    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [September 20, 2008]
    [Pages 1217-1222]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's News Conference With President Alvaro Uribe Velez of Colombia
    September 20, 2008

        President Bush. Good morning, Mr. President. Welcome back to the
    White House. I appreciate your friendship, and I admire your bold
    leadership. You have transformed your nation, and you have made Colombia
    a powerful example of how democracy can work in our neighborhood. And I
    congratulate you.
        Colombia is one of our closest allies, and we have worked together
    on many important issues, and we will continue to do so. We worked to
    improve security and advance freedom. The United States supports
    Colombia's efforts to modernize its security forces, to fight terrorists
    and drug kingpins, and to provide Colombians with alternatives to lives
    of terror and narcotrafficking.
        And your efforts are working. I think it's very important for the
    people of the United States to hear these statistics. Since you took
    office, Mr. President, homicides have dropped by 40 percent, kidnapings
    have dropped by more than 80 percent, terrorist attacks have dropped by
    more than 70 percent. That is a very strong record. Because of your
    decisive actions, the Marxist terrorist network known as FARC has been
    put on the run. And our country admired greatly the rescue efforts, made
    by your team, of 15 hostages, including
    3 Americans. And
    thank you for meeting with them.
        In the last few years, thousands of members of FARC have deserted.
    They've realized the empty promise of the leaders of--you know, won't be
    met. And you have offered these folks a better life and a better
    alternative.
        It's also--it's in our interest to continue to support Colombia.
    What happens in Colombia can affect life here in the United States.
    You've got a strong supporter here. And after I leave office, it's going
    to be very important for the next President and the next Congress to
    stand squarely by your side.

    [[Page 1218]]

        We're working together to open up markets and increase prosperity.
    And next week, the President and I will be meeting with leaders
    throughout our hemisphere in New York to discuss the importance of free
    and fair trade. We're going to send a clear message, that increasing
    trade is essential to the economic well-being of every nation in our
    region, that our neighborhood will prosper if we trade freely. You're
    our fourth largest trading partner. Trade between our two nations
    reached $18 billion last year, and that's beneficial for the people of
    Colombia, and it's beneficial for the people of the United States.
        And I believe it's in our interest to continue to open new
    opportunities for both countries. Most of Colombia's products enter the
    United States today duty free. Most of ours face tariffs up to 35
    percent or higher. In essence, that's a--that makes our goods and
    services less competitive. We negotiated an agreement in November of
    2006, nearly 2 years ago, which leveled the playing field; our
    negotiators worked hard to treat each other fairly. It's in our economic
    interest that we have free trade and fair trade. It's in our economic
    interest that we continue to open up markets in our neighborhood,
    particularly with a nation that is growing like yours.
        And yet we can't get a vote out of Congress. I've been asking the
    Democrat leadership in Congress for a vote, and they've consistently
    blocked the vote. And Members of Congress from both parties have got to
    understand the following facts.
        First of all, about half our growth last year, Mr. President, was
    because of exports. In other words, exports have affected our economy in
    a positive way. If that's the case, it seems like we ought to be
    encouraging exports, not discouraging them.
        Secondly, a lot of small businesses trade--send goods and services
    to Colombia. It's important for the small-business sector to be vital
    and strong.
        Thirdly, a lot of jobs depend upon exports. And if we can create
    exports, it makes it more likely somebody is going to have good work.
        And so this bill is in everybody's interest, and I urge the Congress
    to carefully consider not only the economic interest at stake, but the
    national security interest at stake of not approving this piece of
    legislation.
        Mr. President, you've been a good friend, and it has been a real
    pleasure to have worked with you during these years. You have done what
    you said you were going to do. You've been an honest man, forthright and
    open. And you deserve the support of the United States of America.
    You've had it during my administration; you will have it to the end of
    my administration. And I ask that the Congress carefully consider the
    importance of this relationship as they think about different pieces of
    legislation to pass before the term ends.
        Bienvenidos.
        President Uribe. Muchas gracias. Inmensamente agradecido.
        President Bush. Si.
        President Uribe. Mr. President, I have no words to express my
    gratitude to you, to your team, for your permanent interest in our
    country, for your friendship for my country.
        We have made significant progress. And one very essential portion of
    this progress has been your help, the help of the United States. We are
    working to have Colombia with more confidence--confidence to invest in
    Colombia, to live in Colombia, to study in Colombia, to find jobs in
    Colombia. And we support confidence upon three pillars: security with
    democracy; it means security with democratic values, with pluralism,
    with freedoms, with dissent. The second pillar is investment; investment
    with social responsibility, security, and investment, create a framework
    for prosperity. And in a part of prosperity, it is possible to create
    social cohesion, and social cohesion is the validator for security and
    for investment.
        Therefore, you see that our policy is based upon the universal
    democratic values

    [[Page 1219]]

    we share with the United States. Your support has been very important
    for Colombia to face the threat of terrorism and for Colombia to
    maintain and to grow deeper and deeper with a respect to universal
    democratic values.
        The free trade agreement is one of the main aspects of our bilateral
    relationships. You have understood the importance of this agreement for
    both countries. It could be that our economy is a very small economy to
    be considering trade agreements. But for us, it is very important. And
    it is very important not only from the political standpoint, but also
    from the economic standpoint.
        Free trade agreement for us is the possibility to give certainty to
    investors for them to come to Colombia, and the more the investors come
    to Colombia, the less difficult for us to defeat terrorism. Investment
    is the real alternative to illicit crops. Investment is the real
    possibility for our people to find high-quality jobs.
        Thank you, Mr. President. And please, I want to express, on behalf
    of all Colombians, our gratitude to you, to your team, and, through you,
    to your people, all the citizens in the United States.
        Yesterday we were very happy when we saw again the three Americans
    who were in captivity for many years and were rescued, thanks to the
    heroism of our soldiers. We are--we were very sad when we came to United
    States in other opportunities, and we had no good news about the
    hostages. Now we are very happy because of this good news, the rescue of
    the hostages. Thank you, Mr. President.
        President Bush. Yes, sir. Thank you. Dos preguntas por cada lado.
        Deb [Deb Riechmann, Associated Press]. That's two questions per each
    side. [Laughter] Just strutting out my Spanish here.

    National Economy

        Q. Thank you, Mr. President.
        President Bush. Tengo que practicar.
        Q. Democrats are insisting that the Federal bailout package include
    help for homeowners facing foreclosure, other assistance for middle
    class citizens, such as possibly expanding the jobless benefits. Is that
    completely out of the question?
        President Bush. We're going to work with Congress to get a bill done
    quickly. I called leaders of both Chambers, both parties yesterday to
    thank them for the initial statements coming out of the meeting that
    they had with Secretary Paulson and
    Chairman Bernanke. I found a common
    understanding of how severe the problem is and how it is necessary to
    get something done quickly, and I think we will.
        And we'll continue to work with them. It is essential that the
    package be robust and strong to address the problem. I know--look, I'm
    sure there are some of my friends out there saying, ``I thought this guy
    was a market guy; what happened to him?''
        Well, my first instinct wasn't to lay out a huge Government plan. My
    first instinct was to let the market work, until I realized that--upon
    being briefed by the experts, of how significant this problem became.
        And so I decided to act and act boldly. It turns out that there's a
    lot of interlinks throughout the financial system. The system had grown
    to a point where a lot of people were dependent upon each other, and
    that the collapse of one part of the system wouldn't just affect a part
    of the financial markets, it would affect the average citizen. And how?
    Well, it'd affect their capacity to borrow money to buy a house or to
    finance a college loan. It'd affect the ability of a small business to
    get credit. In other words, the systemic risk was significant, and it
    required a significant response, and Congress understands that. And
    we'll work to get something done as quickly and as big as possible.
        There's going to be billions--hundreds of billion dollars at risk.
    This is a big package, because it was a big problem. And, you know, I
    tell our--I will tell our citizens

    [[Page 1220]]

    and continue to remind them that the risk of doing nothing far outweighs
    the risk of the package and that, over time, we're going to get a lot of
    the money back. But right now the Government needed to send a clear
    signal that we understood the instability could ripple throughout and
    affect the working people and the average family, and we weren't going
    to let that happen.
        You want to call on somebody?
        President Uribe. I never choose the----
        President Bush. You never choose the questioner? I will.
        President Uribe. But here today I have to do this.
        President Bush. Well, I'll be glad to do it.
        President Uribe. We have two Juan Carlos here. A ver, un Juan Carlos
    de RCN y otro Juan Carlos de Caracol.
        President Bush. I only saw one Carlos.

    [At this point, President Uribe spoke in Spanish, and no translation was
    provided.]

    Revolutionary Armed Forces of Colombia (FARC)/Colombia Free Trade
    Agreement

    [The reporter asked a question in Spanish, and no translation was
    provided.]

        President Uribe. Entendio?
        President Bush. No, but I'll play like I understood it. [Laughter]
    What was the question? I got to ask my translator. [Laughter]
        President Uribe. What can do the United States to help us in rescue
    the hostages who keep in captivity----
        President Bush. What did we do to help?
        President Uribe. Yes, actually you are doing very much to help us
    in--against illicit drugs. And the first question he made was about how
    we can unblock the free--the approval of the free trade agreement.
        President Bush. Yes. Thank you. First of all, it is--a government
    has to be effective and efficient in order for any help to work. In
    other words, we could--our intentions could be great to help deal with
    FARC or extremists. But unless there's a well-organized government
    headed by determined leadership, that help doesn't work.
        And so the progress that's been made is a tribute to the Colombian
    Government and President Uribe. The United States is a partner. But the
    truth of the matter is, the credit goes to the Uribe Government.
        And we will continue to stand with a Government that's willing to do
    hard things. And there's nothing harder than to deal with FARC. But it's
    undeniable that progress is being made and that the FARC is weaker, FARC
    is on the run. People are leaving FARC because of the generous hand that
    the Government has reached out with.
        I understand how important the free trade agreement is to Colombia.
    It's not only economically important, because, as the President said, if
    the--there's doubt about the free trade agreement, investment will
    become nervous. And without investment, it's very hard for the Colombian
    economy to continue to sustain growth, and without economic growth, it's
    hard to be in a hopeful society.
        Secondly, the free trade agreement is more than just an economic
    agreement, it is a statement of friendship, it's a statement of common
    values. And if this agreement were not to pass, it would embolden the
    voices of populism in the neighborhood, to the detriment of a Government
    which has been very strong in dealing with human rights and human
    dignity and the market.
        And so I appreciate the President being here if this statement will
    help clarify the issue once again. We're going to go to New York and
    talk to--and remind people here in the Nation's Capital that this is an
    issue that affects a lot more than countries--than just Colombia. And my
    hope is that when people fully analyze the--what's good about it from
    our perspective and what's good about it from Colombia's perspective and
    the strategic implications inherent in this bill, that they will get a
    vote up and it will pass. And we'll work to see that it passes.

    [[Page 1221]]

        Michael [Mike Emanuel, FOX News]. Miguel.

    National Economy

        Q. Mr. President, thank you very much. We're hearing, regarding the
    financial market bailout, a price tag of $700 billion. I'm wondering
    what you could say to conservatives who are anxious about the price tag,
    and if you've been given assurances in your conversations with leaders
    on the Hill that this legislation won't be weighed down with other
    items.
        President Bush. Yes. I think most leaders would understand we need
    to get this done quickly and, you know, the cleaner the better. Yes,
    this is a big price tag because it's a big problem, Mike. I told our
    people I don't want to be timid in the face of a significant problem
    that will affect the average citizen. You know, some said, ``This is--we
    can contain this to just the financial community.'' In my judgment,
    based upon the advice of a lot of people who know how markets work, this
    wasn't going to be contained to just the financial community. This
    problem could--would spread to the average citizen.
        You know, you hear them talking about Wall Street and Main Street.
    Well, this is Wall Street plus Main Street, and I'm worried about Main
    Street. I'm worried about people being able to send their kids to
    college or to be able to afford their homes. And therefore, I asked
    Hank Paulson--who, by the way, in my
    judgment, is doing a fabulous job; he's got a lot of credibility, and
    he's working and his team are working hard, as are the people at the Fed
    and the SEC. I said, what's it going to take to make sure Main Street
    doesn't get affected by the policies of Wall Street? And this is what
    they came up with, and this is big ticket, because it's a big problem.
        I talked about confidence yesterday, that people are beginning to
    doubt our system. People were losing confidence. And I understand it's
    important to have confidence in a financial system. And so the move, as
    well, is to say, we understand the significance and the depth of the
    problem. And I believe, when it's all said and done, however, that the
    taxpayer is going to get a lot of that money back.
        Yes, I hear people, you know, suggesting we should--maybe taken a
    different tack. That's the way the system works. And I understand that,
    but creative destruction, in my judgment, wouldn't work. This requires
    a--you know, it required addressing certain problems.
        At first I thought we could deal with this--deal with the problem
    one issue at a time. We made the decision on Fannie and Freddie because
    there was systemic risk to our mortgage markets. And then, obviously,
    AIG came along--and Lehman came along, and it was--it declared
    bankruptcy; then AIG came along, and it--the house of cards was much
    bigger, beyond--started to stretch beyond just Wall Street, in the sense
    of the effects of failure. And so when one card started to go, we were
    worried about the whole deck going down and so therefore moved and moved
    hard.
        And I believe this is going to work. We had the considered judgment
    of a lot of capable people. It's not only just here in Washington, but
    our people were listening to a lot of other voices. And we took our time
    to come up with a strategy and a plan that would address the problem.
    And you bet it's big, because it needed to be big.
        And, Mike, sometimes in my line of work you get criticized. But the
    American people have got to know that I made this decision, along with a
    lot of experts, because it was necessary to protect them. In the long
    run, we're going to be fine. You know, we're an innovative economy. We
    got smart, capable people; our workers are great; small-business sector
    is thriving and vibrant; we're productive people. And we'll get through
    this.
        And, you know, I know a lot of people here in Washington, Mr.
    President, saying, ``Well, who to blame?'' Now is not the time

    [[Page 1222]]

    to play the blame game. There's plenty of time to analyze the situation.
    But from our perspective, it's time to solve the problem, and that's
    what we did.
        Final question.

    2008 Presidential Election/Colombia Free Trade Agreement

        Q. Thank you, Mr. President.
        President Uribe. El otro Juan Carlos.
        President Bush. I only saw one Carlos. Speak English this time,
    Juan, will you? [Laughter]
        Q. This is a question for both of you, but first for President Bush.
    Mr. President, many analysts say that the best thing for the approval in
    Congress of the free trade agreement would be the victory in November of
    Senator Obama. Do you agree?
        President Bush. First of all, I think the best thing for the country
    will be the victory of McCain. I'm a big
    believer in Senator John McCain and his capabilities to do this job.
    It's very important that we get the trade bill out of politics and into
    the realm of strategic thought. It's in our strategic interests that we
    get this bill done. It's good for our economies, and it's good for our
    national security interest.
        Y luego?
        Q. [Inaudible]
        President Bush. Oh. He's not going to comment about American
    politics, sure.
        President Uribe. Whatever the world, we respect the principle of
    self-determination. We cannot intervene in any other country. We have
    fought for bipartisan policy in the United States regarding Colombia.
    The approach of bipartisan policy has been very convenient for our two
    countries. Therefore, this is what we work for.
        Let me add an answer for investment. Many people ask me here, in the
    United States, Mr. President, why you are so eager to make Colombia
    country much more attractive for investors? For one reason: If we have
    investors, we have opportunities for our people to find high-quality
    jobs, with affiliation to the social security system. Investment is not
    our end, it's a necessary means to overcome poverty, to create a
    community with fair opportunities for all. This is the reason we fight
    for investment.
        President Bush. Si. Gracias. Adios, Juan Carlos.
        President Uribe. Dos Juan Carlos. Two Juan Carlos.
        President Bush. Y vamos?

    Note: The President's news conference began at 9:15 a.m. in the Rose
    Garden at the White House. In his remarks, he referred to Marc
    Gonsalves, Thomas Howes, and Keith Stansell, former hostages held by the
    Revolutionary Armed Forces of Colombia (FARC); and Sen. John McCain,
    Republican Presidential nominee. A reporter referred to Sen. Barack
    Obama, Democratic Presidential nominee. The Office of the Press
    Secretary also released a Spanish language transcript of this news
    conference.