    [Weekly Compilation of Presidential Documents Volume 44, Number 43 (Monday, November 3, 2008)]
    [Pages 1384-1385]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    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 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

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    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 his
    address, the President referred to Chairman Mario Draghi 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.