Today, the Bureau of Labor Statistics released new jobs figures for August. Nonfarm payroll employment decreased by 84,000 jobs in August, and the unemployment rate rose to 6.1 percent. While these numbers are disappointing, what is most important is the overall direction the economy is headed. Last week, the economy posted a strong gain of 3.3 percent at an annual rate in the second quarter, led by growth in consumer spending, exports, and a well-timed and appropriately sized stimulus package. This level of growth demonstrates the resilience of the economy in the face of high energy prices, a weak housing market, and difficulties in the financial markets. Orders for durable goods have been rising in recent months. In addition, productivity growth over the past four quarters has been strong at 3.4 percent – above the averages for each of the past three decades over the course of the Administration.

• The bipartisan economic growth package that President Bush signed into law is having its intended effect. The Treasury Department has issued more than 114 million stimulus payments, totaling more than $93 billion. The growth package is estimated to return more than $150 billion back to American families and businesses this year. We may be seeing signs that business expensing provisions of the economic stimulus are starting to have an effect – shipments of core capital goods rose solidly in July, and orders have been solid over the past two months. The stimulus package is expected to continue to have a beneficial impact on the economy in the second half of the year.

President Bush Calls On Congress To Work On Bipartisan Measures To Accomplish Our Economic Goals

The President has proposed a comprehensive energy approach that would permit a range of new drilling options and encourage the development of alternative resources. If Democratic leaders in Congress are not willing to take comprehensive action, President Bush has called on them to act at least on three common-sense energy proposals.

• Congress should expand access to offshore exploration on the Outer Continental Shelf (OCS). Experts believe that the currently restricted areas could eventually produce about 18 billion barrels of oil, a quantity approaching current proven U.S. reserves and nearly 10 years' worth of our current annual production. This exploration is now banned by a provision included in the annual interior appropriations bill. President Bush calls on Congress to remove this restriction when they return from recess.
  
• Congress should expand access to oil shale. Oil shale is a highly promising resource in the United States that could produce the equivalent of more than a century's worth of imports at current levels. Last year, Democratic leaders used the omnibus spending bill to insert a provision blocking oil shale leasing on Federal lands – President Bush calls on Congress to remove that provision immediately.
  
• Congress should extend renewable power tax credits to spur the development of alternative sources of energy, such as wind and solar. Congress should make these credits long-term and expand them to cover all forms of low-emission power generation. Increasing production of low-carbon electricity will allow us to power a new generation of plug-in hybrid and hydrogen-powered vehicles.
  

The President continues to call on the Democrat-led Congress to approve pending free trade agreements (FTAs) with Colombia, Panama, and South Korea. Opening markets is extremely important during this time of economic uncertainty. Exports account for a greater share of America's gross domestic product than at any time in our history. These trade agreements will create more opportunities for American manufacturing interests, farmers, ranchers, and entrepreneurs.

President Bush calls on Congress to save Americans from the largest tax increase in history by making his tax relief permanent. At a time of economic challenge, the last thing American families need is a massive tax increase. The President's 2001 and 2003 tax relief fueled economic growth and reduced the burden on everyone who pays income taxes. Without President Bush's tax relief, Americans would have paid an additional $1.3 trillion in taxes by the end of 2007. If the President's tax relief is allowed to expire at the end of 2010, Americans will pay about $280 billion more in taxes each year.

Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to "adopt any reform until this summer," when it was too late.  "Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade."  (Editorial, "Hear, See And Speak No Evil About Fannie And Freddie," The Washington Times, 10/9/08)

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.  In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs.  Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.

2001

• April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."  (2002 Budget Analytic Perspectives, pg. 142)

2002

• May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.  (OMB Prompt Letter to OFHEO, 5/29/02)

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. 
  
  
• September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
  
  
• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."  (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)  
  
  
• October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it."  (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
  
  
• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."  To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."  (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

• February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator:  "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator."  (2005 Budget Analytic Perspectives, pg. 83)
  
  
• February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted."  Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."  (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
  
  
• April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue."  At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages.  I don't think we are in any remote danger here.  This focus on receivership, I think, is intended to create fears that aren't there."  ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)
  
  
• June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.  Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:  Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."  (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

• April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system."  (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
  
  
• July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)

2007

• August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions.  Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options."  (President George W. Bush, Press Conference, the White House, 8/9/07)
  
  
• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position.  (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
  
  
• December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly.  So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission.  The GSE reform bill passed by the House earlier this year is a good start.  But the Senate has not acted.  And the United States Senate needs to pass this legislation soon."  (President George W. Bush, Discusses Housing, the White House, 12/6/07)

2008

• February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully."  (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
  
  
• March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac.  They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages."  (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
  
  
• April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac.  [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes."  (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
  
  
• May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. 
  
  
  • "Americans are concerned about making their mortgage payments and keeping their homes.  Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans."  (President George W. Bush, Radio Address, 5/3/08)
    
    
  • "[T]he government ought to be helping creditworthy people stay in their homes.  And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac.  That reform will come with a strong, independent regulator."  (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
    
    
  • "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans."  (President George W. Bush, Radio Address, 5/31/08)
  
  
• June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac."  (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
  
  
• July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
  
  
• September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years."  (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

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PRESIDENT BUSH: Madam President, I have come to respect you and admire you because of your courage, your vision, your commitment to universal values and principles. Laura and I had a fantastic experience traveling to Liberia, and we want to thank you for your warm hospitality. Yesterday, you made note of my -- the lack of my talent when it came to dancing. But nevertheless, I want you to know I danced with joy.

 And no question Liberia has gone through very difficult times. But no question there's a bright future for Liberia. Liberia needs the help of the United States and other nations to help make sure children are educated, to make sure babies are not dying because of malaria, to make sure there's an infrastructure so that small businesses can flourish, to make sure the port is open for business. We have been helpful and we want to be helpful in the future. And I'm confident in saying to the American people that by helping this President and Liberia, we really help ourselves in many ways.

And so I -- it's been a joy to know you. It's been a great experience working with you, and I congratulate you on your strong leadership. Welcome.

PRESIDENT JOHNSON SIRLEAF: Thank you, Mr. President. I come on behalf of the Liberian people to thank you for the support we've received from you, the administration, from Congress, from the American people. It has enabled us to turn the corner from being what was called a "failed state" several years ago to today what we hope will becoming to be one of the emerging democracies.

We've been able to put our economic and financial house in order; tackle our debt; begin to rebuild our infrastructure; put our children back into school; bring some water and electricity to a country that hasn't had it for over two decades. And so we're just so thankful for the encouragement, the support that we received from you.

I want you to know that the challenges are many, but with the continued support of the American people and the continued support of the American administration and Congress, that we feel that Liberia can become a post-conflict success story.

We want to say to you that your visit to our country is one that goes down in the record books -- (laughter) -- as being one of the most enjoyable -- not only for the dancing -- (laughter) -- but for all that you did to train our new soldiers and put our infrastructure in order; and the hope that you helped to give to the Liberian people that indeed the nightmare is over and they can have a future that's full of promise.

So we're here to say to you we're very grateful. The Liberian people just want to thank you.

PRESIDENT BUSH: Thank you.

PRESIDENT JOHNSON SIRLEAF: And thank Laura, especially, who was there with you. And we're just so pleased -- just tell --

Vice President Richard B. Cheney has had a distinguished career as a businessman and public servant, serving four Presidents and as an elected official. Throughout his service, Mr. Cheney served with duty, honor, and unwavering leadership, gaining him the respect of the American people during trying military times.

Mr. Cheney was born in Lincoln, Nebraska, on January 30, 1941 and grew up in Casper, Wyoming. He earned his bachelor's and master's of arts degrees from the University of Wyoming. His career in public service began in 1969 when he joined the Nixon Administration, serving in a number of positions at the Cost of Living Council, at the Office of Economic Opportunity, and within the White House.

When Gerald Ford assumed the Presidency in August 1974, Mr. Cheney served on the transition team and later as Deputy Assistant to the President. In November 1975, he was named Assistant to the President and White House Chief of Staff, a position he held throughout the remainder of the Ford Administration.

After he returned to his home state of Wyoming in 1977, Mr. Cheney was elected to serve as the state's sole Congressman in the U.S. House of Representatives. He was re-elected five times and elected by his colleagues to serve as Chairman of the Republican Policy Committee from 1981 to 1987. He was elected Chairman of the House Republican Conference in 1987 and elected House Minority Whip in 1988. During his tenure in the House, Mr. Cheney earned a reputation as a man of knowledge, character, and accessibility.

Mr. Cheney also served a crucial role when America needed him most. As Secretary of Defense from March 1989 to January 1993, Mr. Cheney directed two of the largest military campaigns in recent history - Operation Just Cause in Panama and Operation Desert Storm in the Middle East. He was responsible for shaping the future of the U.S. military in an age of profound and rapid change as the Cold War ended. For his leadership in the Gulf War, Secretary Cheney was awarded the Presidential Medal of Freedom by President George Bush on July 3, 1991.

Mr. Cheney married his high school sweetheart, Lynne Ann Vincent, in 1964, and they have grown daughters, Elizabeth and Mary, three granddaughters and three grandsons.

THE PRESIDENT: I am honored to be with you all. Thank you very much for hosting this meeting here, and the good folks from Alexandria and Pineville, Louisiana.

I have come to talk about the economic situation in the country. A lot of the people down here and other parts of the country are wondering why a free market-oriented President made the decisions to -- necessary to get the government buying stocks in banks, for example. Why would you do that?

The answer is because I was deeply concerned about a financial crisis becoming so profound and so acute that it hurt the people and small business owners here in Alexandria and Pineville, that's why. If I felt that the crisis could be contained in Wall Street, then I'd have taken a different course of action. But the crisis that is gripping this country, and still has a grip on this country, affects the people around this table. And that's why I made the decision I made.

Part of that decision is to make sure that the people who end up with hardworking taxpayers' money don't enrich themselves as a result of that kind of money. I was talking to Rodney Alexander -- he's a fine congressman from this part of the world -- he said, one thing people want to make sure of, Mr. President, is that when you invest that they're not able to take that government investment and use it to their own advantage, personally -- in other words, golden parachutes, or something like that.

Secondly, I believe -- and I can say this with confidence to the people out here -- that I think we're going to get -- be able to get most of your money back. And the reason I say that is because the government is really making investments, and obviously making investments in a difficult period for our economy. And we're big enough and patient enough to be able to hold these investments. Plus the investments are structured to encourage, for example, big banks, when they get back on their feet and get doing better to buy back the shares or get somebody else to buy back the shares.

One of the things that I have heard around the table -- and I'm not surprised -- is that the regional banks and the community banks, which provide such an important part of many communities -- are such an important part of many communities, and provide such stability for the country's financial system, they're worried about being labeled with the same brush as some of the big banks that have had economic difficulties. And I think the people in Alexandria need to know that community banks are strong, and they got good capital ratios, and they're healthy. And that's good. It's going to be very important for the small business sector.

I am deeply concerned about the small business sector. Seventy percent of new jobs in America are created by small business owners, and we've got small business owners with us today. One of the problems facing small business owners is that they were very worried that their non-interest-bearing accounts in banks were not insured. And so the FDIC took action to insure those accounts so that small business owners can be comfortable that the money they got in place for inventories are in good shape.

And then the question I've asked here is, what are the attitudes like? And I have heard that people's attitudes are beginning to change, from a period of intense concerns -- and I would call it near panic -- to being more relaxed and beginning to see the effects of changes and the liquidity that is being pumped in the system, that we got a long way to go. As I said Friday, this thaw -- took a while to thaw, it's going to take a while to unthaw. But it's -- but the attitude here is a little different than it might have been a week ago.

And so I want to thank you all very much for giving me a chance to come visit with you. I'm very fond of this part of the country. It's not that far away from my home state. And so, appreciate your time. Appreciate the good folks in this part of the world. I do want to thank all those who have said prayers for me and Laura during our presidency. It's meant an awful lot. Thank you all.

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Washington, D.C., Oct. 7, 2008 — The Securities and Exchange Commission today announced additional details on the process and initial steps that the SEC has undertaken to conduct a study on "mark-to-market" accounting, as authorized by Sec. 133 of the Emergency Economic Stabilization Act of 2008, signed into law by President Bush last Friday.

Under legislation enacted last week to help stabilize financial markets, the SEC is required to conduct a study of "mark-to-market" accounting. The study is to be completed by Jan. 2, 2009, in consultation with the Secretary of the Treasury and the Board of Governors of the Federal Reserve System. Under the terms of the EESA, the study will focus on:

1. The effects of such accounting standards on a financial institution's balance sheet
2. The impacts of such accounting on bank failures in 2008
3. The impact of such standards on the quality of financial information available to investors
4. The process used by the Financial Accounting Standards Board in developing accounting standards
5. The advisability and feasibility of modifications to such standards
6. Alternative accounting standards to those provided in [Financial Accounting Standards Board] Statement Number 157

SEC Chairman Christopher Cox announced that James Kroeker, Deputy Chief Accountant for Accounting at the SEC, will serve as staff director for the study. As Deputy Chief Accountant, Mr. Kroeker is responsible for resolution of accounting issues, rulemaking projects, and oversight of private sector accounting standard-setting efforts. Prior to his current position, Mr. Kroeker was a partner at Deloitte and Touche, LLP in the firm's National Office Accounting Services Group, where he was responsible for providing consultation and support regarding the implementation, application, communication and development of accounting standards. Mr. Kroeker also served as a Practice Fellow at the Financial Accounting Standards Board, where he assisted in the development of accounting guidance related to evolving accounting issues.

The SEC also announced that it is scheduling public roundtables to obtain input into the study from investors, accountants, standard setters, business leaders, and other interested parties.

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Bush says that his government moved with a plan big enough to make a difference; a plan with features in it that will cause investments to be temporary, since the government should not be involved with owning businesses, it's not good for the country.

It was necessary that the stock be purchased to help us through this financial crisis, but in the long run it's not good for the country. And so the plan is structured to get government in a position where these investments will be returned to the taxpayers and it's likely, that we'll not only get most of the money back, but in some cases actually make a little money.

I made it a plan that is effective so it helps small business owners. The man who owns the bike shop here, he's got to pay for his inventory. And yet, because of the crisis, people are worried about whether the money in their banks -- their non-interest-bearing transactional accounts would be safe. And so we said they are safe -- all aiming to restore confidence in our financial systems; all aiming to make sure that they folks out there that are watching their 401(k)s decline know that the government is taking strong action to bring -- to get this crisis over with so we can get back to the business of getting this economy back on its feet again.

So I want to thank you all for giving me a chance to hear from you. We've got some community bankers here that have been affected by the plan we put in place. And their bank lending is now secured by the FDIC. And I bring a sense of optimism and realism. I'm realistic about how tough the situation is. I'm optimistic that we're going to come through it. And I believe when we come thru it we're going to be better than ever.

And finally I want to assure the folks out here that we're not going to be using your taxpayer money to enrich financiers; that we're going to protect your money, help you get it back.

Bush finished a meeting with the US Ambassador, and General Odierno and members of our Provincial Reconstruction Teams, in Iraq. He says that we are having success in Iraq and one of the main reasons why is we're implementing an innovative strategy that combines our military with civilian expertise to help people at the grassroots level build a society that will lay the foundation for peace.

He went on to say that merica is fortunate to have courageous souls volunteer to help develop an ally in the war against extremists, to develop a democracy in a part of the world where a lot of people said democracy could never flourish; and secondly, that we are implementing a strategy in the provinces which is effective.

The good thing about our military and our civilians in the PRTs, they're constantly looking at ways to make sure that we remain effective...

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Prize winners must claim their winning within 180 days of the lottery, otherwise it gets put back into the lottery pool.

As of Oct. 8, a total of 7.2 billion is about to be given back to the pool because since 3 people have failed to claim their prize. 

To make sure you have not forgotten about any cash make sure you visit http://www.foundmoney.com/moneybank/giveaway.html?asid=51&linkname=20six to search for unclaimed money and to have a chance at winning $100 from the contest.