[Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
[October 25, 2008]
[Pages 1340-1341]
[From the U.S. Government Publishing Office www.gpo.gov]



The President's Radio Address
October 25, 2008

    Good morning. Americans from all walks of life are continuing to 
feel the effects of the financial crisis. In recent weeks, concerns 
about the availability of credit, the safety of financial assets, and 
the volatility of the stock market have made many families 
understandably anxious about their economic future.
    The Federal Government has taken bold action to stabilize our 
economy. Earlier this month, my administration worked with Congress to 
pass bipartisan legislation that is providing funds to help banks 
rebuild capital and resume lending. The Federal Deposit Insurance 
Corporation has temporarily guaranteed most new debt issued by insured 
banks, which will make it easier for these banks to borrow needed money. 
And the Federal Reserve is launching a new program to provide support 
for commercial paper, a key source of short-term financing for America's 
businesses and financial institutions. These steps are beginning to show 
results, but it will take time for their full impact to be felt.
    In coordination with the United States, many other nations have 
taken similar steps to address turbulence in their domestic markets. 
This crisis is global in reach and addressing it will require further 
international cooperation. So this week, I consulted with leaders from 
throughout the world and announced that I would convene an international 
summit in Washington on November the 15th.
    This summit will be the first in a series of meetings aimed at 
addressing this crisis. The summit will bring together leaders of the G-
20 nations, countries that represent both the developed and the 
developing world. And the summit will also include the heads of the 
International Monetary

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Fund, the World Bank, and the Financial Stability Forum, as well as the Secretary-General 
of the United Nations.
    During this summit, we will discuss the causes of the problems in 
our financial systems, review the progress being made to address the 
current crisis, and begin developing principles of reform for regulatory 
bodies and institutions related to our financial sectors. While the 
specific solutions pursued by every country may not be the same, 
agreeing on a common set of principles will be an essential step towards 
preventing similar crises in the future.
    As we focus on responses to our short-term challenges, our nations 
must also recommit to the fundamentals of long-term economic growth: 
free markets, free enterprise, and free trade. Open market policies have 
lifted standards of living and helped millions of people around the 
world escape the grip of poverty. These policies have shown themselves 
time and time again to be the surest path to creating jobs, increasing 
commerce, and fostering progress. And this moment of global economic 
uncertainty would be precisely the wrong time to reject such proven 
methods for creating prosperity and hope.
    Despite the ups and downs that our markets have experienced in 
recent months, the American people have reason for optimism in our 
Nation's economic future. Throughout our history, we have seen that when 
Americans are given the freedom to apply their talents and imagination, 
prosperity and success follow closely behind. For over two centuries, 
that principle has allowed our economy to overcome every obstacle it has 
faced. And we can all be confident that it will do so again.
    Thank you for listening.

Note: The address was recorded at 7:50 a.m. on October 24 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on October 25. The 
transcript was made available by the Office of the Press Secretary on 
October 24, but was embargoed for release until the broadcast. In the 
address, the President referred to Governor of the Bank of Italy Mario 
Draghi, in his capacity as Chairman of the Financial Stability Forum; 
and Secretary-General Ban Ki-moon of the United Nations. The Office of 
the Press Secretary also released a Spanish language transcript of this 
address.