    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [October 11, 2008]
    [Pages 1297-1298]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With G-7 Finance Ministers and the Heads of
    International Finance Institutions
    October 11, 2008

        Thank you all very much. Good morning. Secretary Paulson, Secretary Rice,
    and I just had a productive discussion with finance ministers of
    America's partners in the G-7: Canada,
    France, Germany, Great Britain,
    Italy, and Japan. I'm pleased to be with Prime Minister
    Juncker of Luxembourg, who is the
    President of the Eurogroup of countries, Managing Director Strauss-
    Kahn of the International Monetary
    Fund, President Zoellick of the World
    Bank, Chairman Draghi of the Financial
    Stability Forum. Thank you all for coming.
        I appreciate the spirit and common purpose that these leaders have
    brought to Washington. We recognize that the turmoil in the financial
    markets is affecting all our citizens. Citizens are rightly concerned
    about the crisis. And we understand that in dealing with the financial
    crisis, we're really helping people be able to have a better future
    themselves.
        In my country, it is important for our citizens to have understood,
    that which affects Wall Street affects Main Street as well. And all of
    us recognize that this is a serious global crisis and therefore requires
    a serious global response for the good of our people. We resolve to
    continue our strong efforts to return our economies to the path of
    stability and long-term growth.
        The United States has a special role to play in leading the response
    to this crisis. That's why I convened this morning's meeting here at the
    White House, and that is why our Government will continue using all the
    tools at our disposal to resolve this crisis. At our meeting, Secretary
    Paulson and I described the bold
    actions the United States has taken over the past few weeks.
        To help thaw frozen markets, the Federal Reserve has taken
    unprecedented measures to boost liquidity. The Securities and Exchange
    Commission has cracked down on abusive practices in the markets. Federal
    agencies have significantly expanded the amount of money insured in bank
    and credit union accounts. My administration worked with the Congress to
    pass legislation authorizing the Government to recapitalize banks by
    purchasing troubled assets or providing insurance or purchasing equity
    in financial institutions. These extraordinary efforts are being
    implemented as quickly and as effectively as possible. The benefits will
    not be realized overnight. But as these actions take effect, they will
    help restore stability to our markets and confidence to our financial
    institutions.

    [[Page 1298]]

        I'm pleased that other G-8--7 countries are making strong--are
    taking strong measures. Finance ministers and central bankers have acted
    to provide new liquidity to markets, strengthen financial institutions,
    protect citizens' savings, and ensure fairness and integrity in the
    financial markets.
        As our nations confront challenges unique to our individual
    financial systems, we must continue to work collaboratively and ensure
    that our actions are coordinated. The joint interest rate cut earlier
    this week was a good example of effective cooperation. Yesterday G-7
    finance ministers and central bankers agreed to a plan of action.
        The G-7 nations have pledged to take decisive action to support
    systemically important financial institutions and prevent their failure,
    provide robust protection for retail bank deposits, and ensure financial
    institutions are able to raise needed capital. We've agreed to implement
    strong measures to unfreeze credit, ensure access to liquidity, and help
    to restart the secondary markets for mortgages and other assets. We've
    all agreed that the actions we take should protect our taxpayers. And we
    agree that we ought to work with other nations such as those that will
    be represented this afternoon in the G-20 forum.
        As our nations carry out this plan, we must ensure the actions of
    one country do not contradict or undermine the actions of another. In
    our interconnected world, no nation will gain by driving down the
    fortunes of another. We're in this together; we will come through it
    together.
        I'm confident that the world's major economies can overcome the
    challenges we face. There have been moments of crisis in the past when
    powerful nations turned their energies against each other or sought to
    wall themselves off from the world. This time is different. The leaders
    gathered in Washington this weekend are all working toward the same
    goals. We will stand together in addressing this threat to our
    prosperity, we will do what it takes to resolve this crisis, and the
    world's economy will emerge stronger as a result.
        Thank you very much.

    Note: The President spoke at 7:54 a.m. in the Rose Garden at the White
    House.