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President's Radio Address
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For Immediate Release Office of the Press Secretary October 25, 2008

President's Radio Address

˙˙President's Radio Address
˙˙Audio ˙˙En Espa¤ol

˙˙˙˙˙ In Focus: Economy

THE PRESIDENT: 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.

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˙ 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 G20 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 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.

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