[Weekly Compilation of Presidential Documents Volume 44, Number 46 (Monday, November 24, 2008)]
[Pages 1441-1442]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

November 21, 2008

    Good morning. This weekend I am in Lima, Peru, meeting with leaders 
from nations in the Asia Pacific region at our annual summit.
    This summit comes at a time of serious turmoil in the global 
economy. It also comes at a time of unprecedented cooperation. A week 
ago in Washington, I hosted the first in what will be a series of 
international meetings to address the financial crisis. We reviewed the 
actions we have taken to manage the crisis, and we agreed on principles 
and specific actions to modernize our financial structures for the 21st 
century and help prevent another crisis.
    As we work to rebuild confidence in our financial systems in the 
short term, we must also work to promote long-term economic growth. 
Together, our nations must focus our efforts on three great forces that 
drive this growth: free markets, free trade, and free people.
    No region of the world demonstrates the power of these forces more 
vividly than the Asia Pacific. Free markets have helped millions lift 
themselves out of poverty. Free trade has helped small nations turn 
themselves into global economic powers. And as more people in the Asia 
Pacific are free to develop their talents and pursue their ambitions, 
the whole region has grown in prosperity. We're facing a difficult 
challenge, and there will be tough days ahead. But by relying on these 
principles, we can be confident in the future of our Nation and the 
world.
    Back at home, one of the most serious economic challenges we face is 
the situation in our auto industry. America's auto manufacturers are 
facing severe and urgent financial shortfalls. Earlier this fall, I 
signed a bill that authorized up to $25 billion in loans to help these 
automakers make more fuel-efficient

[[Page 1442]]

vehicles. Under the law, this money is not available to help auto 
companies with their immediate funding challenges. So this past week, 
Senators Bond, Levin, and Voinovich came forward with a new proposal 
that would allow auto companies to access the loans they need, as long 
as they're willing to restructure to become financially viable.
    This proposal earned support from both sides of the aisle on Capitol 
Hill. Unfortunately, the leadership in Congress adjourned without even 
allowing this measure to come up for a vote.
    My position is clear: If the automakers are willing to make the hard 
decisions needed to become viable, they should be able to receive the 
funds Congress already allotted to them for other purposes. This is a 
critical issue for our economy and our country. The American people 
expect their elected leaders to do what it takes to solve it.
    Thank you for listening.

Note: The address was recorded at 1:05 p.m. on November 20 in the 
Cabinet Room at the White House for broadcast at 10:06 a.m. on November 
22. The transcript was made available by the Office of the Press 
Secretary on November 21. The Office of the Press Secretary also 
released a Spanish language transcript of this address.