[Weekly Compilation of Presidential Documents Volume 44, Number 41 (Monday, October 20, 2008)]
[Pages 1347-1349]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Following a Meeting With Business Leaders and an Exchange With 
Reporters in Ada, Michigan

October 15, 2008

    The President. First of all, I want to thank leaders and small 
businesses and workers

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here in Grand Rapids for joining me. I explained to them why I felt the 
rescue plan was necessary. I explained to them that I was worried that 
if we did not do something about the financial situation, the economics 
would affect a lot of hard-working people all throughout our country, 
including right here in western Michigan.
    So we moved with a plan big enough to make a difference; a plan with 
features in it that will cause investments to be temporary, because I 
frankly don't want the Government being involved with businesses, owning 
businesses. It's not--I don't think it's good for the country. It was 
necessary that the stock be purchased to help us through this financial 
crisis, but in the long run, it's not good for the country. And so the 
plan is structured to get Government in a position where these 
investments will be returned to the taxpayers. And it's likely, not 
only--by the way, that we'll not only get most of the money back, but in 
some cases, actually make a little money.
    I made it a plan that is effective so it helps small-business 
owners. The man who owns the bike shop here, he's got to pay for his 
inventory. And yet, because of the crisis, people are worried about 
whether the money in their banks--their non-interest-bearing 
transactional accounts would be safe. And so we said they are safe, all 
aiming to restore confidence in our financial systems; all aiming to 
make sure that the folks out there that are watching their 401(k)s 
decline know that the Government is taking strong action to bring--to 
get this crisis over with, so we can get back to the business of getting 
this economy back on its feet again.
    So I want to thank you all for giving me a chance to hear from you. 
We've got some community bankers here that have been affected by the 
plan we put in place, and their bank lending is now secured by the FDIC. 
And I bring a sense of optimism and realism. I'm realistic about how 
tough the situation is. I'm optimistic that we're going to come through 
it. And I believe, when we come through it, we're going to be better 
than ever.
    And finally, I want to assure the folks out here that we're not 
going to be using your
taxpayers' money to, you know, enrich financiers; that we're going to 
protect your money, we're going to help you get it back. But people 
aren't going to be able to have a golden parachute as a result of your 
hard work and money going to help provide stability in our financial 
system.

    So I want to thank you all for giving me a chance to come. This is--
it's good to be out of Washington--[laughter]--out here with people who 
are taking risk and working hard and where values are strong. And I 
thank you all for giving me a chance to come and see you. Congressman, 
thank you.

    Representative Vernon J. Ehlers.  Thank you very much. Thank you for 
being here.

Vice President's Health

    Q. How's the Vice President? How's his health?

    The President. The Vice President is going to be fine. I talked to 
him this morning. Thank you for asking. He was at our briefings this 
morning. He came in and told me he was going to head back into the 
hospital to have his, you know, his heart checked and worked on. And he 
said this is the exact same procedure he had a while ago. And he was 
confident, the doctors are confident, and therefore, I'm confident.

Note: The President spoke at 1:41 p.m. at Schnitz Ada Grill. 
Participating in the meeting were Rep. Vernon J. Ehlers of Michigan; 
Nancy Ayers, general manager, Flexco--Grand Rapids; Jeanne Englehart, 
president and chief executive office, Grand Rapids Area Chamber of 
Commerce; Jim Dunlap, regional vice president, Huntington National Bank; 
Bing Goei, owner, Eastern Floral and Gifts, Inc.; Jim Hackett, president 
and chief executive officer, Steelcase, Inc.; Jim Ippel, owner, Ada Bike 
Shop; Peter Perez, president, and Jerri Symmes, employee, Carter 
Products Company, Inc.; Michelle Van Dyke, president and chief executive 
officer, Fifth Third Bank (Western Michigan); and Jim Zawacki, president 
and chief executive officer, GR Spring & Stamping, Inc. The Office of 
the Press Secretary also released a Spanish language transcript of these 
remarks.

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