President Bush Visits the Economic Club of New York
THE PRESIDENT: Glenn, thanks for the kind introduction. Thanks for giving me a chance to speak to the Economic Club of New York. It seems like I showed up in a interesting moment -- (laughter) -- during an interesting time. I appreciate the fact that you've assembled to give me a chance to share some ideas with you. I also appreciate the fact that as leaders of the business and financial community, you've helped make this city a great place, and you've helped make our country really, in many ways, the economic envy of the world.
First of all, in a free market, there's going to be good times and bad times. That's how markets work. There will be ups and downs. And after 52 consecutive months of job growth, which is a record, our economy obviously is going through a tough time. It's going through a tough time in the housing market, and it's going through a tough time in the financial markets.
And I want to spend a little time talking about that, but I want to remind you, this is not the first time since I've been the President that we have faced economic challenges. We inherited a recession. And then there was the attacks of September the 11th, 2001, which many of you saw firsthand, and you know full well how that affected our economy. And then we had corporate scandals. And I made the difficult decisions to confront the terrorists and extremists in two major fronts, Afghanistan and Iraq. And then we had devastating natural disasters. And the interesting thing, every time, this economy has bounced back better and stronger than before.
So I'm coming to you as an optimistic fellow. I've seen what happens when America deals with difficulty. I believe that we're a resilient economy, and I believe that the ingenuity and resolve of the American people is what helps us deal with these issues. And it's going to happen again.
Our job in Washington is to foster enterprise and ingenuity, so we can ensure our economy is flexible enough to adjust to adversity, and strong enough to attract capital. And the challenge is not to do anything foolish in the meantime. In the long run, I'm confident that our economy will continue to grow, because the foundation is solid.
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