President Bush Radio Address 10-4-08

[1:32] ..." will also increase the safety of Americans personal finances. For 75 years the FTSE has provided insurers for savings accounts checking accounts and certificates of the process. A similar insurance program is in effect for deposits"...

[2:02] ..." From a 100000 dollars 250000. Dollars. The steps should reassure Americans especially small business owners that their money is safe. And he should restore confidence in the health of our banking system. In addition to addressing the immediate needs -- financial system this package will also helped to spur America's long term economic growth. This week we learned that our nation lost more jobs in September. Under these circumstances. 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. An average of 2200. Dollars. And that is -- it includes tax relief"...

[0:00]" 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 your 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 route to this problem is that his 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 resumed 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. -- the 700 billion dollars dedicated to this plan is a large amount. Final cost to taxpayers will actually be much slower. Many of the fastest that the government will be purchasing still has significant underlying value. It's time passes they will likely go up in price. 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 FTSE has provided insurers for savings accounts checking accounts and certificates of the process. A similar insurance program is in effect for deposits and credit unions. Since these programs were instituted no one has ever lost a penny on an insured deposit. Rescue package expands his protection -- temporarily increasing the amount insured by the federal government and banks and credit unions. From a 100000 dollars 250000. Dollars. The steps should reassure Americans especially small business owners that their money is safe. And he should restore confidence in the health of our banking system. In addition to addressing the immediate needs -- financial system this package will also helped to spur America's long term economic growth. This week we learned that our nation lost more jobs in September. Under these circumstances. 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. An average of 2200. Dollars. And that is -- it includes tax relief for businesses which can use the savings to hire new employees in finance and investment. Are taking all these steps we can begin to put our economy on the road to recovery. While these efforts will be effective. There will also take time to implement. My administration move as quickly as possible the benefits in this package were not all be felt immediately. The federal government will undertake this rescue plan -- careful and deliberate pace to assure 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'll help unleash the key to our continued economic success. The entrepreneurial Spirit of the American people. Thank you for listening."