to make a difference, a plan with
    features in it that will cause investments to be temporary, because I
    frankly don't want the Government being involved with businesses, owning
    businesses. It's not--I don't think it's good for the country. It was
    necessary that the stock be purchased to help us through this financial
    crisis, but in the long run, it's not good for the country. And so the
    plan is structured to get Government in a position where these
    investments will be returned to the taxpayers. And it's likely, not
    only--by the way, that we'll not only get most of the money back, but in
    some cases, actually make a little money.
        I made it a plan that is effective so it helps small-business
    owners. The man who owns the bike shop here, he's got to pay for his
    inventory. And yet because of the crisis, people are worried about
    whether

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    the money in their banks, their noninterest-bearing transactional
    accounts, would be safe. And so we said, they are safe, all aiming to
    restore confidence in our financial systems, all aiming to make sure
    that the folks out there that are watching their 401(k)s decline know
    that the Government is taking strong action to bring--to get this crisis
    over with, so we can get back to the business of getting this economy
    back on its feet again.
        So I want to thank you all for giving me a chance to hear from you.
    We've got some community bankers here that have been affected by the
    plan we put in place, and their bank lending is now secured by the FDIC.
    And I bring a sense of optimism and realism. I'm realistic about how
    tough the situation is. I'm optimistic that we're going to come through
    it. And I believe when we come through it, we're going to be better than
    ever.
        And finally, I want to assure the folks out here that we're not
    going to be using your taxpayers' money to, you know, enrich financiers,
    that we're going to protect your money, we're going to help you get it
    back. But people aren't going to be able to have a golden parachute as a
    result of your hard work and money going to help provide stability in
    our financial system.
        So I want to thank you all for giving me a chance to come. This is--
    it's good to be out of Washington--[laughter]--out here with people who
    are taking risk and working hard and where values are strong. And I
    thank you all for giving me a chance to come and see you.
    Congressman, thank you.
        Representative Vernon J. Ehlers.  Thank
    you very much. Thank you for being here.

    Vice President's Health

        Q. How's the Vice President? How's his health?
        The President. The Vice President is going to be fine. I talked to
    him this morning. Thank you for asking. He was at our briefings this
    morning. He came in and told me he was going to head back into the
    hospital to have his, you know, his heart checked and worked on. And he
    said this is the exact same procedure he had a while ago. And he was
    confident, the doctors are confident, and therefore, I'm confident.

    Note: The President spoke at 1:41 p.m. at the Schnitz Ada Grill.
    Participating in the meeting were Rep. Vernon J. Ehlers; Nancy Ayers,
    general manager, Flexco--Grand Rapids; Jeanne Englehart, president and
    chief executive officer, Grand Rapids Area Chamber of Commerce; James
    Dunlap, regional vice president, Huntington National Bank; Bing Goei,
    owner, Eastern Floral and Gifts, Inc.; James Hackett, president and
    chief executive officer, Steelcase, Inc.; James Ippel, owner, Ada Bike
    Shop; Peter Perez, president, and Jerri Symmes, employee, Carter
    Products Company, Inc.; Michelle Van Dyke, president and chief executive
    officer, Fifth Third Bank (Western Michigan); and James Zawacki,
    president and chief executive officer, GR Spring & Stamping, Inc. The
    Office of the Press Secretary also released a Spanish language
    transcript of these remarks.