Bush radio address 10/04/08 PODCAST TEXT TRANSCRIPT

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bush radio address 10/04/08 full audio, text transcript. President's Radio Address In Focus: Economy

Subscribe to Our Podcast feed or online podnova Podcast Channel and receive the weekly Presidential Radio Address in English and Spanish with select State Department Briefings. Featuring real audio and full text transcripts, More content Sources added often so stay tuned.

THE PRESIDENT: Good morning. This week, Congress passed a bipartisan rescue package to address the instability in America's financial system. This was a difficult vote for many members of the House and Senate, but voting for it was the right choice for America's economy and for taxpayers like you. I appreciate their efforts to help stop the crisis in our financial markets from spreading to our entire economy. And I appreciate their willingness to work across party lines in the midst of an election season.

The legislation Congress passed provides the necessary tools to address the underlying problem in our financial system. The root of this problem is that, as assets that banks hold have lost value, their ability to provide credit has been restricted, making it more difficult for businesses and consumers to obtain affordable loans.

Without decisive action, this credit crunch threatens to harm our entire economy. With this legislation, the Federal government can help banks and other financial institutions resume lending. This will allow them to continue providing the capital that is essential to creating jobs, financing college educations, and helping American families meet their daily needs.

Though the $700 billion dedicated to this plan is a large amount, the final cost to taxpayers will actually be much lower. Many of the assets that the government will be purchasing still have significant underlying value. As time passes, they will likely go up in price. And this means that the government should eventually be able to recoup much, if not all, of the original expenditure.

This package will also increase the safety of Americans' personal finances. For 75 years, the FDIC has provided insurance for savings accounts, checking accounts, and certificates of deposit. A similar insurance program is in effect for deposits in credit unions. And since these programs were instituted, no one has ever lost a penny on an insured deposit. The rescue package expands this protection by temporarily increasing the amount insured by the Federal government in banks and credit unions from $100,000 to $250,000. These steps should reassure Americans, especially small business owners, that their money is safe -- and it should restore confidence in the health of our banking system.

In addition to addressing the immediate needs of our financial system, this package will also help to spur America's long-term economic growth. This week, we learned that our Nation lost more jobs in September. Under these circumstances, it is essential for the government to reduce the burdens on workers and business owners. And that is why the rescue package includes relief from the Alternative Minimum Tax, which would otherwise increase taxes for 26 million taxpayers by an average of $2,200. And that is why it includes tax relief for businesses, which can use these savings to hire new employees and finance new investment.

By taking all these steps, we can begin to put our economy on the road to recovery. While these efforts will be effective, they will also take time to implement. My Administration will move as quickly as possible, but the benefits of this package will not all be felt immediately. The Federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spent wisely.

I know many of you listening this morning are anxious about the state of our economy and what it means for your personal finances. I am confident that the implementation of this relief package can begin to address those concerns. I'm confident by getting our markets moving, we will help unleash the key to our continued economic success: the entrepreneurial spirit of the American people.

Thank you for listening. # # #

For Immediate Release Office of the Press Secretary October 4, 2008

Tags: President Bush and White House radio address

Discurso Radial del Presidente a la Nación 10/04/08

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forre el audio de la dirección de radio 10/04/08 por completo, transcripción del texto. (nota de los redactores: ninguna lengua española mp3 lanzó esta semana, apesadumbrada) PODCAST

Suscribir a nuestro canal de Podcast de Odeo o del podnova y recibir la dirección de radio presidencial semanal en inglés y español con informes selectos del departamento del estado. Ofreciendo transcripciones audio y con texto completo verdaderas, más fuentes contentas agregaron a menudo así que la estancia templó.

Buenos Días.

Esta semana el Congreso aprobó un paquete bipartito de rescate para enfrentar la inestabilidad en el sistema financiero estadounidense. Este fue un voto difícil para muchos miembros de la Cámara y del Senado - pero votar en su favor fue la opción acertada para la economía de Estados Unidos y para contribuyentes como ustedes. Agradezco sus esfuerzos por evitar que la crisis en nuestros mercados financieros se extendiera a toda nuestra economía. Y aprecio su voluntad de trabajar más allá de líneas partidarias en medio de una temporada de elecciones.

La legislación aprobada por el Congreso ofrece las herramientas necesarias para enfrentar el problema fundamental en nuestro sistema financiero. La raíz del problema es que a medida que pierden valor los bienes que poseen los bancos, su capacidad de ofrecer crédito se ha visto restringida, haciendo más difícil que los negocios y los consumidores obtengan préstamos bajo condiciones económicas. Sin acción decisiva, esta crisis crediticia amenaza con perjudicar a nuestra economía en su conjunto.

Con esta legislación, el gobierno federal puede ayudar a los bancos y otras instituciones financieras a volver a prestar. Esto les permitirá ofrecer el capital que es esencial para crear empleos, financiar educaciones universitarias, y ayudar a las familias estadounidenses a cumplir con sus necesidades cotidianas.

Aunque los 700 mil millones de dólares dedicados a este plan representan una cantidad muy grande, el costo final al contribuyente en realidad será mucho menor. Muchos de los bienes que el gobierno comprará aún tienen un valor intrínsico importante. A medida que pase el tiempo, seguramente subirán de precio. Y esto significa que el gobierno eventualmente deberá poder recuperar gran parte, sino todo, del gasto original.

Este paquete también aumentará la seguridad de las finanzas personales de los estadounidenses. Durante 75 años la FDIC ha ofrecido seguros para cuentas de ahorro, cuentas corrientes, y certificados de depósito. Un programa de seguros similar está en vigor para depósitos en cooperativas de ahorro y crédito. Y desde que se establecieron estos programas, nadie ha perdido un centavo de un depósito asegurado. El paquete de rescate amplía esta protección aumentando temporalmente la cantidad asegurada por el gobierno federal en bancos y cooperativas de ahorro y crédito de 100,000 dólares a 250,000 dólares. Estas medidas deberán tranquilizar a los estadounidenses, en particular a los dueños de pequeños negocios, de que su dinero está seguro - y deberá reestablecer la confianza en la salud de nuestro sistema bancario.

Además de abordar las necesidades inmediatas de nuestro sistema financiero, este paquete también ayudará a impulsar el crecimiento económico a largo plazo de Estados Unidos. Esta semana supimos que nuestra Nación perdió más empleos en septiembre. Bajo estas circunstancias es menester que el gobierno reduzca las cargas sobre los trabajadores y los dueños de negocios. Y es por eso que el paquete de rescate incluye alivio del Impuesto Mínimo Alternativo, lo cual de otra manera aumentaría los impuestos para 26 millones de contribuyentes en un promedio de 2,200 dólares. Y es por eso que incluye alivio tributario para negocios, que pueden usar estos ahorros para contratar nuevos empleados y financiar nuevas inversiones.

Tomando todas estas medidas podemos comenzar a poner a nuestra economía en el camino hacia la recuperación. Aunque estos esfuerzos serán eficaces, también tomará tiempo su implementación. Mi Administración irá lo más de prisa posible, pero los beneficios de este paquete no se sentirán de inmediato. El gobierno federal emprenderá este plan de rescate a un ritmo cauteloso y deliberado para asegurar que sus dólares de impuestos sean gastados prudentemente.

Yo sé que muchos de ustedes que escuchan esta mañana están inquietos sobre el estado de nuestra economía y lo que significa para sus finanzas personales. Yo confío que la implementación de este paquete de alivio puede comenzar a calmar esas inquietudes. Yo confío que al poner en marcha nuestros mercados, ayudaremos a liberar lo que es la clave hacia nuestro éxito económico continuo - el espíritu empresarial del pueblo de Estados Unidos.

Gracias por escuchar.

Para su publicación inmediata, Oficina del Secretario de Prensa, 4 de octubre de 2008

Etiquetas De Technorati: Discurso Radial del Presidente a la Nación, y Presidente Bush

John McCain's Weekly Radio Address PODCAST

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ARLINGTON, VA -- McCain-Palin 2008 today released the text of John McCain's weekly radio address. John McCain's Weekly Radio Address:

Good morning, this is John McCain. And this week our government finally took a decisive step to regain confidence in our financial markets. It took Congress a while, but a majority finally awakened to the danger. And by the week's end, with the unity that this crisis demands, Congress acted to restore stability to the American economy.

On Thursday night, millions of Americans got to see a little more of why I chose Sarah Palin to be my running mate. In her debate with Senator Joe Biden, she showed the intelligence, heart and grace under pressure that our nation's capital desperately needs. I couldn't be prouder of my choice, or more certain that she's the right person to help me shake things up in Washington. And there were moments when I almost felt a little sorry for my old friend, Joe.

Pressure and crisis often have a way of revealing the best within us -- of showing what we are made of, and how much we can achieve when we are put to the test. This is true of the grave challenges we face in Washington today. Yet it should not require extreme emergencies to bring out the best in us, or to bring us together in service to the common good. We are supposed to do that even in the calmest of times. And if we worked together more often in that spirit, perhaps there would be fewer crises, close-calls, and near-disasters confronting our nation.

Our government is on the wrong track, our economy is struggling, and we got even more bad news with yesterday's unemployment report. It is a time for leadership and a plan to create jobs and get our country on the right track.

I believe in low taxes; spending discipline, and open markets. I believe in rewarding hard work and letting people keep the fruits of their labor. We will keep tax rates low. We will simplify the current tax code. We will double the child exemption from 3500 dollars to 7000 dollars. We will give every family a 5000 dollar tax credit to buy their own health insurance or keep their current plan, and we will open up the national health-care market to expand choices and improve quality. And my administration will reduce the price of food by eliminating the subsidies for ethanol and agricultural goods. These subsidies inflate the price of food, not only for Americans but for people in poverty across the world, and I intend to abolish them.

I believe in a government that unleashes the creativity and initiative of Americans, so they can create more jobs and keep our economy growing. So we will cut business taxes from 35 percent to 25 percent, to give American businesses a new edge in competition. We will spur new investment through R&D tax credits and expensing of equipment. And we will protect the right of workers to decide for themselves, by secret ballot, whether to unionize.

As president, I will also set this country on the straightest, swiftest path to energy independence. We will attack the problem on every front. We will produce more energy at home. We will drill new wells offshore, and we'll drill them now. We will build more nuclear power plants. We will develop clean coal technology. We will increase the use of wind, tide, solar and natural gas. In all of this, and more, we will create millions of new jobs, many in industries that will be the engine of our future prosperity -- jobs that will be there when your children enter the workforce.

If I am elected president, I will also act immediately with reforms to restore fairness, integrity, and financial sanity to the institutions that have failed us on Wall Street. We will apply new rules to Wall Street, to end the frenzies of speculation by people gaming the system, and to make sure that this present crisis is never repeated.

We must also realize that this rescue plan has serious implications for future spending. We cannot dedicate more than a trillion dollars to rescue failing institutions, and then go right back to business as usual in Washington -- as if there were no end to the resources of government or to the patience of taxpayers. Therefore, as president, I will impose a one-year spending freeze on every agency of the federal government, excepting only national defense, the care of our veterans, and a few critical priorities. Leadership requires candor. And I will tell you bluntly that America is already ten trillion dollars in debt, and to make our economy strong again we must reduce the burden of federal spending. We cannot tax our way to prosperity. I am committed to billions in spending reductions that will balance the budget, and get us on the path away from ruinous debt.

The constant partisan rancor that stops us from solving these problems in Washington isn't a cause, it's a symptom. It's what happens when people go to Washington to work for themselves and not you.

Again and again, I've worked with members of both parties to fix problems that need to be fixed. That's how I will govern as president. I will reach out my hand to anyone to help me get this country moving again. I have that record and the scars to prove it.

Instead of rejecting good ideas because we didn't think of them first, let's use the best ideas from both sides. This great country can do anything we put our minds to. I will ask Democrats and Independents to serve with me. And my administration will set a new standard for transparency and accountability. We're going to finally start getting things done for the people who are counting on us, and I won't care who gets the credit.

Thanks for listening. ###

Tags: Bobby Jindal or John McCain and Sarah Palin

Vice Presidential Candidates Debate Biden Palin LIVE STREAMING VIDEO TEXT TRANSCRIPT PODCAST

FULL TEXT TRANSCRIPT - Official transcript from the Commission on Presidential Debates (in PDF format), PODCAST Streaming MP3 and PODCAST Download MP3 Vice Presidential Debate From St. Louis, MO. (October 2, 2008) FULL STREAMING VIDEO from CSPAN

09:00 PM EDT. Running Time 1:30 LIVE Vice Presidential Candidates Debate CNN - Windows Media. and C-SPAN - Windows Media. - FULL STREAMING VIDEO LIVE Commission on Presidential Debates, Sarah Palin, (R-Ak), Joe Biden (D-De) Gwen Ifill, PBS..

Sen. Joe Biden from Delaware and Gov. Sarah Palin of Alaska, the vice presidential nominees of the Democratic and Republican parties,

respectively, will debate each other at 8 p.m. (CDT) Oct. 2 in the Washington University in St. Louis Athletic Complex, according to the Commission on Presidential Debates (CPD).

This is the first time the University will host a vice presidential debate. It's the fifth consecutive presidential election that the University has been selected by the CPD, the event's sponsor, to serve as a debate host.

The CPD, a nonpartisan, nonprofit organization established in 1987, is responsible for selecting the venues and producing the presidential debates. The CPD's three 2008 presidential debates locations and dates are: the University of Mississippi in Oxford, Miss., Sept. 26; Belmont University in Nashville, Tenn., Oct. 7; and Hofstra University in Hempstead, N.Y., Oct. 15.

Washington University again is offering the same facilities that were made available for the 1992, 1996, 2000 and 2004 debates. They include the Field House — which is the actual debate site — Francis Gymnasium, the Rec Gym and other areas of the Athletic Complex. Francis Gym and Francis Field were the sites of the 1904 World Olympic Games, the first Olympics played in the Western Hemisphere.

The debate will be moderated by Gwen Ifill, a longtime correspondent and moderator for nationally televised public broadcasting news programs. Ifill, who serves as moderator and managing editor of PBS' "Washington Week" and senior correspondent for "The NewsHour with Jim Lehrer," also moderated the CPD's 2004 vice presidential debate between Vice President Dick Cheney and Sen. John Edwards, held Oct. 5 at Case Western Reserve University in Cleveland.

Biden was nominated for vice president Aug. 27 at the Democratic National Convention in Denver, Colo. A week later, on Sept. 4, Palin was nominated for vice president at the Republican National Convention in St. Paul, Minn.

Biden, 65, is a 36-year veteran of the U.S. Senate. He was elected in 1972 when he was 29. He is known for his leadership in foreign policy, terrorism, crime and drug policy. He ran unsuccessfully for the presidential nomination of his party in 1988 and in 2008.

Biden is the former chairman and long-time member of the Senate Judiciary Committee. Over the years he has been influential in crime and drug policy legislation. His Violent Crime Control and Law Enforcement Act of 1994, frequently referred to as the Biden Crime Bill, increased police numbers by 100,000 nationwide and brought more federal support for criminal justice.

The 2007 Biden Crime Bill addresses burgeoning crime problems such as online child exploitation, computer hacking and teenage prescription drug abuse.

Palins vice presidential nomination marks the first time that the Republican Party has nominated a woman for the position. On Dec. 4, 2006, she also made history when she became the first woman governor of Alaska.

Palin, 44, has overseen increases in Alaska state savings, education funding and implemented the Senior Benefits Program that provides support for low-income older Alaskans. Her administration has passed an overhaul of the states ethics laws and developed a process to construct a gas pipeline.

Palin is chair of the Interstate Oil and Gas Compact Commission, a multistate government agency that promotes the conservation and efficient recovery of domestic oil and natural gas resources while protecting the environment.

Before becoming governor of Alaska, she served two terms on the Wasilla City Council and two terms as mayor/manager of Wasilla. Palin also has served as chair of the Alaska Conservation Commission, which regulates Alaska's oil and gas.

Local sponsors for the vice presidential debate are AT&T, Emerson and Wachovia Securities. For information on these firms, go to: http://debate.wustl.edu/sponsors.html.

Washington University is the only institution to host more than two debates.

In 1992, the university hosted the first nationally televised three-candidate presidential debate in CPD history, was selected to host a presidential debate in 1996 that eventually was canceled, hosted the third and last presidential debate of the 2000 campaign season and the second of three presidential debates before the 2004 election.

For more information about CPD guidelines for debate site selection, debate formats and selection criteria used to determine the candidates to be invited to participate in the debates, please visit the CPD's Web site, debates.org.

Tags: Governor Sarah Palin or Senator Joe Biden and Washington University in St. Louis

McCain Palin WEB Ad:Alaska's Political Circus VIDEO

ANCHORAGE, AK -- Today, at a Palin Truth Squad Press Conference in Alaska, the McCain-Palin campaign announced the release of its latest web ad, entitled "Alaska's Political Circus."

The ad chronicles the antics of Obama partisans that have transformed a previously nonpolitical inquiry into a political circus designed to undermine Governor Palin.

Transcript For "Alaska's Political Circus" (Web 1:20)

ANNCR: In Alaska. The circus has come to town.

When Gov. Sarah Palin dismissed Walter Monegan over insubordination regarding his budget, blogger conspiracy theories started to fly and an investigation ensued.

Meet Sen. Hollis French. An Obama supporter.

He moved the investigation deadline to the middle of the presidential campaign, saying it could lead to an October surprise.

Meet Sen. Kim Elton. An Obama donor who continues to ignore the calls of his own committee members to reconsider whether the investigation is legitimate.

And then there's Steve Branchflower. Appointed as a QUOTE independent investigator by Elton. Branchflower and French were recently exposed for colluding on the issuing of subpoenas.

So why are they even investigating Gov. Palin? Conspiracy theorists say it's because Monegan was dismissed because he wouldn't fire Trooper Michael Wooten.

Even after Wooten was cited for tasering his 10-year-old stepson.

Secrecy, collusion, and October surprises. It's nothing more than a three-ring circus emceed by Obama partisans.

AD FACTS: Script For "Alaska's Political Circus" (WEB 1:20)

ANNCR: In Alaska. The circus has come to town. When Gov. Sarah Palin dismissed Walter Monegan over insubordination regarding his budget, blogger conspiracy theories started to fly and an investigation ensued.

"Walt Monegan Lost His Job As Public Safety Director Because He Resisted Gov. Sarah Palin's Budget Policies And Showed 'Outright Insubordination,' Say Papers The Governor's Lawyer Filed Monday With The State Personnel Board." (Wesley Loy, "Palin Accuses Monegan Of Insubordination," Anchorage Daily News, 9/16/08)

"A Feud Within The Family Of Gov. Sarah Palin Spilled Into The Public Thursday With Accusations She Tried To Get A State Trooper Fired And She Then Fired The Trooper's Boss Because He Wouldn't Act On Her Request." (Megan Holland, "Palin Denies Accusation Over Firing Of Monegan," Anchorage Daily News, 7/18/08)

"The Wooten Accusation Came Initially On The Blog Of Former State Rep. Andrew Halcro, Who Ran Against Palin In The 2006 Gubernatorial Race And Who Has Been A Staunch Critic Of Her And Her Administration Since." (Megan Holland, "Palin Denies Accusation Over Firing Of Monegan," Anchorage Daily News, 7/18/08)

"State Legislators On Monday Voted To Spend Up To $100,000 To Investigate Gov. Sarah Palin's Controversial Firing Of Former State Public Safety Commissioner Walt Monegan." (Wesley Loy, "Hired Help Will Probe Monegan Dismissal," Anchorage Daily News, 7/29/08)

ANNCR: Meet Sen. Hollis French. An Obama supporter.

Sen. French Is Listed As An Obama Supporter On The Obama/Biden Website. (Obama/Biden Website, http://my.barackobama.com/, Accessed 9/21/08)

ANNCR: He moved the investigation deadline to the middle of the presidential campaign, saying it could lead to an October surprise.

Originally, The Release Of Final Report Was October 31. "'If they had done their job they never would have picked her,' said French. 'Now they may have to deal with an October surprise,' he said, referring to the scheduled release Oct. 31 of the committee's final report." (Brian Ross And Len Tepper, "'October Surprise' Over Palin Investigation?" ABC News, http://abcnews.go.com, 9/2/08)

Sen. French Then Said The Report Would Be Issued On October 10th. CNN's Drew Griffin: "So Hollis French (ph) is the legislator, and he says he's going to release it on October 10, which means we're just about a month or so away from this being over with." (CNN's "Anderson Cooper," 9/5/08)

"Democratic Sen. Hollis French Was Accused Of Manipulating The Probe For Political Effect On National And State Elections." (Matt Volz, "French To Retain Oversight Of Palin Probe," The Associated Press, 9/9/08)

"'If They Had Done Their Job They Never Would Have Picked Her,' Said French. 'Now They May Have To Deal With An October Surprise,' He Said, Referring To The Scheduled Release Oct. 31 Of The Committee's Final Report." (Brian Ross And Len Tepper, "'October Surprise' Over Palin Investigation?" ABC News, http://abcnews.go.com, 9/2/08)

ANNCR: Meet Sen. Kim Elton. An Obama donor who continues to ignore the calls of his own committee members to reconsider whether the investigation is legitimate.

Elton Has Donated $2,000 To The Obama Campaign. (Center For Responsive Politics, www.opensecrets.org, Accessed 9/21/08)

"On Monday, Alaska Democratic State Senator Kim Elton, Chairman Of The State Legislative Council, Rejected A Call By Republicans To Replace The Democrat Who Is Overseeing The Investigation." ("Palin's Husband Subpoenaed In 'Troopergate' Probe," Agence France Presse, 9/12/08)

"The Move Kept The Investigation Into Palin's July 11 Firing Of Public Safety Commissioner Walter Monegan On Track With A Final Report Due To Be Completed By October 10 -- Three Weeks Before The November 4 Election." ("Palin's Husband Subpoenaed In 'Troopergate' Probe," Agence France Presse, 9/12/08)

ANNCR: And then there's Steve Branchflower. Appointed as a QUOTE independent investigator by Elton. Branchflower and French were recently exposed for colluding on the issuing of subpoenas.

"On July 28, The State Legislative Council, A Bipartisan Panel Of Senators And Representatives, Approved Hiring An Independent Investigator To Look Into Monegan's Firing And Any Abuse Of Power. Retired Prosecutor Steve Branchflower Was Named Special Counsel." (Lisa Demer, "Monegan Case Clouds Governor's Bright Day," Anchorage Daily News, 8/30/08)

"Steve Branchflower, A Retired Prosecutor, Was Named Friday As Special Counsel To The Legislature To Investigate Gov. Sarah Palin's Firing Of Former Public Safety Commissioner Walt Monegan." (Megan Holland, "Branchflower Will Investigate Monegan Case," Anchorage Daily News, 8/2/08)

"'Alaskans Are Calling For A Complete And Fair Investigation Into Why Walt Monegan Was Fired And If It Had Anything To Do With Trooper Mike Wooten,' Sen. Kim Elton, D-Juneau, Said In A Press Release." (Megan Holland, "Branchflower Will Investigate Monegan Case," Anchorage Daily News, 8/2/08)

Alaska Joint Judiciary Committee Hearing, 9/12/08, http://www.youtube.com/watch?v=s0Efv0kbqOs

ANNCR: So why are they even investigating Gov. Palin? Conspiracy theorists say it's because Monegan was dismissed because he wouldn't fire Trooper Michael Wooten.

"A Feud Within The Family Of Gov. Sarah Palin Spilled Into The Public Thursday With Accusations She Tried To Get A State Trooper Fired And She Then Fired The Trooper's Boss Because He Wouldn't Act On Her Request." (Megan Holland, "Palin Denies Accusation Over Firing Of Monegan," Anchorage Daily News, 7/18/08)

"The Wooten Accusation Came Initially On The Blog Of Former State Rep. Andrew Halcro, Who Ran Against Palin In The 2006 Gubernatorial Race And Who Has Been A Staunch Critic Of Her And Her Administration Since." (Megan Holland, "Palin Denies Accusation Over Firing Of Monegan," Anchorage Daily News, 7/18/08)

ANNCR: Even after Wooten was cited for tasering his 10-year-old stepson. Secrecy, collusion, and October surprises. It's nothing more than a three-ring circus emceed by Obama partisans.

"In 2006, State Investigators Found Wooten Guilty Of 'A Significant Pattern Of Judgment Failures,' Including Using A Taser On His 10-Year-Old Stepson And Drinking Beer While Operating A State Trooper Vehicle. Wooten Was Suspended For 10 Days As 'A Last Chance To Take Corrective Action.'" ("Trooper In Palin Probe Tells His Side," CNN, www.cnn.com, 9/5/08) ###

Tags: Barack Obama or John McCain and Sarah Palin

Presidential Message: Rosh Hashanah, 5769

Rosh Hashanah, going to Synagogue Library of Congress Prints and Photographs Division Washington, D.C. 20540 USA hdl.loc.gov/loc.pnp

I send greetings to those celebrating Rosh Hashanah. On this occasion of spiritual reflection, people of the Jewish faith in our country and around the world recognize the blessings from the Almighty as they commemorate the anniversary of the creation of the world. During this holy time, men and women take time to remember the past, contemplate the sweetness of the new year, and look forward to a promising future.

This special occasion is also an opportunity to celebrate the history of the Jewish people and the values that bind us all together.

Laura and I send our best wishes for a meaningful Rosh Hashanah and L'shanah tovah.

GEORGE W. BUSH # # #

For Immediate Release Office of the Press Secretary September 29, 2008

Tags: President Bush and Rosh Hashanah, 5769

Presidential Message: Eid al-Fitr

Eid ul-Fitr 2005 at Dublin Mosque, Ireland.

I send greetings to Muslims everywhere celebrating Eid al-Fitr, the Festival of Breaking the Fast. During the three-day festival of Eid al-Fitr, Muslims celebrate the completion of their fast and the blessings of a renewed faith.

On this special occasion, families and friends around the globe gather to share traditional foods and congratulate each other on meeting the test of Ramadan.

Our Nation has millions of citizens who practice Islam, and our country benefits from their many contributions. This holiday is also an opportunity for Muslims to reflect on Islam's vibrant culture, which has enriched civilization for centuries.

Laura and I send our best wishes. Eid Mubarak.

GEORGE W. BUSH # # # For Immediate Release Office of the Press Secretary September 30, 2008

Tags: President Bush and Eid al-Fitr

Sheila C. Bair Chairman FDIC Biography VIDEO

Sheila C. Bair Born: c. 1953, was sworn in as the 19th Chairman of the Federal Deposit Insurance Corporation (FDIC) on June 26, 2006. She was appointed Chairman for a five-year term, and as a member of the FDIC Board of Directors through July 2013.

Before her appointment to the FDIC, Ms. Bair was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst since 2002. Her Academic and Professional Activities were: Member, ATC Advisory Committee, National Association of Securities Dealers, Washington, DC, Board Member, Center for Responsible Lending, Durham, NC, Board Member, Insurance Marketplace Standards Association (IMSA), Washington, DC. Research Grants: MassMutual, Fannie Mae Corporation, Inter-American Development Bank, The Casey Foundation. Syllabus FOMGT 330 PDF

Other career experience includes serving as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002), Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000), a Commissioner and Acting Chairman of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Senate Majority Leader Robert Dole (1981 to 1988). While an academic, Chairman Bair also served on the FDIC's Advisory Committee on Banking Policy.

Chairman Bair's prior work focused heavily on the banking sector. As the Assistant Treasury Secretary for Financial Institutions, she was charged with helping to develop the Administration's positions on banking policy issues.

Interview with Sheila C. Bair, Chair, Federal Deposit Insurance Corporation, at the 2008 'State of the Valley' Conference, San Jose, CA.

She worked closely with Treasury's own banking regulatory bureaus, the Office of the Comptroller of the Currency and the Office of Thrift Supervision, as well as the Federal Reserve Board and the FDIC. Ms. Bair's teaching and research at the University of Massachusetts also dealt extensively with banking and related issues.

Ms. Bair has served as a member of several professional and nonprofit organizations, including the Insurance Marketplace Standards Association, Women in Housing and Finance, Center for Responsible Lending, NASD Ahead-of-the-Curve Advisory Committee, Massachusetts Savings Makes Cents, American Bar Association, Exchequer Club, and Society of Children's Book Writers and Illustrators.

Five months after becoming Chairman, Ms. Bair was named to The Wall Street Journal magazine Smart Money's (November 2006) “Power 30” list – the magazine's lineup of the 30 most influential people in investing. Chairman Bair has also received several honors for her published work on financial issues, including her educational writings on money and finance for children, and for professional achievement. Among the honors she has received are: Distinguished Achievement Award, Association of Education Publishers (2005); Personal Service Feature of the Year, and Author of the Month Awards, Highlights Magazine for Children (2002, 2003 and 2004); and The Treasury Medal (2002). Her first book – Rock, Brock and the Savings Shock, a publication for children – was published in 2006.

Her first book – Rock, Brock and the Savings Shock, a publication for children – was published in 2006. This was followed by Isabel's Car Wash in 2008. Both titles show children good examples of money management.

In 2008 Forbes ranked her as the second most powerful woman in the world behind German chancellor Angela Merkel.

Chairman Bair received a bachelor's degree from Kansas University (1975) and a J.D. from Kansas University School of Law (1978). She is married to Scott P. Cooper and has two children.

SOURCES:

• Board of Directors & Senior Executives
• Fix Rates to Save Loans
• The 100 Most Powerful Women
• Nominations Sent to the Senate
• Sheila C. Bair
• Isenberg School of Management: Department of Finance and Operations Management Sheila Bair
• KQED Public Media

New study highlights risk of fake popup warnings for Internet users

Real Windows Security Warning

A new study by researchers at North Carolina State University shows that most Internet users are unable to distinguish genuine popup warnings messages from false ones – even after repeated mistakes. The fake ones were designed to trick users into downloading harmful software.

"This study demonstrates how easy it is to fool people on the Web," says study co-author Dr. Michael S. Wogalter, professor of psychology at NC State. The study examined the responses of undergraduate students to real and fake warning messages while they did a series of search tasks on a personal computer connected to the Internet.

Typical Fake Pop-up Warning

The real warning messages simulated local Windows operating system warnings, whereas fake messages were popup messages emanating from an exterior source via the Internet.

Real Windows Security Alert

The physical differences between the real and the fake messages were subtle, and most participants did not discern them. Participants were fooled by the fake messages 63 percent of the time, hitting the "OK" button in the message box when it appeared on the screen despite being told that some of what they would be seeing would be false.

The ways people responded could potentially open them up to malevolent software, such as spyware or a computer virus, Wogalter says. Safer options, such as simply closing the message box, were infrequently chosen. The study was led by psychology graduate student David Sharek and co-authored by undergraduate Cameron Swofford.

Typical Fake Pop-up Alert

Wogalter notes that companies and other credible entities may want to incorporate additional unique features into the real messages to allow people to differentiate between genuine warning messages and fake popups. However, he says, "I don't know if you could develop a legitimate message that could not be duplicated and used illegitimately."

Wogalter says the results of the study highlight the need to educate Internet users to be cautious. "Be suspicious when things pop up," Wogalter says. "Don't click OK – close the box instead." ###

The study was published Sept. 22 in Proceedings of Human Factors and Ergonomics Society.

Note to editors: The study abstract follows.

"Failure to Recognize Fake Internet Popup Warning Messages"
Authors: David Sharek, Cameron Swofford and Michael Wogalter, North Carolina State University.
Published: Sept. 22 in Proceedings of Human Factors and Ergonomics Society

Abstract: "Warning, your computer is infected with spyware. Windows needs to download and install the anti-spyware updates to remedy this issue. Click OK to begin." This is just one example of many popup warnings that spyware and malware creators use to try to mislead unsuspecting Internet users into downloading potentially harmful software. Falling prey to an illegitimate message could produce negative consequences that vary from bothersome computer performance to complete system failure. The purpose of this study was to determine which visual design cues, if any, would alert people to the illegitimacy of fake popup warning windows while browsing the Internet. Results indicated that most people did not behave in a cautious manner upon presentation of three different fake popup warning windows. Implications of the research are discussed.

Contact: Matt Shipman matt_shipman@ncsu.edu 919-515-3470 North Carolina State University

Freedom Calendar 09/27/08 - 10/04/08

September 27, 1804, Birth of anti-slavery U.S. Rep. and Lt. Governor John Goodrich, first Chairman of Massachusetts Republican Party.

September 28, 1868, Democrats in Opelousas, Louisiana murder nearly 300 African-Americans who tried to prevent an assault against a Republican newspaper editor.

September 29, 1963, Gov. George Wallace (D-AL) defies order by U.S. District Judge Frank Johnson, appointed by President Dwight Eisenhower, to integrate Tuskegee High School.

September 30, 1953, Earl Warren, California’s three-term Republican Governor and 1948 Republican vice presidential nominee, nominated to be Chief Justice; wrote landmark decision in Brown v. Board of Education.

October 1, 1973, Richard Cavazos promoted by President Richard Nixon to be first Hispanic Brigadier General in U.S. Army; in 1982, President Ronald Reagan made him first Hispanic four–star General.

October 2, 1983, President Ronald Ronald Reagan proclaims first Minority Enterprise Development Week.

October 3, 1924, Republicans denounce three-time Democrat presidential nominee William Jennings Bryan for defending the Ku Klux Klan at 1924 Democratic National Convention.

October 4, 1954, Birth of Texas Supreme Court Justice Priscilla Owen, advocate for legal services to the poor; her nomination by President George W. Bush to U.S. Court of Appeals was blocked by Democrats in Senate.

“This government will meet its responsibility to help those in need. But policies that increase dependency, break up families, and destroy self-respect are not progressive; they're reactionary. Despite our strides in civil rights, blacks, Hispanics, and all minorities will not have full and equal power until they have full economic power.”

Ronald Reagan, 40th President of the United States

Technorati Tags: President Bush and Freedom Calendar or Booker T. Washington and Republicans or African-Americans and Brown v. Board of Education or Ronald Reagan and Earl Warren or Abraham Lincoln and Frederick Douglass or 40 acres and a mule or Martin Luther King and Voting Rights Act of 1965 or Dred Scott

Presidential Podcast 09/27/08

Presidential Podcast 09/27/08 . Subscribe to Our Podcast feed or online podnova Podcast Channel and receive the weekly Presidential Radio Address in English and Spanish with select State Department Briefings. Featuring full audio and text transcripts, More content Sources added often so stay tuned.

Tags: President Bush and White House radio address

Bush radio address 09/27/08 full audio, text transcript

bush radio address 09/27/08 full audio, text transcript. President's Radio Address In Focus: Economy

Subscribe to Our Podcast feed or online podnova Podcast Channel and receive the weekly Presidential Radio Address in English and Spanish with select State Department Briefings. Featuring real audio and full text transcripts, More content Sources added often so stay tuned.

THE PRESIDENT: Good morning. This is an extraordinary period for America's economy. Many Americans are anxious about their finances and their future. On Wednesday, I spoke to the Nation, and thanked Congress for working with my Administration to address the instability in our financial system. On Thursday, I hosted Senator McCain, Senator Obama, and congressional leaders from both parties at the White House to discuss the urgency of passing a bipartisan rescue package for our economy.

The problems in our economy are extremely complex, but at their core is uncertainty over "mortgage-backed securities." Many of these financial assets relate to home mortgages that have lost value during the housing decline. In turn, the banks holding these assets have restricted credit, and businesses and consumers have found it more difficult to obtain affordable loans. As a result, our entire economy is in danger. So I proposed that the Federal government reduce the risk posed by these troubled assets, and supply urgently needed money to help banks and other financial institutions avoid collapse and resume lending.

I know many of you listening this morning are frustrated with the situation. You make sacrifices every day to meet your mortgage payments and keep up with your bills. When the government asks you to pay for mistakes on Wall Street, it does not seem fair. And I understand that. And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible. The failure of the financial system would mean financial hardship for many of you.

The failure of the financial system would cause banks to stop lending money to one another and to businesses and consumers. That would make it harder for you to take out a loan or borrow money to expand a business. The result would be less economic growth and more American jobs lost. And that would put our economy on the path toward a deep and painful recession.

The rescue effort we're negotiating is not aimed at Wall Street -- it is aimed at your street. And there is now widespread agreement on the major principles. We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets. We must ensure that taxpayers are protected, that failed executives do not receive a windfall from your tax dollars, and that there is a bipartisan board to oversee these efforts.

Under the proposal my Administration sent to Congress, the government would spend up to $700 billion to buy troubled assets from banks and other financial institutions. I know many Americans understand the urgency of this action, but are concerned about such a high price tag. Well, let me address this directly:

The final cost of this plan will be far less than $700 billion. And here's why: As fear and uncertainty have gripped the market for mortgage-related assets, their price has dropped sharply. Yet many of these assets still have significant underlying value, because the vast majority of people will eventually pay off their mortgages. In other words, many of the assets the government would buy are likely to go up in price over time. This means that the government will be able to recoup much, if not all, of the original expenditure.

Members of Congress from both sides of the aisle have contributed constructive proposals that have improved this plan. I appreciate the efforts of House and Senate Democratic and Republican leaders to bring a spirit of bipartisan cooperation to these discussions. Our Nation's economic well-being is an issue that transcends partisanship. Republicans and Democrats must continue to address it together. And I am confident that we will pass a bill to protect the financial security of every American very soon.

Thank you for listening. # # #

For Immediate Release Office of the Press Secretary September 27, 2008

Tags: President Bush and White House radio address

Discurso Radial del Presidente a la Nación 09/27/08

forre el audio de la dirección de radio 09/27/08 por completo, transcripción del texto. (nota de los redactores: ninguna lengua española mp3 lanzó esta semana, apesadumbrada) PODCAST

Suscribir a nuestro canal de Podcast de Odeo o del podnova y recibir la dirección de radio presidencial semanal en inglés y español con informes selectos del departamento del estado. Ofreciendo transcripciones audio y con texto completo verdaderas, más fuentes contentas agregaron a menudo así que la estancia templó.

Buenos Días.

Este es un período extraordinario para la economía de Estados Unidos. Muchos estadounidenses están inquietos sobre sus finanzas y su futuro. El miércoles hablé a la Nación y agradecí al Congreso por colaborar con mi Administración para resolver la inestabilidad en nuestro sistema financiero. El jueves recibí en la Casa Blanca a los Senadores McCain y Obama, así como líderes del Congreso de ambos partidos para discutir la urgencia de aprobar un paquete de rescate bipartito para nuestra economía.

Los problemas en nuestra economía son extremadamente complejos, pero al fondo está la incertidumbre sobre "valores respaldados por hipotecas". Muchos de estos valores financieros se relacionan a hipotecas de casas que han perdido valor durante el deterioro de la vivienda. A su vez, los bancos dueños de estos valores han restringido el crédito y los negocios y los consumidores lo han encontrado cada vez más difícil obtener préstamos en condiciones favorables. Como resultado, nuestra economía en su conjunto está en peligro. Por lo tanto he propuesto que el gobierno federal reduzca el riesgo que representan estos valores problemáticos y proporcione dinero urgentemente necesitado para ayudar a los bancos y a otras instituciones financieras a evitar el colapso y volver a prestar dinero.

Yo sé que muchos de ustedes que me escuchan esta mañana están frustrados con la situación. Hacen sacrificios todos los días para cubrir los pagos de su hipoteca y pagar sus cuentas. Cuando el gobierno le pide que paguen por los errores en Wall Street, no parece justo. Y yo comprendo eso. Y si fuera posible dejar que cada empresa irresponsable en Wall Street fracase sin afectarle a usted y a su familia, yo lo haría. Pero eso no es posible. El fracaso del sistema financiero significaría penuria económica para muchos de ustedes.

El fracaso del sistema financiero causaría que los bancos dejaran de prestarse dinero entre sí y a los negocios y consumidores. Eso haría más difícil para usted obtener un préstamo o prestar dinero para ampliar un negocio. El resultado sería menor crecimiento económico y la pérdida de más empleos estadounidenses. Y eso pondría a nuestra economía sobre el camino hacia una profunda y dolorosa recesión.

El esfuerzo de rescate que estamos negociando no está enfocado en la calle Wall - está enfocado en su calle de usted. Y hay un acuerdo difundido sobre los principios principales. Debemos liberar el flujo de crédito a consumidores y negocios reduciendo el riesgo que representan valores con dificultades. Debemos asegurar que los contribuyentes estén protegidos... que los ejecutivos fracasados no reciban una ganancia inesperada de sus dólares de impuestos... y que haya una comisión bipartita para supervisar estos esfuerzos.

Bajo la propuesta que mi Administración envió al Congreso, el gobierno gastaría hasta 700 mil millones de dólares para comprar valores en dificultades de bancos y otras instituciones financieras. Yo sé que muchos estadounidenses entienden la urgencia de esta acción, pero les preocupa que el costo sea tan elevado. Pues permítanme abordar esto de forma directa:

El costo final del plan será mucho menos que 700 mil millones de dólares y por la siguiente razón: a medida que el temor y la incertidumbre se han apoderado del mercado de valores relacionados con hipotecas, su precio ha disminuido bruscamente. Sin embargo, muchos de estos valores aún tienen un valor intrínsico importante porque la gran mayoría de las personas eventualmente liquidarán sus hipotecas. En otras palabras, muchos de los valores que el gobierno compraría probablemente subirían de precio con el pasar del tiempo. Esto significa que el gobierno podría recuperar gran parte del gasto original, sino todo.

Los miembros del Congreso de ambos partidos han contribuido propuestas constructivas que han mejorado este plan. Yo aprecio los esfuerzos de los líderes Demócratas y Republicanos de la Cámara de Representantes y del Senado para traer a estas discusiones un espíritu de cooperación bipartita. El bienestar económico de nuestra Nación es un tema que va más allá de lo partidario. Los Republicanos y los Demócratas deben abordarlo juntos. Y yo confío que muy pronto aprobaremos un proyecto de ley para proteger la seguridad financiera de todos los estadounidenses.

Gracias por escuchar.

Para su publicación inmediata Oficina del Secretario de Prensa 27 de septiembre de 2008

Etiquetas De Technorati: Discurso Radial del Presidente a la Nación, y Presidente Bush

Presidential Candidates Debate McCain Obama LIVE STREAMING VIDEO

09:00 PM EDT. Running Time 1:30 LIVE Presidential Candidates Debate CNN - Windows Media. and C-SPAN - Windows Media. - FULL STREAMING VIDEO LIVE Commission on Presidential Debates, John S. McCain III, R, Arizona, Barack Obama (D-IL) Jim Lehrer , PBS. FULL TEXT TRANSCRIPT

DEBATE PODCAST STREAMING MP3 and the DEBATE PODCAST DOWNLOAD MP3

Oxford, Mississippi., September 24, 2008 - “The Commission on Presidential Debates (CPD) is moving forward with its plan for the first presidential debate at the University of Mississippi in Oxford, Miss. this Friday, September 26.

The plans for this forum have been underway for more than a year and a half.

The CPD’s mission is to provide a forum in which the American public has an opportunity to hear the leading candidates for the president of the United States debate the critical issues facing the nation. We believe the public will be well served by having all of the debates go forward as scheduled.”

Contact: Scott Warner 662-915-2220, scott@warnerstrategies.com

President Bush Meets with Bicameral and Bipartisan Members of Congress to Discuss Economy VIDEO PODCAST

President Bush Meets with Bicameral and Bipartisan Members of Congress to Discuss Economy FULL STREAMING VIDEO Cabinet Room. In Focus: Economy, 4:03 P.M. EDT. PODCAST OF THIS ARTICLE

THE PRESIDENT: I want to thank the leaders of the House and the Senate for coming. I appreciate our presidential candidates for being here, as well.

We are in a serious economic crisis in the country if we don't pass a piece of legislation. I want to thank the spirit of bipartisan cooperation that's taking place here in Washington. One thing the American people have to know is that all of us around the table take this issue very seriously and we know we've got to get something done as quickly as possible. And this meeting is an attempt to move the process forward. My hope is that we can reach an agreement very shortly.

I want to thank the Secretary of the Treasury for working hard with the members. I thank the members for working long hours like they've been doing to come up with a solution that's bipartisan and that will solve the problem.

Thank you very much.

END 4:04 P.M. EDT For Immediate Release Office of the Press Secretary September 25, 2008

Tags: President George W. Bush

President's Address to the Nation 09/24/08 VIDEO PODCAST

President George W. Bush addresses the nation from the East Room of the White House, Wednesday evening, Sept. 24, 2008, on the nation's financial crisis. President Bush has invited legislative leaders from the House and Senate, including both Presidential candidates, to a meeting Thursday at the White House to discuss a bipartisan plan to rescue the economy. White House photo by Eric Draper

President's Address to the Nation State Floor FULL STREAMING VIDEO In Focus: Economy 9:01 P.M. EDT. PODCAST OF THIS ARTICLE THE PRESIDENT: Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money. We're in the midst of a serious financial crisis, and the federal government is responding with decisive action. We've boosted confidence in money market mutual funds, and acted to prevent major investors from intentionally driving down stocks for their own personal gain.

Most importantly, my administration is working with Congress to address the root cause behind much of the instability in our markets. Financial assets related to home mortgages have lost value during the housing decline. And the banks holding these assets have restricted credit. As a result, our entire economy is in danger. So I've proposed that the federal government reduce the risk posed by these troubled assets, and supply urgently-needed money so banks and other financial institutions can avoid collapse and resume lending.

This rescue effort is not aimed at preserving any individual company or industry -- it is aimed at preserving America's overall economy. It will help American consumers and businesses get credit to meet their daily needs and create jobs. And it will help send a signal to markets around the world that America's financial system is back on track.

I know many Americans have questions tonight: How did we reach this point in our economy? How will the solution I've proposed work? And what does this mean for your financial future? These are good questions, and they deserve clear answers.

First, how did our economy reach this point?

Well, most economists agree that the problems we are witnessing today developed over a long period of time. For more than a decade, a massive amount of money flowed into the United States from investors abroad, because our country is an attractive and secure place to do business. This large influx of money to U.S. banks and financial institutions -- along with low interest rates -- made it easier for Americans to get credit. These developments allowed more families to borrow money for cars and homes and college tuition -- some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs.

Unfortunately, there were also some serious negative consequences, particularly in the housing market. Easy credit -- combined with the faulty assumption that home values would continue to rise -- led to excesses and bad decisions. Many mortgage lenders approved loans for borrowers without carefully examining their ability to pay. Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on.

Optimism about housing values also led to a boom in home construction. Eventually the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell. And this created a problem: Borrowers with adjustable rate mortgages who had been planning to sell or refinance their homes at a higher price were stuck with homes worth less than expected -- along with mortgage payments they could not afford. As a result, many mortgage holders began to default.

These widespread defaults had effects far beyond the housing market. See, in today's mortgage industry, home loans are often packaged together, and converted into financial products called "mortgage-backed securities." These securities were sold to investors around the world. Many investors assumed these securities were trustworthy, and asked few questions about their actual value. Two of the leading purchasers of mortgage-backed securities were Fannie Mae and Freddie Mac. Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.

The decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks such as Bear Stearns and Lehman Brothers found themselves saddled with large amounts of assets they could not sell. They ran out of the money needed to meet their immediate obligations. And they faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt.

With the situation becoming more precarious by the day, I faced a choice: To step in with dramatic government action, or to stand back and allow the irresponsible actions of some to undermine the financial security of all.

I'm a strong believer in free enterprise. So my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There's been a widespread loss of confidence. And major sectors of America's financial system are at risk of shutting down.

The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold:

More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.

Fellow citizens: We must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem -- and to make improvements to the proposal my administration sent to them. There is a spirit of cooperation between Democrats and Republicans, and between Congress and this administration. In that spirit, I've invited Senators McCain and Obama to join congressional leaders of both parties at the White House tomorrow to help speed our discussions toward a bipartisan bill.

I know that an economic rescue package will present a tough vote for many members of Congress. It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money. I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But given the situation we are facing, not passing a bill now would cost these Americans much more later.

Many Americans are asking: How would a rescue plan work?

After much discussion, there is now widespread agreement on the principles such a plan would include. It would remove the risk posed by the troubled assets -- including mortgage-backed securities -- now clogging the financial system. This would free banks to resume the flow of credit to American families and businesses. Any rescue plan should also be designed to ensure that taxpayers are protected. It should welcome the participation of financial institutions large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. It should establish a bipartisan board to oversee the plan's implementation. And it should be enacted as soon as possible.

In close consultation with Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox, I announced a plan on Friday. First, the plan is big enough to solve a serious problem. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system. In the short term, this will free up banks to resume the flow of credit to American families and businesses. And this will help our economy grow.

Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply. Yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. The government is the one institution with the patience and resources to buy these assets at their current low prices and hold them until markets return to normal. And when that happens, money will flow back to the Treasury as these assets are sold. And we expect that much, if not all, of the tax dollars we invest will be paid back.

A final question is: What does this mean for your economic future?

The primary steps -- purpose of the steps I have outlined tonight is to safeguard the financial security of American workers and families and small businesses. The federal government also continues to enforce laws and regulations protecting your money. The Treasury Department recently offered government insurance for money market mutual funds. And through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit -- and this will not change.

Once this crisis is resolved, there will be time to update our financial regulatory structures. Our 21st century global economy remains regulated largely by outdated 20th century laws. Recently, we've seen how one company can grow so large that its failure jeopardizes the entire financial system.

Earlier this year, Secretary Paulson proposed a blueprint that would modernize our financial regulations. For example, the Federal Reserve would be authorized to take a closer look at the operations of companies across the financial spectrum and ensure that their practices do not threaten overall financial stability. There are other good ideas, and members of Congress should consider them. As they do, they must ensure that efforts to regulate Wall Street do not end up hampering our economy's ability to grow.

In the long run, Americans have good reason to be confident in our economic strength. Despite corrections in the marketplace and instances of abuse, democratic capitalism is the best system ever devised. It has unleashed the talents and the productivity, and entrepreneurial spirit of our citizens. It has made this country the best place in the world to invest and do business. And it gives our economy the flexibility and resilience to absorb shocks, adjust, and bounce back.

Our economy is facing a moment of great challenge. But we've overcome tough challenges before -- and we will overcome this one. I know that Americans sometimes get discouraged by the tone in Washington, and the seemingly endless partisan struggles. Yet history has shown that in times of real trial, elected officials rise to the occasion. And together, we will show the world once again what kind of country America is -- a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams.

Thank you for listening. May God bless you.

END 9:14 P.M. EDT For Immediate Release Office of the Press Secretary September 24, 2008

Tags: President George W. Bush

John McCain halts campaign returns to Washington to deal with Financial Crisis VIDEO

FULL TEXT TRANSCRIPT: Remarks on the Economic Crisis September 24, 2008

America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, every corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns. This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward. I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration’s proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.

Tags: Barack Obama or John McCain and Sarah Palin