    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [November 21, 2008]
    [Pages 1384-1385]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    November 21, 2008

        Good morning. This weekend, I am in Lima, Peru, meeting with leaders
    from nations in the Asia-Pacific region at our annual summit.
        This summit comes at a time of serious turmoil in the global
    economy. It also comes at a time of unprecedented cooperation. A week
    ago in Washington, I hosted the first in what will be a series of
    international meetings to address the financial crisis. We reviewed the
    actions we have taken to manage the crisis, and we agreed on principles
    and specific actions to modernize our financial structures for the 21st
    century and help prevent another crisis.
        As we work to rebuild confidence in our financial systems in the
    short term, we must also work to promote long-term economic growth.
    Together, our nations must focus our efforts on three great forces that
    drive this growth: free markets, free trade, and free people.
        No region of the world demonstrates the power of these forces more
    vividly than the Asia-Pacific. Free markets have helped millions lift
    themselves out of poverty. Free trade has helped small nations turn
    themselves into global economic powers. And as more people in the Asia-
    Pacific are free to develop their talents and pursue their ambitions,
    the whole region has grown in prosperity. We're facing a difficult
    challenge, and there will be tough days ahead. But by relying on these
    principles, we can be confident in the future of our Nation and the
    world.
        Back at home, one of the most serious economic challenges we face is
    the situation in our auto industry. America's auto manufacturers are
    facing severe and urgent financial shortfalls. Earlier this fall, I
    signed a bill that authorized up to $25 billion in loans to help these
    automakers make more fuel-efficient vehicles. Under the law, this money
    is not available to help auto companies with their immediate funding
    challenges. So this past week, Senators Bond, Levin, and
    Voinovich came forward with a new
    proposal that would allow auto companies to access the loans they need,
    as long as they're willing to restructure to become financially viable.
        This proposal earned support from both sides of the aisle on Capitol
    Hill. Unfortunately, the leadership in Congress adjourned without even
    allowing this measure to come up for a vote.
        My position is clear: If the automakers are willing to make the hard
    decisions needed to become viable, they should be able to receive the
    funds Congress already allotted to them for other purposes. This is a
    critical issue for our economy and our country. The American people
    expect their elected leaders to do what it takes to solve it.
        Thank you for listening.

    Note: The address was recorded at 1:05 p.m. on November 20 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on November
    22. The transcript was made available by the Office of the Press
    Secretary on November 21. The Office of the Press Secretary also
    released a Spanish language transcript of this address.

    [[Page 1385]]