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President's Radio Address
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For Immediate Release Office of the Press Secretary November 14, 2008

President's Radio Address

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

˙˙˙˙˙ In Focus: Economy

THE PRESIDENT: 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.

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˙ 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 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.

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