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President Bush Hosts Dinner with Summit on Financial Markets and World
Economy Participants
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For Immediate Release Office of the Press Secretary November 14, 2008

President Bush Hosts Dinner with Summit on Financial Markets and World
Economy Participants State Dining Room

˙ /news/releases/2008/11/20081114-8.wm.v.html ˙˙Presidential Remarks
˙˙Audio ˙˙Photos

˙˙˙˙˙ In Focus: Summit on Financial Markets and World Economy

7:29 P.M. EST

THE PRESIDENT: Your Excellencies: Welcome to the United States. Welcome to
the White House. And welcome to the Summit on Financial Markets and the
World Economy.

I do want to begin my remarks by extending our heartfelt sympathies and
prayers to Prime Minister Balkenende. He landed today and called me on the
phone to inform me that his father had passed away. He returned back to his
country to be with his family, and we wish them all the very best.

In the State Dining Room tonight are representatives of major
industrialized economies, some of the largest developing economies, and key
international financial institutions. We are here because we share a
concern about the impact of the global financial crisis on the people of
our nations. We share a determination to fix the problems that led to this
turmoil. We share a conviction that by working together, we can restore the
global economy to the path of long-term prosperity.

When we sit down at the summit table tomorrow, we bring clear priorities.
Tomorrow's discussion will be the first in a series of meetings. It will
focus on key [sic] five objectives: understanding the causes of the global
crisis, reviewing the effectiveness of our responses thus far, identifying
principles for reforming our financial and regulatory systems, launching a
specific action plan to implement those principles, and reaffirming our
conviction that free market principles offer the surest path to lasting
prosperity.

As we pursue these objectives, we can build on what we have achieved
together so far. Since the outbreak of the crisis, the world's leading
nations have coordinated our actions more closely than ever before. Thanks
in large part to these decisive measures, global credit markets are
beginning to thaw. Businesses around the world are regaining access to
essential short-term financing. And stability is beginning to return to the
international financial system. This problem did not develop overnight, and
it will not be solved overnight. But with continued cooperation and
determination, it will be solved.

There is more work to do beyond the immediate crisis, and the stakes are
indeed high. Billions of hardworking people are counting on us to
strengthen our financial systems for the long term. Families need credit to
buy homes and to fund education. Businesses need capital to expand their
operations so they can hire new employees. Older workers are counting on
pensions and retirement funds to support them in their retirement years.
Developing nations need the assistance they have been promised -- as well
as additional foreign investment -- to continue their journey from poverty
to promise. All over the world, people understand that their livelihoods
depend upon a healthy and growing global economy.

The surest path to that growth is to continue policies of free and open
markets. Free market capitalism has been an engine of prosperity, progress,
and social mobility in economies all over the globe. Trade and investment
have been -- have linked our economies together -- creating new customers
for businesses and workers, and greater choices and lower prices for
consumers. All our nations must reject calls for protectionism,
collectivism, and defeatism in the face of our current challenge.

I thank you all for coming tonight, and for your commitment to this urgent
work. And with confidence in the success of our efforts, I offer a toast:
to all of you, to the principles we share, and to the people we serve.

(A toast was offered.)

END 7:33 P.M. EST

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