[Weekly Compilation of Presidential Documents Volume 44, Number 45 (Monday, November 17, 2008)]
[Pages 1421-1422]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

November 14, 2008

    Good morning. This weekend, I am hosting a summit on the global 
financial crisis with leaders of developed and developing nations. By 
working together, I'm confident that with time we can overcome this 
crisis and return our economies to the path of growth and vitality.
    I know many of you listening are worried about the challenges facing 
our economy. Stock market declines have eroded the value of retirement 
accounts and pension funds. The tightening of credit has made it harder 
for families to borrow money for cars, homes, and education. Businesses 
have found it harder to get loans to expand their operations and create 
jobs. Many nations have suffered job losses and have serious concerns 
about the worsening economy.
    Nations around the world have responded to this situation with bold 
measures, and our actions are having an impact. Credit markets are 
beginning to thaw, and businesses are gaining access to essential short-
term financing. It will require more time for these improvements to 
fully take hold, and there will be more difficult days ahead. But the 
United States and our partners are taking the right steps to get through 
the crisis.
    As we address the current crisis, we also need to make broader 
reforms to adapt our financial systems to the 21st century. So during 
this summit, I will work with other leaders to establish principles for 
reform, such as making markets more transparent and ensuring that 
markets, firms, and financial products are properly regulated.
    All these steps will require decisive actions from governments 
around the world. At the

[[Page 1422]]

same time, we must recognize that government intervention is not a cure-
all. While reforms in the financial sector are essential, the long-term 
solution to today's problems is sustained economic growth. And the 
surest path to that growth is free markets and free people.
    This is a decisive moment for the global economy. In the wake of the 
financial crisis, voices from the left and right are equating the free 
enterprise system with greed, exploitation, and failure. It is true that 
this crisis included failures by lenders and borrowers, by financial 
firms, by governments, and independent regulators. But the crisis was 
not a failure of the free market system. And the answer is not to try to 
reinvent that system. It is to fix the problems we face, make the 
reforms we need, and move forward with the free market principles that 
have delivered prosperity and hope to people around the world.
    The benefits of free market capitalism have been proven across time, 
geography, and culture. Around the world, free market capitalism has 
allowed once impoverished nations to develop large and prosperous 
economies. And here at home, free market capitalism is what transformed 
America from a rugged frontier to the greatest economic power in 
history.
    Just as important as maintaining free markets within countries is 
maintaining the free movement of goods and services between countries. 
There are many ways for nations to demonstrate their commitment to open 
markets. The United States Congress can take the lead by approving free 
trade agreements with Colombia, Panama, and South Korea before 
adjourning for the year.
    In the long run, Americans can be confident in the future of our 
economy. We will work with our partners around the world to address the 
problems in the global financial system. We will strengthen our economy, 
and we will continue to lead the world toward prosperity and peace.
    Thank you for listening.

Note: The address was recorded at 7:50 a.m. on November 14 in the 
Cabinet Room at the White House for broadcast at 10:06 a.m. on November 
15. The transcript was made available by the Office of the Press 
Secretary on November 14. The Office of the Press Secretary also 
released a Spanish language transcript of this address.