    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [November 14, 2008]
    [Pages 1370-1371]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    November 14, 2008

        Good morning. This weekend, I am hosting a summit on the global
    financial crisis with leaders of developed and developing nations. By
    working together, I'm confident that with time we can overcome this
    crisis and return our economies to the path of growth and vitality.
        I know many of you listening are worried about the challenges facing
    our economy. Stock market declines have eroded the value of retirement
    accounts and pension funds. The tightening of credit has made it harder
    for families to borrow money for cars, homes, and education. Businesses
    have found it harder to get loans to expand their operations and create
    jobs. Many nations have suffered job losses and have serious concerns
    about the worsening economy.
        Nations around the world have responded to this situation with bold
    measures, and our actions are having an impact. Credit markets are
    beginning to thaw, and businesses are gaining access to essential short-
    term financing. It will require more time for these improvements to
    fully take hold, and there will be more difficult days ahead. But the
    United States and our partners are taking the right steps to get through
    the crisis.
        As we address the current crisis, we also need to make broader
    reforms to adapt our financial systems to the 21st century. So during
    this summit, I will work with other leaders to establish principles for
    reform, such as making markets more transparent and ensuring that
    markets, firms, and financial products are properly regulated.
        All these steps will require decisive actions from governments
    around the world. At the same time, we must recognize that government
    intervention is not a cure-all. While reforms in the financial sector
    are essential, the long-term solution to today's problems is sustained
    economic growth. And the surest path to that growth is free markets and
    free people.
        This is a decisive moment for the global economy. In the wake of the
    financial crisis, voices from the left and right are equating the free
    enterprise system with greed, exploitation, and failure. It is true that
    this crisis included failures by lenders and borrowers, by financial
    firms, by governments, and independent regulators. But the crisis was
    not a failure of the free market system. And the answer is not to try to
    reinvent that system. It is to fix the problems we face, make the
    reforms we need, and move forward with the free market principles that
    have delivered prosperity and hope to people around the world.
        The benefits of free market capitalism have been proven across time,
    geography, and culture. Around the world, free market capitalism has
    allowed once impoverished nations to develop large and prosperous
    economies. And here at home, free market capitalism is what transformed
    America from a rugged frontier to the greatest economic power in
    history.
        Just as important as maintaining free markets within countries is
    maintaining the free movement of goods and services between countries.
    There are many ways for nations to demonstrate their commitment to open
    markets. The United States Congress can take the lead by approving free
    trade agreements with Colombia, Panama,

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    and South Korea before adjourning for the year.
        In the long run, Americans can be confident in the future of our
    economy. We will work with our partners around the world to address the
    problems in the global financial system. We will strengthen our economy,
    and we will continue to lead the world toward prosperity and peace.
        Thank you for listening.

    Note: The address was recorded at 7:50 a.m. on November 14 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on November
    15. The transcript was made available by the Office of the Press
    Secretary on November 14. The Office of the Press Secretary also
    released a Spanish language transcript of this address.