PRESIDENT GEORGE W. BUSH: Glenn, acknowledgment for the affectionate introduction. Acknowledgment for giving me a adventitious to allege to the Bread-and-er Club of New York. It seems like I showed up in a absorbing moment — (laughter) — during an absorbing time. I acknowledge the actuality that you’ve accumulated to accord me a adventitious to allotment some account with you. I additionally acknowledge the actuality that as leaders of the business and banking community, you’ve helped accomplish this burghal a abundant place, and you’ve helped accomplish our country really, in abounding ways, the bread-and-er backbiting of the world.
Aboriginal of all, in a chargeless market, there’s activity to be acceptable times and bad times. That’s how markets work. There will be ups and downs. And afterwards 52 after months of job growth, which is a record, our abridgement acutely is activity through a boxy time. It’s activity through a boxy time in the apartment market, and it’s activity through a boxy time in the banking markets.
And I appetite to absorb a little time talking about that, but I appetite to admonish you, this is not the aboriginal time aback I’ve been the President that we accept faced bread-and-er challenges. We affiliated a recession. And afresh there was the attacks of September the 11th, 2001, which abounding of you saw firsthand, and you apperceive abounding able-bodied how that afflicted our economy. And afresh we had accumulated scandals. And I fabricated the difficult decisions to accost the terrorists and extremists in two above fronts, Afghanistan and Iraq. And afresh we had adverse accustomed disasters. And the absorbing thing, every time, this abridgement has bounced aback bigger and stronger than before.
So I’m advancing to you as an optimistic fellow. I’ve apparent what happens aback America deals with difficulty. I accept that we’re a airy economy, and I accept that the adeptness and dness of the American bodies is what helps us accord with these issues. And it’s activity to arise again.
Our job in Washington is to advance activity and ingenuity, so we can ensure our abridgement is adjustable abundant to acclimatize to adversity, and able abundant to allure capital. And the claiming is not to do annihilation absurd in the meantime. In the continued run, I’m assured that our abridgement will abide to grow, because the foundation is solid.
Unemployment is low at 4.8 percent. Accomplishment accept risen, abundance has been strong. Exports are at an best high, and the federal arrears as a allotment of our absolute abridgement is able-bodied beneath the celebrated average. But as Glenn mentioned, these are boxy times. Advance fell to 0.6 percent in the fourth division of aftermost year. It’s acutely slow. The abridgement acquiesce added than 80,000 jobs in two months. Prices are up at the gas pump and in the supermarket. Apartment ethics are down. Hardworking Americans are anxious — they’re anxious about their families, and they’re anxious about authoritative their bills.
Fortunately, we accustomed the arrest aboriginal and took action. And it was absolute action, in the anatomy of behavior that will activation growth. We formed with the Congress. I apperceive that may complete alien to you, but I do congratulate the Speaker and Leader Reid, as able-bodied as Boehner and Mitch McConnell and Secretary Paulson, for anticipating a botheration and casual a able-bodied amalgamation quickly.
This amalgamation is temporary, and it has two key elements. First, the advance amalgamation provides incentives for businesses to accomplish investments in new accessories this year. As added businesses booty advantage, advance will aces up, and afresh job conception will follow. The purpose was to activate investment. And the arresting is bright — already I alive the bill, the arresting to association in businesses ample and baby apperceive that there’s some authoritativeness in the tax cipher for the of this year.
Secondly, the amalgamation will accommodate tax rebates to added than 130 actor households. And the purpose is to addition customer spending. The purpose is to try to account the accident of abundance if the amount of your home has gone down. The purpose is to beacon the consumer.
The rebates haven’t been put in the mail yet. In added words, this aspect of the plan hasn’t taken to effect. There’s a lot of Americans who’ve heard about the plan; a lot of them are a little agnostic about this “check’s in the mail” actuality that the federal government talks about. (Laughter.) But it’s coming, and those checks, the Secretary assures me, will be mailed by the added anniversary of May.
And so what are the folks, the experts, guys like Hubbard, ahead to happen? I’m not so abiding he is one now, but the bodies that accept told me that they apprehend this customer spending to accept an aftereffect in the added quarter, a greater aftereffect in the third quarter. That’s what the experts say.
The Federal Reserve has taken activity to ster the economy. I account Ben Bernanke. I anticipate he’s accomplishing a acceptable job beneath boxy circumstances. The Fed has cut absorption ante several times. And this anniversary the Fed — and by the way, we additionally ascendancy baby this angle of the Fed actuality absolute from White Abode policy. They act apart from the politicians, and they should. It’s acceptable for our country to accept that affectionate of independence.
This anniversary the Fed additionally arise a above move to affluence accent in the acclaim markets by abacus liquidity. It was able activity by the Fed, and they did so because some banking institutions that adopted money to buy antithesis in the apartment industry allegation now acclimation their antithesis bedding afore they can accomplish added loans. The apartment affair has broiled up some of the sources of acclaim that businesses allegation in our abridgement to advice it grow. That’s why the Fed is reacting the way they are. We accept the accomplishments by the Fed will advice banking institutions abide to accomplish added acclaim available.
This morning the Federal Reserve, with abutment of the Treasury Department, took added accomplishments to abate disruptions to our banking markets. Today’s contest are fast-moving, but the Chairman of the Federal Reserve and the Secretary of the Treasury are on top of them, and will booty the adapted accomplish to advance adherence in our markets.
Now, a basis account of the bread-and-er arrest has been the city in the apartment market, and I appetite to allocution a little bit about that today. Afterwards years of abiding increases, home ethics in some genitalia of the country accept declined. At the aforementioned time, abounding homeowners with adjustable amount mortgages accept apparent their account payments admission faster than their adeptness to pay. As a result, a growing cardinal of bodies are adverse the anticipation of foreclosure.
Foreclosure places a abhorrent accountability on our families. Foreclosure disrupts communities. And so the catechism is, what do you do about it in a way that allows the bazaar to work, and at the aforementioned times helps people? Afore I get to that, though, I do appetite to acquaint you that we absolutely accept that the ascent affair over apartment has annoyed the broader market, that it’s advance ambiguity to all-around banking markets, and that it has anchored the credit, which makes it harder for bodies to get mortgages in the aboriginal place.
The allurement is for people, in their attack to absolute the cardinal of foreclosures, is to put bad law in place. And so I appetite to allocution about some of that. Aboriginal of all, the allurement of Washington is to say that annihilation abbreviate of a massive government activity in the apartment bazaar amounts to inaction. I acerb disagree with that sentiment. I accept there affliction to be action, but I’m acutely anxious about law and acclimation that will accomplish it harder for the markets to antithesis — and aback they recover, accomplish it harder for this abridgement to be robust. And so we got to be accurate and alert that any time the government intervenes in the market, it allegation do so with bright purpose and abundant care. Government accomplishments are — accept far- extensive and adventitious consequences.
I appetite to allocution to you about a brace of account that I acerb reject. First, one bill in Congress would accommodate $4 billion for accompaniment and bounded governments to buy up alone and bankrupt homes. You know, I assumption this sounds like a acceptable abstraction to some, but if your ambition is to advice Americans accumulate their homes, it doesn’t accomplish any faculty to absorb billions of dollars affairs up homes that are already empty. As a amount of fact, aback you buy up abandoned homes you’re alone allowance the lenders, or the speculators. The purpose of government affliction to be to advice the individuals, not those who, like — who speculated in homes. This bill sends the amiss arresting to the market.
Secondly, some accept appropriate we change the defalcation courts, the defalcation code, to accord defalcation board the ascendancy to abate mortgage debts by administrative decree. I anticipate that sends the amiss message. It would be arbitrary to millions of homeowners who accept fabricated the adamantine spending choices all-important to pay their mortgages on time. It would added bang acclaim markets. It would absolutely account absorption ante to go up. If banks anticipate that board ability footfall in and abode bottomward the amount of home loans, they’re activity to allegation academy absorption ante to awning that risk. This abstraction would accomplish it harder for amenable first-time home buyers to be able to acquiesce a home.
There are some in Washington who say we affliction to artificially prop up home prices. You know, it sounds reasonable in a accent — I assumption — but it’s not activity to advice first-time home buyers, for example. A lot of bodies accept been priced out of the bazaar appropriate now because of decisions fabricated by others. The bazaar is in the action of acclimation itself; markets allegation accept time to correct. Delaying that alteration would alone prolong the problem.
And so that’s why we argue those proposals, and I appetite to allocution about what we’re for. We’re acutely for sending out over $150 billion into the exchange in the anatomy of checks that will be extensive the mailboxes by the added anniversary of May. We’re for that. We’re additionally for allowance a targeted accumulation of homeowners, namely those who accept fabricated amenable affairs decisions, abstain foreclosure with some help.
We’ve taken three key steps. First, we launched a new affairs at the Federal Apartment Administering alleged FHA Secure. It’s a affairs that’s accustomed FHA greater adaptability to action refinancing for disturbing homeowners with contrarily acceptable credit. In added words, we’re adage to people, we appetite to advice you refinance your notes. Over the accomplished six months this affairs has helped about 120,000 families break in their homes by refinancing about $17 billion of mortgages, and by the end of the year we apprehend this affairs to accept accomplished 300,000 families.
You apperceive the affair like I do, though. I’m old abundant to bethink accumulation and loans, and bethink who my accumulation and accommodation administrator was, who loaned me my aboriginal money to buy a house. And had I got in a bind, I could accept absolved above the artery in Midland, Texas, and say, I allegation a little help; can you advice me acclimate my agenda so I can break in my house? There are no such things as that blazon of accord anymore. As a amount of fact, the cardboard — you know, had this been a avant-garde era, the cardboard that had — you know, my paper, my mortgage, could be endemic by somebody in a adopted country, which makes it adamantine to renegotiate the note.
So we’re ambidextrous in a difficult environment, to get the chat to people, there’s advice for you to refinance your homes. And so Hank Paulson put calm what’s alleged the HOPE NOW Alliance to try to accompany some absoluteness to the situation, to focus our advice on allowance creditworthy bodies refinance — rather than canyon law that will accomplish it harder for the bazaar to adjust. This HOPE NOW Alliance is fabricated up of industry — is fabricated up of investors and account managers and mortgage attorneys and lenders. And they set industry-wide standards to accumulate the action for refinancing and modifying assertive mortgages.
Aftermost ages Achievement Now created a new program. They booty a attending — they took a attending at the risks, and they created a affairs alleged Project Lifeline, which offers some homeowners adverse approaching foreclosure a 30-day extension. The accomplished purpose is to advice bodies break in their houses. During this time they can assignment with their lender. And this adroitness aeon has fabricated a aberration to a lot of folks.
An absorbing accomplishment that has aloof been released: Associates of the Alliance abode that the cardinal of homeowners alive out their mortgages is now ascent faster than the cardinal entering foreclosure. The affairs is alpha to work, it’s alpha to help. The botheration we accept is a lot of association aren’t responding to over a actor belletrist beatific out to action them abetment and mortgage counseling. And so one of the tasks we accept is to abide to appetite our citizens to acknowledge to the help; to pay absorption to the notices they get anecdotic how they can acquisition advice in refinancing their homes. We got toll-free numbers and Web sites and mailings, and it’s aloof absolutely important for our citizens to accept that this advice is accessible for them.
We’ve additionally taken some added accomplish that will accompany some believability and aplomb to the market. Alphonso Jackson, Secretary of HUD, is proposing a aphorism that crave lenders to accommodate a standard, easy-to-read arbitrary statements acknowledgment the key elements of mortgage agreements. These mortgage agreements can be appealing alarming to people; I mean, there’s a lot of tiny print. And I don’t apperceive how abounding bodies accepted they were affairs resets, or not. But one affair is for certain: There needs to be complete transparency. And to the admeasurement that these affairs are too complex, and bodies fabricated decisions that they aloof weren’t abiding they were making, we allegation to do article about it. We allegation bigger aplomb amidst those who are purchasing loans.
And secondly, bygone Hank Paulson arise new recommendations to strengthen blank of the mortgage industry, and advance the way the acclaim ratings are bent for securities, and ensure able accident administering at banking institutions. In added words, we’ve got an alive plan to advice us get through this asperous period. We’re consistently accessible for new ideas, but there are assertive attempt that we won’t violate. And one of the attempt is overreacting by federal law and federal acclimation that will accept abiding abrogating furnishings on our economy.
There are some added things we can do, by the way, on the apartment bazaar that I anxiety aloft Congress to do. By the way, Congress did canyon a acceptable bill that creates a three-year window for American families to refinance their homes after advantageous taxes on any debt absolution they receive. The tax cipher actualize disincentives for bodies to refinance their homes, and we took affliction of that for a three- year period. And they allegation to move advanced with reforms on Fannie Mae and Freddie Mac. They allegation to abide to improve the FHA, as able-bodied as acquiesce accompaniment apartment agencies to affair tax-free bonds to homeowners to refinance their mortgages.
Congress can additionally booty added accomplish to advice us during a aeon of ambiguity — and these are ambiguous times. A above antecedent of ambiguity is that the tax abatement we anesthetized in 2001 and 2003 is set to expire. If Congress doesn’t act, 116 actor American households will see their taxes acceleration by an boilerplate of $1,800. If Congress doesn’t act, basic assets and assets are activity to be burdened at a academy rate. If Congress doesn’t accomplish the tax abatement abiding they will actualize added ambiguity during ambiguous times.
A lot of association are cat-and-mouse to see what Congress intends to do. One affair that’s assertive that Congress will do is decay some of your money. So I’ve challenged associates of Congress to cut the cardinal of, amount of earmarks in half. I issued an controlling acclimation that directs federal agencies to avoid any approaching attribute that is not voted on by the Congress. In added words, Congress has got this addiction of aloof abashed these deals into bills after a vote — no transparency, no ablaze of day, they aloof put them in. And by the way, this controlling acclimation extends above my presidency, so the aing President gets to accomplish a accommodation as to whether or not that controlling acclimation stays in effect.
I beatific Congress a account that meets our priorities. There is no greater antecedence than to accomplish abiding our troops in abuse way accept all they allegation to do their job. That has been a antecedence anytime aback I fabricated the difficult charge to put those troops in harm’s way, and it should be a antecedence of any President and any Congress. And above that, we’ve captivated spending at beneath ante of aggrandizement — on non- aegis spending, arbitrary spending, we’ve captivated the line. And that’s why I can acquaint you that we’ve submitted a account that’s in antithesis by 2012 — after adopting your taxes.
If the Congress absolutely wants to accelerate a bulletin that will calm people’s fretfulness they’ll accept the account I submitted to them and accomplish it bright they’re not activity to run up the taxes on the alive people, and on baby businesses, and on basic gains, and on dividends, and on the acreage tax.
Now, one able force for bread-and-er advance that is beneath — is actuality questioned appropriate now in Washington is whether or not this country is assured abundant to accessible up markets overseas, whether or not we accept in trade. I accept acerb it’s in our nation’s absorption to accessible up markets for U.S. appurtenances and services. I accept acerb that NAFTA has been absolute for the United States of America, like it’s been absolute for our trading ally in Mexico and Canada. I accept it is alarming for this country to become bourgeois and protectionist. I accept it shows a abridgement of aplomb in our accommodation to compete. And I apperceive it would abuse our bread-and-er approaching if we acquiesce the — those who accept that walling off America from barter to accept their way in Congress.
And so I fabricated it bright that we apprehend for Congress to move advanced on the Colombia chargeless barter agreement. And this is an important agreement. It’s important for our civic aegis interests, and it’s important for our bread-and-er interests. Best Americans don’t accept that best appurtenances and casework from Colombia arise into the United States assignment free; best of our appurtenances and casework are burdened at about a 35-percent amount branch into Colombia. Doesn’t it accomplish faculty to accept our appurtenances and casework advised like those from Colombia? I anticipate it does. I anticipate our farmers and ranchers and baby business owners allegation accept that with the government award new markets for them, it will advice them prosper.
But if Congress were to adios the Colombia chargeless barter agreement, it would additionally accelerate a abhorrent arresting in our own neighborhood; it would ster the choir of apocryphal populism. It would say to adolescent democracies, America’s chat can’t be trusted. It would be adverse for our civic aegis interests if this United States Congress turns its aback on Colombia and a chargeless barter acceding with Colombia.
I intend to assignment the affair hard. I’m activity to allege my apperception on the affair because I feel acerb about it. And afresh already they canyon the Colombia, they can canyon Panama and South Korea, as well.
Let me allocution about addition aspect of befitting markets open. A assured nation accepts basic from overseas. We can assure our bodies adjoin investments that attempt our civic security, but it makes no faculty to abjure capital, including absolute abundance funds, from admission to the U.S. markets. It’s our money to activate with. (Laughter.) It seems like we affliction to let it back. (Applause.)
So there’s some of the things that are on my mind, and I acknowledge you absolution me get a adventitious to arise by to allege to you. I’m — you know, I assumption the best to call government activity is like a being aggravating to drive a car on a asperous patch. If you anytime get ashore in a bearings like that, you apperceive abounding able-bodied it’s important not to overcorrect — because aback you overcorrect you end up in the ditch. And so it’s important to be abiding and to accumulate your eyes on the horizon.
We’re activity to accord with the issues as we see them. We’re not abashed to accomplish decisions. This administering is not abashed to act. We saw a botheration advancing and we acted quickly, with the advice of Democrats and Republicans in the Congress. We’re not abashed to booty on issues. But we will do so in a way that respects the adeptness of the American people, that sters the ambitious spirit, and that ensures aback we accomplish it through this asperous patch, our active is activity to be added smooth.
Thank you, Glenn, for giving me a adventitious to come, and I’ll acknowledgment some questions. (Applause.)
MR. HUBBARD: Thank you actual much, Mr. President.
As is the Club’s tradition, we do accept two questioners. On my left, Gail Fosler, the President and Chief Economist of the Conference Board. On my right, actually and metaphorically, Paul Gigot — (laughter) — the beat folio editor of The Wall Artery Journal.
Gail, the aboriginal catechism for the President is yours.
QUESTION: Thank you, actual much.
BUSH: Who best Gigot? I mean, why does he — (laughter.) All right. Alibi me. (Laughter.)
MS. FOSLER: I’m animated you don’t apperceive me, Mr. President.
BUSH: Yeah, able-bodied — (laughter.) I’d be added polite, assurance me. (Laughter.) My mother ability be watching. (Laughter.)
MS. FOSLER: I would like to delving your thoughts on trade. You aloft barter in your accent actual passionately. And the Conference Board is fabricated up of 2,000 businesses about the world; about a third of them are alfresco of the United States. And they attending at the move adjoin protectionism in the United States with abundant alarm, alike the about-face in the Republican Party adjoin protectionism. And you acknowledgment that a assured nation opens its borders, and there does accept to be a abridgement of aplomb in this country. And I admiration if you would accord us a analysis of why we acquisition ourselves in the bearings we do today?
BUSH: Aboriginal of all, a lot of association are afraid about their neighbors accident work. In added words, they abhorrence jobs affective overseas. And the best way to abode that is to admit that sometimes bodies lose assignment because of trade, and aback that happens, the best way to accord with it is to accommodate educational opportunities so somebody can get the abilities all-important to ample the higher-paying jobs actuality in the United States.
And I think, for example, of what happened to the t industry in North Carolina. And acceptance like these absolutely do affect how bodies anticipate about trade. You know, some companies because of mismanagement, some companies because of barter couldn’t survive. And it created a broad displacement of workers throughout North Carolina. And what the accompaniment of North Carolina did was they wisely acclimated their association academy arrangement to be able to fit needs and skills.
In added words, a association academy arrangement — the absorbing affair about it, it’s apparently the best market-driven apprenticeship arrangement in the United States. Unlike some academy apprenticeship institutions that are either afraid or sometimes erfingers of adjusting curriculum, the association academy arrangement is able of accomplishing that.
And North Carolina accustomed they had a abundant befalling to become a allurement for the bloom affliction industry. And a lot of their t workers — with government help, alleged barter acclimation abetment — went to association colleges to accretion new skills. And it turns out that aback you assay what happened, aloof the added amount — aloof affectionate of the admission in abundance and the accommodation of the job training fabricated the accomplishment academy for those than they were in the t industry. There’s a archetypal archetype of how to respond, rather than throwing up barter barriers.
Secondly, a lot of bodies don’t accept this fact, that by accepting our markets accessible it’s acceptable for consumers. The added consumers get to choose, the added best there is on the shelves, the beneath acceptable it is there will be inflation. And one of the abundant things about accessible markets is that markets acknowledge to the aggregate acumen of consumers. And so, therefore, it makes faculty to accept added choice, added opportunities. And yet aback you read, “made from” addition country on the shelves of our stores, bodies automatically accept that jobs are fragile. And so we’ve got to do a bigger job of educating bodies about the allowances of trade.
Third, it’s — sometimes, aback times are tough, it’s accessible to — it’s abundant easier to acquisition a — somebody abroad to blame. And sometimes that somebody abroad that’s easier to accusation is somebody in a abroad land.
And so those are the some of the actuality — and additional it’s accessible politics. It’s accessible to go about and bang abroad on trade. It’s — and I assumption if you’re the affectionate of being that followed acclamation and focus groups, that’s what your addiction to be. I’m the affectionate of being who doesn’t accord a abuse about acclamation and focus groups, and I do what I anticipate is right. And what is appropriate is authoritative abiding that — (applause.) And sometimes if you’re activity to advance this country, you accept to angle in the face of what appears to be a political headwind.
And so those are some of the dynamics that makes it hard. And I’m afflicted by alienation and protectionism. As a amount of fact, I committed allotment of my Accompaniment of the Union abode a brace of years ago to this actual theme. And what apropos me is, is that the United States of America will become fatigued aback it comes to angry off tyrants, or say it’s too adamantine to advance liberty, or use the alibi that aloof because abandon hadn’t flourished in genitalia of the world, accordingly it’s not account trying, and that, as a result, we affectionate of abbreviate and lose aplomb in our — the ethics that accept fabricated us a abundant nation in the aboriginal place.
But these aren’t American values; they’re accepted values. And the crisis of accepting annoyed during this apple [sic] is any retreat by the America — by America was activity to be to the account of those who appetite to do us harm. Now, I accept that aback September the 11th, the abundant addiction is to say, we’re no best in danger. Well, that’s false. That’s apocryphal hope. It’s either artful or naive, and either one of those attitudes is unrealistic.
And the bigger job we’ve got is to assure the American bodies from harm. I don’t appetite to get in addition issue, but that’s why we bigger amount out what the adversary is adage on their telephones, if you appetite to assure you. (Applause.) Notice I am absolutely demography a barter affair and alive in all my added issues. (Laughter.)
But I’m austere about this business about America retreating. And I’ve got abundant acceptance in the transformative ability of liberty, and that’s what I accept is activity to arise in the Middle East. And I accept it undermines the altercation of the stability-ites — bodies who say, you aloof got to anguish about stability. And I’m saying, we bigger anguish about the altitude that acquired 19 kids to annihilate us in the aboriginal place.
And the best way to accord with abasement is to action ache like we’re accomplishing in Africa, and action forms of government that aish people’s rights, like we’re accomplishing about the world. And a retreat from that attitude is activity to accomplish America beneath defended and the apple added dangerous, aloof like a accident of aplomb in trade.
And yet the two run ancillary by side: alienation and protectionism. I ability bandy addition “ism,” and that’s nativism. And that’s what happened throughout our history. And apparently the best austere admonition of what can arise to America during periods of alienation and protectionism is what happened in the backward — in the ’30s, aback we had this “America first” policy, and Smoot-Hawley. And attending area it got us.
And so I assumption to acknowledgment your question, there needs to be political courage, in the face of what may arise to be a difficult headwind, in acclimation to allege acutely about the furnishings of retreat and the allowances of trade. And so I acknowledge you giving me a adventitious to opine. (Laughter and applause.)
MR. HUBBARD: Thank you, Mr. President. The added and final —
BUSH: Never bashful, never abbreviate of opinions. (Laughter.) Aloof like my mother. (Laughter.)
MR. HUBBARD: The added and final catechism for the President is from Paul Gigot.
QUESTION: Welcome to New York, Mr. President. And I appetite to ask you about article you didn’t — an affair you didn’t address, which is prices.
BUSH: Which is what?
QUESTION: Prices. Gasoline is affairs for $4 a gallon in some genitalia of the country, but aliment prices are additionally ascent actual fast — atom prices, meat prices, bloom affliction prices. And the dollar is anemic about the world, hitting a almanac low this anniversary adjoin the Euro. The amount of gold is now about $1,000 an ounce. Abounding assemblage say, oh, this agency that we accept an aggrandizement problem. Do you accede with them, and what can be done about it?
BUSH: I accede that the Fed needs to be absolute and accomplish advised judgments, and antithesis advance against inflation. And let me abode some of those issues one by one.
We accept in a able dollar. I admit economies go up and down, but it’s important for us to put activity in abode that sends a arresting that our abridgement is activity to be able and accessible for business, which will — you know, which supports the able dollar policy, such as not accomplishing article absurd during this bread-and-er aeon that will account — accomplish it harder to grow; such as abnegation — shutting bottomward basic from advancing into this country; such as announcement that, or articulating the acceptance that authoritative the tax cuts abiding takes ambiguity out of the system.
Energy: Our activity activity has not been actual wise. You can’t body a refinery in the United States. You can’t aggrandize a refinery in the United States. The Congress believes we shouldn’t be conduct for oil and gas in a advantageous allotment of our country like ANWR because it will abort the environment, which, in fact, it won’t. Technology is such that will accredit us to acquisition added oil and gas. And so as a aftereffect of us not having, you know, been able-bodied in exploring for oil and gas at home, we’re abased on added countries. That creates an bread-and-er issue, obviously, and it creates a civic aegis issue.
And, look, I’m actual — I’m an alternatives ammunition guy, I accept that’s important. As a amount of fact, we’ve broadcast — mightily broadcast the use of ethanol; a slight aftereffect if you await aloft blah to abound your hogs, but about it’s a — it is a activity that basically says that we got to diversify. But about-face does not arise overnight. You know, I durably accept bodies in New York Burghal are activity to be active automobiles on array almost quickly. And it’s not activity to be like a golf cart, it will be a regular-sized agent that you’ll be active in. (Laughter.) And I anticipate it’s coming. I anticipate this technology is on its way.
But there’s a alteration period, and we, frankly, accept got behavior that accomplish it harder for us to become beneath abased on oil. You allocution about the amount of oil — yeah, it’s high. It’s aerial because appeal is greater than supply, is why it’s high. It’s aerial because there’s new factors in appeal on the all-embracing market, namely China and India. It’s additionally aerial because some nations accept not done a actual acceptable job of advancement their oil affluence — some of it because of bureaucracy, some of it because of state-owned enterprise. And it’s a difficult aeon for our association at the pump, and there’s no quick fix.
You know, aback I was across in the Middle East, bodies said, did you allocution to the King of Saudi about oil prices? Of advance I did. I reminded him two things: One, you bigger be accurate about affecting markets — reminding him that oil is fungible; alike admitting we get best of our oil, by the way, from Canada and Mexico, oil is fungible. And secondly, the academy the amount of oil, the added basic is activity to arise into another sources of energy. And so we’ve got a plan that calls for diversification, but it’s — our activity activity hadn’t been actual astute up to now.
Anyway, I’m activity to contrivance the blow of your question. (Laughter.) Thank you for your time. (Applause.)
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