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Fortune 500 Forum Teleconference 11/15/91 [OA 6039] [2]
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Document No.
286055ss
WHITE HOUSE STAFFING MEMORANDUM
91 NOV 14 P12: 18
DATE:
11/13/91
ACTION/CONCURRENCE/COMMENT DUE BY: THURS. 11/14/91 10:00 a.m
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
SUBJECT:
NOVEMBER 15, 1991 - 10:25 am
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
A
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
MCBRIDE
DEMAREST
SNOW
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 10:00 a.m., THURSDAY, NOVEMBER 14, with a copy to this
office. Thank you.
RESPONSE:
Mention low rate of inflation &
the
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
01 NOV 17 P3: 11
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. //
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
2
through the recession -- and last year, accounted for more than
80 percent of our growth. //
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring- down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. // Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for a North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. // These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. //
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. //
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. // Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. //
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain. //
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
o & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers:" You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
Document No.
286055ss
WHITE HOUSE STAFFING MEMORANDUM
DATE:
11/13/91
ACTION/CONCURRENCE/COMMENT DUE BY: THURS. 11/14/91 10:00 a.m
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
SUBJECT:
NOVEMBER 15, 1991 - 10:25 am
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
>
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
>
BOSKIN
CARD
MCBRIDE
DEMAREST
SNOW
FITZWATER
>
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 10:00 a.m., THURSDAY, NOVEMBER 14, with a copy to this
office. Thank you.
RESPONSE:
See comments-
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
31 NOV 13 P3: 11
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. //
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
SENT BY:Xerox Telecopier 7020 11-14-91 ; 5:13PM ;
2023953174:# 2
2
through the recession -- and last year, accounted for more than
80 percent of our growth. 11
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. 11 Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for at North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. 11 These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. 11
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. 11
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. // Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
Mary
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. // Notcorrect
Ryder
Expension was last but
X4516
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
the
?
of economic policy puts me in mind of the Hippocratic oath: Do
not
sion
no harm. // We're going to resist buying in to the snake-oil
(nor Budget in
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
hunged)
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
youmay way
term economic health to short-term political gain.
//
Once again, my thanks to all of you. / Now, Jim and
Order
Marshall, I'll be pleased to take some questions.
optionson not Scully
Q & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
55178
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers:" You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold --- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who, desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
Document No.
286055ss
91 NOV 14 All: 43
WHITE HOUSE STAFFING MEMORANDUM
DATE:
11/13/91
ACTION/CONCURRENCE/COMMENT DUE BY: THURS. 11/14/91 10:00 a.m
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
SUBJECT:
NOVEMBER 15, 1991 - 10:25 am
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
>
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
MCBRIDE
DEMAREST
SNOW
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 10:00 a.m., THURSDAY, NOVEMBER 14, with a copy to this
office. Thank you.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
31 NOV 13 P3:11
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. //
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
2
through the recession -- and last year, accounted for more than
80 percent of our growth. //
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. // Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for a North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. // These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. //
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. //
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. 11. Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. //
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain. //
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
O & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers: " You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
TIME OF TRANSMISSION
TIME OF RECEIPT
IS is 16 AGN =1
THE SITUATION ROOM
PRECEDENCE; PRIORITY IMMEDIATE
RELEASER:
ROUTINE
DTG: 1322448
MESSAGE NO. 07
CLASSIFICATION uncless
PAGES 20
FROM Nancy (Name) Benson
456-2930
1270EOB
(Phone Number)
(Room No.)
MESSAGE DESCRIPTION
TO (Agency)
DELIVER TO:
DEPT/ROOM NO.
PHONE NUMBER
Onristina Martin St Louis
REMARKS
URGENTII
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. 11
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
2
through the recession -- and last year, accounted for more than
80 percent of our growth. 11
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. 11 Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for a North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. // These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. //
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. 11
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. 11 Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. 11
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a: straight party-line
vote. on the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. 11
For three years now, l've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. 11
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit --- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. 11
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain. 11
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
O & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers:" You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. 11
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. 11
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
(Duggan/Simon)
November 13, 1991
Draft One
Excellence
PRESIDENTIAL REMARKS: HISPANIC EDUCATION PANEL
ROOSEVELT ROOM
THURSDAY, NOVEMBER 14, 1991
First, I regret that it has taken so long from the time this
panel was first envisioned to today's meeting. I pledge to make
up for lost time. The Hispanic community is a high priority for
Lamar and for all of us. It's clear to me that in [chairman]
Andres Bande you have a go-getter who won't rest until your
commission truly achieves a major contribution to excellence in
education for Hispanic Americans,
By the year 2000, Hispanic Americans will have a higher
profile in this country -- and a prouder one. Everyone will
recognize Hispanic Americans as the pivotal community in the
economic growth that is going to arise from new trade with Mexico
and other Latin American countries.
But it won't stop at that. Hispanic Americans will confound
the pessimists and lead a revolution to improve their children's
education. The Hispanic community's greatest strengths also
happen to be critical ingredients in educational success. Take
the primacy of the family, for instance. Our America 2000
strategy for educational excellence focusses on empowering
parents and families, who care more than anyone else about our
children.
We'll draw on your expertise in education, your business
acumen, and your community pride. By the end of the decade,
we'll see the Hispanic community in the vanguard of the New
2
American Schools --, schools that again make United States
education the best in the world.
Thank you.
#
#
#
Grant/Aarhus
A:Turkey Draft two
November 12, 1991
BRIEF REMARKS: THANKSGIVING TURKEY PRESENTATION
THE ROSE GARDEN
WEDNESDAY, NOVEMBER 20, 1991
[Acknowledgements; Turkey Federation reps.]
Welcome to the White House. ( (Before I came outside, I read
on my schedule: "11:45 -- Turkey in the Rose Garden." I didn't
know if I was supposed to eat my lunch, 11 meet the prime
minister -- of Turkey, that is, 11 or veto a spending bill.))
( (I asked Sig if he thought there might be an image problem
with this event today. He said no, the turkey should survive
it.) )
( (Every year, we get a lot of questions as to why the turkey
looks so exhausted. 11 It's easy -- we just locked him in a room
for half an hour with Helen Thomas. ))
( (However, I do not think it's necessary to point out --
true story -- that this particular turkey comes from Iowa, and
that his name is Tom. 1111
Thanksgiving Day is a big holiday for the Bush family, as it
is for most Americans. AS everybody sits down at the table, we
think back on the past year and thank God for all that was good
and right in our lives, and we pray for strength and guidance in
the coming year.
I remember attending last year's Turkey Ceremony, before
going off to the Persian Gulf to share Thanksgiving Dinner with
our troops in the Saudi desert. For many families, the memory of
2
last Thanksgiving must seem very distant. Next Thursday will be
a great day, a sort of homecoming, for many families: full of
pride for our brave servicemen and women, and happiness at having
them at the table -- at home -- some, for the first time in two
years. To each and every one of them, I say again what I said to
them in the desert that day: Thank you. Thank you for standing
for freedom, for our security, and for peace in the world.
To the families of those who gave their lives in the line of
duty, we say thank you, too -- for we will always be grateful to
them and to you.
As we thank the Lord for His blessings of freedom, security,
and peace, we also remember those Americans who are out of work
in poor health
or just plain lonely. We seek solutions
to the problems facing our Nation -- most of all, the repair of
hope and an end to hunger and homelessness.
Like the Pilgrims at Plymouth, and the early colonists at
Jamestown, New Amsterdam and St. Augustine, we too thank the Lord
for sustaining us through times of peril and hardship. America
is unlike any other Nation on Earth, and we must never take for
granted God's abundant blessings upon our land and our people.
That is what makes Thanksgiving such a uniquely American holiday.
And so, with that said, I am pleased to sign the
Thanksgiving proclamation for 1991. [SIGN PROCLAMATION]
Before I invite the kids up here to see the turkey, let me
say that I've also granted the traditional Presidential Pardon to
this turkey, so you can rest assured he will not be on anybody's
3
dinner table next week. Instead, he'll live out his days
gobbling away at a children's petting farm.
So happy Thanksgiving everyone, and come on up, kids.
###
(Smith/Grossman)
November 12, 1991
Draft Four
NRCC
PRESIDENTIAL REMARKS: NRCC LUNCHEON
HOTEL
TUESDAY, NOVEMBER 19, 1991
Barbara Morris-Lent -- congratulations on today's dinner. /
Kent Kies, chairman of the President's Forum. / Chairman of the
NRCC -- my good friend Guy Vander Jagt, and his wife Carol. /
Let me also salute your co-chairman, and another son of Michigan
-- Spencer Abraham, along with his wife and NRCC comrade in arms
(literally), Jane. / It's exciting to see you all. 11 Of
course, more than eighty Republican members of the House. 11
Above all, I want to thank each of you for your support of the
National Republican Congressional Committee. 11
This is the third straight year I have participated in this
event sponsored by the NRCC. The first was held to honor that
great Son of Illinois, House Republican Leader Bob Michel. Last
year, we honored the ranking Republican members of the House. 11
There's a Latin phrase, primus inter pares -- it means "First
among equals." Today, we honor men and women who are all first
among equals -- every single GOP member of the House of
Representatives. 11
I begin with a news flash, and a pledge. ((There's a lot of
speculation about when I'll make an official announcement about
running in 1992, so I guess today is as good a time as any. //
2
I'm following a regimen that!ll have me running two miles a day,
and four on weekends. )) 11
( (Now the pledge: I'm not going to speak for long. You
have to get back to your jobs -- and I have to get back to my
reading. 11 Recently, I began Mikhail Gorbachev's book about the
overthrow in Moscow. / of course, the book I'm really waiting for
is about the overthrow in the New Jersey legislature. )) 11
I am here to say: Today New Jersey, tomorrow the Congress.
11 If democracy can come to Moscow, it can come to the House of
Representatives, / of course, the Democrats won't just roll
over. We will have to take our fight and our issues to the
people. But the times are right / and our policies are right.
Americans want to liberate themselves from the tired old ideals
of the liberal elite, and get a chance to make the American Dream
a reality -- in the workplace, at home, in the schools, and on
the streets. / /
Let's talk about a few of the issues that separate
Republicans from the other party. First, the economy. 11
Americans want more growth / more jobs / more prosperity.
We want to help those who have lost their jobs. We want to help
them get new jobs -- better jobs. 11
For months, I have pressed Congress to pass a growth
package. But liberal Democrats like the old ways and old days.
And they seem determined to delay / distort / and destroy our
programs. For months they fiddled while recession loomed. Now,
We have a recession -- and Democrats seem more interested in
3
playing the tired old game of class warfare than in appealing to
people's abilities and ambitions.
Go to the industrial Midwest. They will tell you America
deserves better than liberals who won't even permit a vote on our
capital gains tax cut. / Travel to the small towns of Vermont.
Ask if they think economic growth should be blocked by one-party
control of Congress. / The liberals continue to demagogue on the
economy -- exploiting people's misery in order to hustle a few
votes. We waited two months for an unemployment insurance bill.
Liberal leaders evidently believed that it made "good politics"
to train a spotlight on people's misery, instead of stepping
forward and helping them. They decided to foment economic
insecurity and to foster animosity across race and income lines.
America deserves better. 11
Since 1956, Democrats have controlled the House. Because
they have been unaccountable, they have become irresponsible. 11
Liberals don't seem to understand that Federal money is your
money, not theirs. And they don't seem to believe that the law
of the land also ought to apply to the lawmakers. 11 ( (Everyone
here knows that with all the pious talk by some Democrats on
sexual harrassment -- the senate, as that debate went on, had
exempted itself from the very sexual harrassment laws everyone
else has to live by?)) well, they can't exempt themselves from
responsibility -- and our chief duty now is to stop carping and
start taking common-sense steps to get the economy moving.
4
Democrats have spent enough-time stimulating economic fear. The
American people deserve hope -- and action. 11
I'll be more specific. Today, I. challenge Congressional
Democrats to pass our growth package: A cut in the capital gains
tax rate, banking reform, personal savings incentives, the
creation of a permanent R&D tax credit, and increased investment
in science, technology, and infrastructure. 11
TO the fear-mongerers in the House and Senate, I say: If
you really care about fairness, think about this. Able, willing
men and women want jobs -- but they don't have them because
Congress thinks that prosperity might help the rich. They focus
on creating enemies, rather than on creating jobs. Here's
fairness: jobs for people who want to work, and tax rates that
let them keep the lion's share of their hard-earned money. 11
((All of this reminds me of that old joke -- you know what
you get when you play country music backwards? You get your job
back, your wife back, your dog back
Well, you know what you
get when you throw the Democrats out of Congress? You get your
job back, your pride back, your country back. )) ///
Republicans know that prosperity comes not from the growth
of government -- but from the growth of opportunity. When
someone wants a job, they don't apply to George Mitchell. They
rely on people who make a product, meet a payroll, and try to
build toward greatness, one step at a time. so let's restore
some common sense to economic policy -- and let's demand passage
of our growth package.
5
You don't have to look far to understand that the American
people want a change. They think something has gone rotten in
Washington, and they're right. On important business, this town
has shut down, and we can get it moving again only by electing
Republican majorities to the House and Senate.
You've heard that great moderate, Teddy Kennedy, say we
don't have a domestic agenda. what he really means is we don't
have his domestic agenda. // We never will have his agenda as
long as I am President. 11 I am not going to do to America what
liberals have done to the cause of good government. 11
The Democrats' stall strategy has gone on long enough.
Think, for a moment, about Bob Gates. For four months, the
Democratic Congress held up his nomination. 11
Remember Clarence Thomas. He went through a living
purgatory because he dared think for himself. But do you know
what? There came a moment when he stopped pandering and talked
about his beliefs. At that moment, his would-be Inquisitors just
plain vanished - looked down at their desks, tapped their
fingers nervously. Congress tried to replace the policy of
advise and consent with the politics of search and destroy. 11
But they learned the hard way that one tactic always wins: the
truth -- plain, unrepentant, defiant. If we do one thing next
year, let's restore civility and tolerance to American politics.
Help me elect Republicans who will bring decency and fair play
back to the United States Congress. 11
6
Larry Lindsey. remains a hostage to special interests on the
Hill. Here we have important economic business to do, and
liberal Democrats just want to stall -- even on a key appointment
to the Federal Reserve Board. The liberal Democrats use the
tired old device of the Senatorial hold -- and in the process
they put our economy in a stranglehold.
Listen to these facts. 11 On March 20, I sent banking
reform legislation to Congress. That was 238 days ago. No bill.
/ on March 11, I sent Congress crime legislation to take hoods
off the streets. That was 247 days ago. No bill. 11 On March
4, I sent up energy legislation. That was 254 days ago -- no
bill. 11 On February 13, up went our transportation legislation.
That was 273 days ago -- you guessed it, no bill. //
[[For two years Congress has blocked attempts to support a
Constitutional Amendment restoring voluntary prayer to our
schools. ]] 11 For two years I've prodded Congress to pass our
Educational Excellence Act -- and over the last six months our
America 2002 program. All of us know America's schools aren't
making the grade. 11 We need more Republicans so that Congress
won't continue to flunk the test. 11
In each case, Democrats have pandered to special interests,
NEA --- NOW -- ACLU -- the soft-on-crime crowd -- and, yes, that
misnamed group, People for the American Way. 11 our interests
are different. We are concerned about America's interests.
Nowhere is that more true than in foreign policy.
7
Most liberals never met. a defense cut they didn't like.
Remember all the talk about a "peace dividend?" If we had
invested that dividend a year ago, the world would be at war.
Think of liberal Democrats over the last 20 years. They
were wrong about the Mayaguez / wrong about the Shah of Iran /
they were wrong about the peaceniks, freeznicks, and wrong about
Peace Through Strength. They were wrong about Libya / wrong
about Grenada / wrong as you can be about the Strategic Defense
Initiative. 11 Talk about a gang who, literally, can't shoot
straight. 11 If we had followed the Democrats' advice, Saddam
Hussein would be in Saudi Arabia as I speak.
Now, they're at it again. They want me to ignore my own
responsibilities in the area of foreign policy, as if Americans
had no stake in the rest of the world -- as if this great melting
pot of ours had no ties to our ancestral homes.
When I work to crack protectionism to create more American
jobs and economic growth, is that foreign or domestic policy?
When drugs threatened our very survival as a people, I went
to Columbia to protect the lives of our children. Is stopping
drug abuse foreign or domestic?
When a brutal tyrant invaded Kuwait -- we helped roll back
aggression and liberate a land. Was this victory foreign or
domestic? Desert Storm made America a better place. I am proud
of our troops. They made ours a better world. 11
There's a Texas saying, "Dance with the one who brung you."
Our policies have helped bring America to peace and democracy
8
undreamt of in human history. 11 Let us take this message to
America: If you like what we've done abroad, elect more
Republicans and we'll do the same at home. //
We don't demagogue. We deliver. 11 We don't posture. We
produce. With your support, we can produce a great victory for
Republicans, and for America. 11
Thank you for your prayers and your help. Together, let's
do even more in the months ahead. Let's set off our own
Revolution in 1992, and usher in the era of new ideas -- and real
solutions. Let's make 1992 the Year of the Republican, so that
we can kick off an Age of Opportunity. 11 Thank you. God bless
you, and the United States of America.
#
#
#
#
Document No.
286055ss
WHITE HOUSE STAFFING MEMORANDUM
DATE:
11/13/91
ACTION/CONCURRENCE/COMMENT DUE BY: THURS. 11/14/91 10:00 a.m
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
SUBJECT:
NOVEMBER 15, 1991 - 10:25 am
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
<
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
A
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
MCBRIDE
DEMAREST
>
SNOW
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 10:00 a.m., THURSDAY, NOVEMBER 14, with a copy to this
office. Thank you.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
31 NOV 13 P3: 11
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. 11
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
2
through the recession -- and last year, accounted for more than
80 percent of our growth. //
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. // Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for a North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. // These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. //
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. //
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. // Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. //
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain.
//
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
O & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers: " You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
McGroarty/Bunton
November 13, 1991
2:30 pm
[500]
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. //
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
2
through the recession -- and last year, accounted for more than
80 percent of our growth. //
I know those of you in the service sector and the
agriculture industry especially pay a price for being closed out
of foreign markets. We're pushing hard to bring down trade
barriers in the Uruguay Round, to open more markets to American
goods and services. // Jim Baker took the free trade message to
Japan -- and I delivered it myself to the European Community last
week at The Hague. / Closer to home, we've won fast track
authority for a North American Free Trade Agreement linking the
U.S., Canada and Mexico. Yesterday I met here at the White House
with Argentina's President Carlos Menem. He's strong on our
Enterprise for the Americas Initiative to unite this entire
hemisphere in the world's first free trade zone. // These
solid, forward-looking initiatives will pay dividends down the
road -- in increased growth, new markets for American products,
new jobs for American workers. //
But we can help right now. {{I'm pleased that we've been
able to reach agreement with Congress on extending unemployment
benefits in a way that doesn't break last year's budget
agreement. }} But I'm sorry to say that, beyond unemployment
benefits, every one of our efforts has hit a stone wall. That's
right -- they're stuck inside the Beltway's version of the
Bermuda Triangle: Capitol Hill. //
Start with the overhaul of our antiquated bank system.
Every one of you knows how the problems in our banking system
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. // Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. //
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain. //
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
o & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers:" You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who, desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
missing
Pay
McGroarty/Bunton
November 13, 1991
Pg
2:30 pm
[500]
PRESIDENTIAL REMARKS: FORTUNE 500 TELECONFERENCE
Rm. 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
Thank you, Jim [Hayes, publisher of Fortune]. // Greetings
to Marshall Loeb -- and my thanks to all for this opportunity to
address the people who produce a good chunk of the Gross National
Product. // Bringing all of you together is a real service --
and proves once again why Fortune is one of America's leading
economic indicators.
In the super-charged competitive atmosphere you call home,
there's never room for complacency. The world doesn't care much
about yesterday's track records -- it wants to find the restless
man or woman with the next new idea. This year, a new element
overshadows the normal quest for excellence. Times have been
tough. As you look ahead, plan for the future, you worry about
the economy.
Today I want to share my views about how we can turn this
economy around: what we've been doing, what we've tried to do -
- and finally, what we won't do. //
Let me start with our long-term growth strategy -- built on
the principle of free and fair trade. You know first-hand that
exports have become the driving force in our economy. Strong
exports cushioned our economic downturn: Exports increased right
3
plague this economy. In February, I sent up to Congress the
first comprehensive bank reform since the 1930s -- reforms that
would bring American banks into the age of the ATM and the 800
number. // Congressmen, marching to the beat of special
interests, systematically gutted that bill -- then set it aside.
Now, Congress heads for adjournment with no bill in sight. //
We've been hamstrung on the federal level by the Senate's
lack of action on key nominations. You as CEOs know you can't
run your business without strong senior VPs. The same is true of
the Federal government. Yet the Senate rejected Bob Clarke, my
nominee for Comptroller of the Currency -- after eleven months,
and 30,000 pages of documentation -- on a straight party-line
vote. On the Fed, they're dragging their feet: it's been nearly
four months since I nominated Alan Greenspan for a new term as
Chairman -- and nine months since I named Larry Lindsay to fill
the Fed's vacant seat. //
For three years now, I've proposed a package of growth
initiatives. Not just capital gains -- but incentives like
Family Savings Accounts to encourage saving; measures to help
first-time buyers into that new home; enterprise zones to unleash
the urban entrepreneur: Each one would give a sluggish economy a
needed boost. Congress won't even put them to a vote. //
Time and again, Congress has failed to act. They say
they're for competitiveness. Yet when we proposed the permanent
extension of the Research and Experimentation Tax Credit --
Congress did nothing. The R&E Credit expired October 1st.
4
Congressional leaders say they're for jobs. Yet October 1st
marked the end of the Targeted Job Tax Credit -- a measure that
helps the hard-core unemployed find work. // They say they're
for housing. Yet the Low-Income Housing Tax Credit we sought to
extend -- once again, expired October 1. //
So far I've spoken about ways we're trying to turn things
around. Now, let me tell you what we won't do. The first rule
of economic policy puts me in mind of the Hippocratic oath: Do
no harm. // We're going to resist buying in to the snake-oil
solutions out there -- from the folks who would have you believe
they can reach in, flip a lever here turn a knob there, and fine-
tune a five-trillion dollar economy. Pressure's building as we
enter 1992 -- but let me say right now: we won't sacrifice long-
term economic health to short-term political gain. //
Once again, my thanks to all of you. / Now, Jim and
Marshall, I'll be pleased to take some questions.
O & A:
1. In America 2000, you set out national education strategies,
and in Secretary Alexander and Deputy Secretary Kearns you have
selected fine people to lead the effort. What can business
leaders do to help, and what especially can we do to accelerate
the pace of education reform?
First, let me second the motion: I am fortunate to have
Secretary Alexander at the helm -- and I'm delighted we managed
5
to lure David Kearns from the upper reaches of the corporate
world to take on a new challenge in America's classrooms.
We are serious about igniting a revolution in American
education. Business can do a great deal to help us along the
road to America 2000.
First, as "consumers:" You have a vested interest in the
quality of American education. One element of America 2000 calls
for bringing the corporate community into our classrooms. You
can anchor our education reform in "real world" concerns -- bring
the needs of the market to our schools.
Second, we need your help as reformers: The business
community volunteers millions of hours serving as mentors in our
schools -- contributes billions of dollars supplying technology
and supporting innovative ideas in education. Some of you are
helping to fund a revolutionary experiment in education reform
called the New American Schools initiative. Let me extend an
open invitation to all of you: Bring your ideas to the table --
help us break the mold -- reinvent American education to meet the
needs of a new century.
Third, we need your help as teachers. Go into our schools,
share your wisdom. But don't stop there. Bring the classroom
into your companies. Help those workers who, desperately want to
learn how to read and write master the basic tools of literacy.
Help your employees learn new skills -- better themselves -- for
the good of their careers and your companies. //
6
If we've made a mistake in the past, it's been leaving
education to the so-called "experts" -- cutting off our schools
from the outside community. America 2000 breaks down those
barriers. I see the business community as an ally -- a real
agent for change. I salute all of you for what you're doing now
-- and I challenge you to do more.
2. Mr. President, you can answer this question as generally or
as specifically as you want. But the question is: "What should
American business do in 1992?"
Let me register -- respectfully, of course -- a slight
disagreement with the premise. I want to stay on the right side
of history: When the communist bloc looks to Adam Smith, I'm not
about to offer American business a 5-year plan or even a 1-year
plan. [[If you think your industry has been hit hard --
remember, what a tough year it's been for Central Planners. ]] //
Our system works best when independent enterprises take
their cue from the market -- not from Washington. So in 1992,
what I want to see is simply this: I'd like to see you do what
you do best.
First, you can build on your successes. During the 1980s,
the manufacturing sector of our economy retooled -- literally
revolutionized the way American companies do business. The
result: productivity shot up more than 40%. You honed the
competitive edge that enabled American companies to capture new
markets abroad -- and keep customers satisfied here at home.
7
Exports have exploded -- in real terms, up more than 50% in the
past five years. //
As I promised a few moments ago, we'll keep working in
Washington to create a good climate for growth -- to drive down
trade barriers abroad, to pursue a sane fiscal- policy at home.
We'll do all we can to keep the playing field level, to cut
through the red tape and needless regulations. / You keep
innovating -- pioneering new products, setting new goals -- and
rising to the challenge. If both of us do our jobs, 1992 will
mark a new beginning for American business -- a new era of
prosperity for the American people. //
Thanks again, all of you, for allowing me to join you in
Charleston.
# # #
FORTUNE 500 TELECONFERENCE
ROOM 459, OEOB
NOVEMBER 15, 1991
10:25 A.M.
THANK YOU, JIM [HAYES, PUBLISHER OF FORTUNE]. //
GREETINGS TO MARSHALL LOEB -- AND MY THANKS TO ALL FOR
THIS OPPORTUNITY TO ADDRESS THE PEOPLE WHO PRODUCE A
GOOD CHUNK OF THE GROSS NATIONAL PRODUCT. // BRINGING
ALL OF YOU TOGETHER IS A REAL SERVICE -- AND PROVES
ONCE AGAIN WHY FORTUNE IS ONE OF AMERICA'S LEADING
ECONOMIC INDICATORS.
IN THE SUPER-CHARGED COMPETITIVE ATMOSPHERE YOU
CALL HOME, THERE'S NEVER ROOM FOR COMPLACENCY. THE
WORLD DOESN'T CARE MUCH ABOUT YESTERDAY'S TRACK RECORDS
-- IT WANTS TO FIND THE RESTLESS MAN OR WOMAN WITH THE
NEXT NEW IDEA. THIS YEAR, A NEW ELEMENT OVERSHADOWS
THE NORMAL QUEST FOR EXCELLENCE. TIMES HAVE BEEN
TOUGH. AS ONE LOOKS AHEAD, PLANS FOR THE FUTURE,
THERE'S WORRY ABOUT THE ECONOMY. I AM CONCERNED.
PEOPLE ARE HURTING AND I WANT TO HELP. I WANT TO BE
SURE THAN ANY ACTIONS TAKEN BY THE FEDERAL GOVERNMENT
ARE FUNDMENTALLY SOUND.
- 2 -
LET ME JUST TAKE A MOMENT TO SHARE A FEW THOUGHTS
ABOUT HOW WE CAN GET THIS ECONOMY GROWING. / AS YOU
MIGHT KNOW, OUR LONG-TERM GROWTH STRATEGY IS FOUNDED ON
SEVERAL IMPORTANT ELEMENTS:
FIRST, WE KNOW WE'VE GOT TO GET THAT DEFICIT DOWN.
WE'VE GOT A BUDGET AGREEMENT THAT PUTS THE SQUEEZE ON
THE CONTROLLABLE PART OF FEDERAL SPENDING -- AND WE
MUST ABIDE BY IT. THE OTHER DAY A MASSIVE TAX CUTTING
SCHEME WAS PROPOSED, AND LONG TERM INTEREST RATES SHOT
UP BECAUSE THE MARKETS FELT THAT THE DEFICIT WOULD
AGAIN SPIRAL. // WE'VE GOT TO KEEP INFLATION UNDER
CONTROL -- AS IT IS RIGHT NOW. THE FED MUST CONDUCT
ITSELF IN A WAY THAT WILL KEEP INTEREST RATES AT LOW
LEVELS. / WE'VE GOT TO KEEP AMERICAN BUSINESS
COMPETITIVE: SLASH RED TAPE AND REGULATIONS WHEREVER
POSSIBLE -- DRAW THE LINE AGAINST MORE AND MORE
GOVERNMENT MANDATES THAT HANDCUFF THE AMERICAN
ENTREPRENEUR. COMPETITIVENESS MEANS REAL TORT REFORM -
- CAPPING THESE SKY'S-THE-LIMIT LIABILITY AWARDS. AS A
NATION, WE'VE GOT TO MAKE GOOD ON OUR COMMITMENT TO
QUALITY EDUCATION AND JOB TRAINING, TO ENSURE A
WORKFORCE READY FOR THE CHALLENGES A NEW CENTURY WILL
- 3 -
FINALLY, WE'VE GOT TO MAKE CERTAIN AMERICAN
BUSINESSES COMPETE ON AN EQUAL FOOTING -- AND THAT
MEANS A GOVERNMENT COMMITTED TO THE PRINCIPLES OF FREE
AND FAIR TRADE. LET ME FOCUS FOR A MOMENT ON THIS
ISSUE. / YOU KNOW FIRST-HAND THAT EXPORTS HAVE BECOME
A DRIVING FORCE IN OUR ECONOMY. STRONG EXPORTS
CUSHIONED OUR ECONOMIC DOWNTURN: TOTAL GROSS EXPORTS
LAST YEAR ACCOUNTED FOR VIRTUALLY ALL OF OUR GROWTH.
//
- 4 -
I KNOW THAT MANY OF YOU -- ESPECIALLY IN THE
SERVICE SECTOR AND IN AGRICULTURE -- PAY A PRICE FOR
BEING CLOSED OUT OF FOREIGN MARKETS. WE'RE PUSHING
HARD IN THE URUGUAY ROUND TO BRING DOWN TRADE BARRIERS,
TO OPEN MORE MARKETS TO AMERICAN GOODS AND SERVICES.
// JIM BAKER TOOK THE FREE TRADE MESSAGE TO JAPAN --
AND I DELIVERED IT MYSELF TO THE EUROPEAN COMMUNITY
LAST WEEK AT THE HAGUE. / CLOSER TO HOME, WE'VE WON
FAST TRACK AUTHORITY FOR A NORTH AMERICAN FREE TRADE
AGREEMENT LINKING THE U.S., CANADA AND MEXICO.
YESTERDAY I MET HERE AT THE WHITE HOUSE WITH
ARGENTINA'S PRESIDENT CARLOS MENEM. HE'S STRONG ON OUR
ENTERPRISE FOR THE AMERICAS INITIATIVE TO TRANSFORM
THIS ENTIRE HEMISPHERE INTO A FREE TRADE ZONE. //
THESE SOLID, FORWARD-LOOKING INITIATIVES WILL PAY
DIVIDENDS DOWN THE ROAD -- IN INCREASED GROWTH, NEW
MARKETS FOR AMERICAN PRODUCTS, NEW JOBS FOR AMERICAN
WORKERS. //
- 5 -
I'M CONFIDENT OUR LONG-TERM STRATEGY IS ON TARGET.
BUT THERE ARE STEPS WE'VE GOT TO TAKE RIGHT NOW -- NO
MORE DELAY. / LET'S START WITH THE OVERHAUL OF OUR
ANTIQUATED BANK SYSTEM. EVERY ONE OF YOU KNOWS HOW THE
PROBLEMS IN OUR BANKING SYSTEM PLAGUE THIS ECONOMY. IN
MARCH, I SENT UP TO CONGRESS THE FIRST COMPREHENSIVE
BANK REFORM SINCE THE 1930'S -- REFORMS THAT WOULD
BRING AMERICAN BANKS INTO THE MODERN AGE. AND EVEN
THOUGH THE CONGRESS IS HEADING TOWARD RECESS, WE WILL
KEEP PRESSING FOR THESE FUNDAMENTAL AND IMPORTANT
REFORMS. //
THE SAME GOES FOR OUR OTHER KEY PROPOSALS. FOR
THREE YEARS NOW, I'VE PROPOSED A PACKAGE OF GROWTH
INITIATIVES. NOT JUST CAPITAL GAINS -- BUT INCENTIVES
TO ENCOURAGE SAVING, LIKE OUR FAMILY SAVINGS ACCOUNTS.
INCREASED INCENTIVES FOR R&D TO HELP KEEP AMERICAN
BUSINESS COMPETITIVE. MEASURES TO HELP FIRST-TIME
BUYERS TAP THEIR IRA'S TO BUY THAT NEW HOME; ENTERPRISE
ZONES TO UNLEASH THE URBAN ENTREPRENEUR. EACH ONE OF
THESE INITIATIVES WOULD GIVE A SLUGGISH ECONOMY A
NEEDED BOOST. //
- 6 -
SO FAR I'VE SPOKEN ABOUT WAYS WE'RE TRYING TO TURN
THINGS AROUND. NOW, LET ME TELL YOU WHAT WE WON'T DO.
THE FIRST RULE OF ECONOMIC POLICY PUTS ME IN MIND OF
THE HIPPOCRATIC OATH: DO NO HARM. // WE'RE GOING TO
DRAW THE LINE AGAINST THE BUDGET-BUSTERS, RESIST THE
QUICK FIX SOLUTIONS OUT THERE -- FROM THE FOLKS WHO
WOULD HAVE YOU BELIEVE THEY CAN REACH IN, FLIP A LEVER
HERE, TURN A KNOB THERE, AND FINE-TUNE A FIVE-TRILLION
DOLLAR ECONOMY. PRESSURE'S BUILDING AS WE ENTER 1992
-- BUT LET ME SAY RIGHT NOW: WE WON'T SACRIFICE LONG-
TERM ECONOMIC HEALTH FOR SHORT-TERM POLITICAL GAIN. //
I DON'T EXPECT IT TO BE EASY. BUT I AM DETERMINED
TO FIND A WAY TO WORK WITH THE OPPOSITION -- TO REACH
OUT, DEAL IN GOOD FAITH AND DO OUR JOB, SO THAT YOU CAN
KEEP DOING YOURS.
- 7 -
ONE LAST COMMENT: YESTERDAY THE HOUSE
OVERWHELMINGLY PASSED UNEMPLOYMENT BENEFITS LEGISLATION
AND SENT IT TO THE SENATE. MY MESSAGE TO THE SENATE IS
SIMPLE AND DIRECT: PEOPLE ARE HURTING OUT THERE -- IF
THEY ARE TO RECEIVE A CHECK BEFORE THANKSGIVING -- THE
SENATE MUST GET THIS BILL TO ME TODAY. I WANT TO SEE
THIS LEGISLATION -- LEGISLATION THAT MEETS THE CRITERIA
I'VE LAID OUT -- ON MY DESK TODAY.
ONCE AGAIN, MY THANKS TO ALL OF YOU. / NOW, JIM
AND MARSHALL, I'LL BE PLEASED TO TAKE SOME QUESTIONS.
Q & A:
1. MR. PRESIDENT, YOU CAN ANSWER THIS QUESTION AS
GENERALLY OR AS SPECIFICALLY AS YOU WANT. BUT THE
QUESTION IS: "WHAT SHOULD AMERICAN BUSINESS DO IN
1992?"
- 8 -
OUR SYSTEM WORKS BEST WHEN INDEPENDENT ENTERPRISES
TAKE THEIR CUE FROM THE MARKET -- NOT FROM WASHINGTON.
so IN 1992, WHAT I WANT TO SEE IS SIMPLY THIS: I'D
LIKE TO SEE YOU DO WHAT YOU DO BEST.
FIRST, YOU CAN BUILD ON YOUR SUCCESSES. DURING
THE 1980S, THE MANUFACTURING SECTOR OF OUR ECONOMY
RETOOLED -- LITERALLY REVOLUTIONIZED THE WAY AMERICAN
COMPANIES DO BUSINESS. THE RESULT: MANUFACTURING
PRODUCTIVITY SHOT UP MORE THAN 35%. YOU HONED THE
COMPETITIVE EDGE THAT ENABLED AMERICAN COMPANIES TO
CAPTURE NEW MARKETS ABROAD -- AND KEEP CUSTOMERS
SATISFIED HERE AT HOME. EXPORTS OF GOODS AND SERVICES
HAVE EXPLODED -- IN REAL TERMS, UP MORE THAN 70% IN THE
PAST FIVE YEARS. //
- 9 -
AS I PROMISED A FEW MOMENTS AGO, WE'LL KEEP
WORKING IN WASHINGTON TO CREATE A GOOD CLIMATE FOR
GROWTH. RIGHT NOW, INFLATION IS UNDER CONTROL: THAT'S
ONE "STEALTH TAX" PEOPLE DON'T HAVE TO WORRY ABOUT.
INTEREST RATES ARE LOWER NOW THAN THEY'VE BEEN IN
YEARS. EARLIER THIS WEEK I CALLED FOR LOWER CREDIT
CARD RATES, TO TAKE SOME OF THE STING OUT OF CONSUMER
DEBT -- AND I'M PLEASED TO SEE SOME BANKS RESPONDING.
FRANKLY, I HOPE MORE WILL FOLLOW SUIT -- REVIVE
CONSUMER CONFIDENCE AND GIVE THIS ECONOMY A LITTLE
KICK. //
TO IMPROVE THE BUSINESS CLIMATE, WE'LL KEEP
WORKING TO DRIVE DOWN TRADE BARRIERS ABROAD, TO PURSUE
A SOUND FISCAL POLICY AT HOME. WE'LL DO ALL WE CAN TO
KEEP THE PLAYING FIELD LEVEL, TO CUT THROUGH THE RED
TAPE AND NEEDLESS REGULATIONS. / YOU KEEP INNOVATING
-- PIONEERING NEW PRODUCTS, SETTING NEW GOALS -- AND
RISING TO THE CHALLENGE. IF BOTH OF US DO OUR JOBS,
1992 WILL MARK A NEW BEGINNING FOR AMERICAN BUSINESS
-- A NEW ERA OF PROSPERITY FOR THE AMERICAN PEOPLE. //
- 10 -
2. IN AMERICA 2000, YOU SET OUT NATIONAL EDUCATION
STRATEGIES, AND IN SECRETARY ALEXANDER AND DEPUTY
SECRETARY KEARNS YOU HAVE SELECTED FINE PEOPLE TO LEAD
THE EFFORT. WHAT CAN BUSINESS LEADERS DO TO HELP, AND
WHAT ESPECIALLY CAN WE DO TO ACCELERATE THE PACE OF
EDUCATION REFORM?
FIRST, LET ME SECOND THE MOTION: I AM FORTUNATE
TO HAVE SECRETARY ALEXANDER AT THE HELM -- AND I'M
DELIGHTED WE MANAGED TO LURE DAVID KEARNS FROM THE
UPPER REACHES OF THE CORPORATE WORLD TO TAKE ON A NEW
CHALLENGE IN AMERICA'S CLASSROOMS.
WE ARE SERIOUS ABOUT IGNITING A REVOLUTION IN
AMERICAN EDUCATION. BUSINESS CAN DO A GREAT DEAL TO
HELP US ALONG THE ROAD TO AMERICA 2000.
- 11 -
FIRST, AS "CONSUMERS:" YOU HAVE A VESTED INTEREST
IN THE QUALITY OF AMERICAN EDUCATION. ONE ELEMENT OF
AMERICA 2000 CALLS FOR BRINGING THE CORPORATE COMMUNITY
INTO OUR CLASSROOMS. YOU CAN ANCHOR OUR EDUCATION
REFORM IN "REAL WORLD" CONCERNS -- BRING THE NEEDS OF
THE MARKET TO OUR SCHOOLS.
SECOND, WE NEED YOUR HELP AS REFORMERS: THE
BUSINESS COMMUNITY VOLUNTEERS MILLIONS OF HOURS SERVING
AS MENTORS IN OUR SCHOOLS -- CONTRIBUTES BILLIONS OF
DOLLARS SUPPLYING TECHNOLOGY AND SUPPORTING INNOVATIVE
IDEAS IN EDUCATION. SOME OF YOU ARE HELPING TO FUND A
REVOLUTIONARY EXPERIMENT IN EDUCATION REFORM CALLED THE
NEW AMERICAN SCHOOLS INITIATIVE. EDUCATION OUGHT TO
LEARN A LESSON FROM BUSINESS: IT'S TIME WE RECOGNIZE
COMPETITION AND CHOICE CAN BE CATALYSTS FOR CHANGE. //
LET ME EXTEND AN OPEN INVITATION TO ALL OF YOU:
BRING YOUR IDEAS TO THE TABLE -- HELP US BREAK THE MOLD
-- REINVENT AMERICAN EDUCATION TO MEET THE NEEDS OF A
NEW CENTURY.
- 12 -
THIRD, WE NEED YOUR HELP AS TEACHERS. I KNOW I'M
PREACHING TO THE CHOIR ON THIS ONE, BECAUSE MANY OF
YOUR COMPANIES ARE ALREADY LEADING THE WAY. BUT I URGE
YOU ALL: GO INTO OUR SCHOOLS, SHARE YOUR WISDOM. AND
DON'T STOP THERE: BRING THE CLASSROOM INTO YOUR
COMPANIES. HELP THOSE WORKERS WHO DESPERATELY WANT TO
LEARN HOW TO READ AND WRITE MASTER THE BASIC TOOLS OF
LITERACY. HELP YOUR EMPLOYEES LEARN NEW SKILLS --
BETTER THEMSELVES - -- FOR THE GOOD OF THEIR CAREERS AND
YOUR COMPANIES.
IF WE'VE MADE A MISTAKE IN THE PAST, IT'S BEEN
LEAVING EDUCATION TO THE SO-CALLED "EXPERTS" -- CUTTING
OFF OUR SCHOOLS FROM THE OUTSIDE COMMUNITY. AMERICA
2000 BREAKS DOWN THOSE BARRIERS. I SEE THE BUSINESS
COMMUNITY AS AN ALLY -- A REAL AGENT FOR CHANGE. I
SALUTE ALL OF YOU FOR WHAT YOU'RE DOING NOW -- AND I
CHALLENGE YOU TO DO MORE. //
THANKS AGAIN, ALL OF YOU, FOR ALLOWING ME TO JOIN
YOU IN CHARLESTON.
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