Monday, October 20, 2008

President Bush at the U.S. Chamber of Commerce

Plan To Stabilize Financial System Is Limited In Size, Scope, And Duration

President Bush visited the United States Chamber of Commerce and discussed the actions that the Federal Government has taken in response to the financial crisis.
The President explained that the government took swift action to protect the financial security of the American people.
The government's involvement is limited in size. The government's investment is capped for any individual firm that chooses to participate in this voluntary program, so that private investors retain control.
The government's involvement is limited in scope.
The government will not exercise control over any private firm. The shares owned by the government will have voting rights that can be used only to protect the taxpayer's investment - not to direct the firm's operations.

The government's involvement is limited in duration. This program includes provisions to encourage banks to buy back their shares from the government when the markets stabilize and they can raise money from private investors.

We must never lose sight of the enormous benefits delivered by the free enterprise system. Democratic capitalism remains the greatest system ever devised. Around the world, free market policies have lifted millions of people out of poverty and given them the opportunity to build a more hopeful life. In the United States, it has given our large and dynamic economy the flexibility and resilience to absorb shocks, adjust, and bounce back.
  • The Government Is Focused On Preserving The Stability Of The Financial System
  • The Government Has Undertaken An Extraordinary Effort To Help Banks Get Loans Flowing To American Consumers And Businesses
  • It Is Vital That We Update Our Financial Regulations To Meet The Realities Of Today's Global Financial System
Read Entire Article Here.