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Chicago Board of Trade 12/10/91 [OA 6040]
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5
1
THE WHITE HOUSE
WASHINGTON
December 9, 1991
INFORMATION
MEMORANDUM FOR THE PRESIDENT
THROUGH:
DAVID DEMAREST
FROM:
JOE DUGGAN
TONY SNOW TS 1500
SUBJECT:
REMARKS FOR CHICAGO TRIP
I. SUMMARY
Chicago Board of Trade: On Tuesday, December 10, at 9:25
a.m. you will deliver remarks (2 minutes, on cards) from a pulpit
of the trading floor at the cBoT to an audience of 1200 traders,
brokers and members of the cBoT. You will be introduced by
Chairman Billy O'Connor.
Chicago Mercantile Exchange: On Tuesday, December 10, at
12:00 p.m., you will deliver remarks (8 minutes, on cards) on the
upper trading floor of the Merc to an audience of 500 business
leaders from the Chicago area and members of the Merc. You will
be introduced by Chairman Jack Sandner.
Illinois Farm Bureau: On Tuesday, December 10, at 1:25 pm.,
you will deliver remarks (12 minutes, on prompter) to
approximately 500 leaders of the Illinois Farm Bureau at the
White. Palmer House Hotel. You will be introduced by President John
II. DISCUSSION
Your remarks at the cBoT and the Merc laud the two trading
centers for their leadership in the futures market and highlights
ago. the economic growth initiatives we sent to Congress three years
The Merc speech includes a joke about Chairman Emeritus Leo
Melamed. Melamed published a science fiction book in 1987 called
The Tenth Planet. The protagonist of the story is Commander
Kyro. Melamed is currently working on a sequel entitled Cousins.
Your remarks at the Farm Bureau emphasize economic growth
through increased trade and through domestic initiatives such as
Farm Bureau.
a capital gains tax cut -- both enthusiastically supported by the
(Snow/Nix)
BOT
Draft Four
December 9, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
9:25 A.M.
Billy [O'Connor], thank you for that introduction. Let me
also acknowledge Tom Donnovan, Gov. Edgar and Mayor Daley. I'll
stop there -- I'll get dizzy if I spend too much time surveying
the floor from up on this ladder.
You know, I feel right at home when I come to a trading
floor. There's just one problem. With all the commotion and
hand-waving -- I always feel an overwhelming urge to call on a
reporter. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago to talk about trade and agriculture. I'm here to
listen to people who will shape our future -- people like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes America toward new
greatness in the 21st Century.
I know many people are hurting, and that the sluggishness of
the economy has affected you. We will respond to this challenge
with action -- action for the short-term, such as getting our
jobs-creating transportation bill up and running; action for the
long-term, building a foundation for jobs and prosperity.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next month, we will act. Count on it.
My Administration understands that human capital counts.
That's why we have proposed a revolution in American education
and an all-out assault on crime. We'll make progress in those
areas, starting in January. Count on it.
We don't have the luxury of waiting. We must prepare for a
post-Cold War world -- a world of free and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. We'll talk about the negotiations on a North American
Free Trade Agreement and discuss how best we can push the process
forward.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan.
The world has changed -- and so have its challenges. But
together we can build an America that will prosper and grow.
Thanks for taking a few moments to listen. Before I climb
down to ring the bell, let me pass on the only inside trading tip
I've ever received from anybody: Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
# # # #
(Snow/Nix)
Merc
Draft Three
December 9, 1991
PRESIDENTIAL REMARKS: CHICAGO MERCANTILE EXCHANGE AUDITORIUM
CHICAGO MERCANTILE EXCHANGE
TUESDAY, DECEMBER 10, 1991
12:00 P.M.
Thank you, Jack [Sandner]. Bill Brodsky -- you've come from
Wall Street to Chicago, where the real action takes place. Leo
Melamed [Me-LAH-med], the Babe Ruth of the exchange. It's also
nice to see members of Congress -- Cardiss Collins and Dan
Rostenkowski. Former Gov. Jim Thompson, greetings. And to all
the other officials and dignitaries here, welcome and thanks for
your hospitality today.
It's great to be back in Chicago. As you know, I recently
brought a new chief of staff to the White House. When John
Sununu resigned, I looked to the Windy City for help -- for
another sound manager, communicator and consummate politician.
While Mike Ditka was busy with other responsibilities -- Sam
Skinner makes a great addition to the White House. 11
I'd like to thank all of you for letting me visit the most
vigorous trading floor on earth. 11 I have seen the future --
and it uses hand signals. 11 At least for now. 11
I really enjoyed the tour downstairs, but I've also been
looking forward to spending a few moments in this room. Here on
the upper floor -- the futures market of the future -- we can
peek into the next Century. Soon, probably sooner than you
2
expect, this so-called overflow area will be as packed and busy
as the trading pits below.
The Merc has become a bellweather of the future because it
never lost the inventive spirit of its founders. You defied the
doomsayers when you moved out of your role and pioneered risk-
pool management through the Exchange Trust. You established the
first financial futures market, the International Monetary
Market. You saw an international marketplace and established
overseas offices before most exchanges even thought of setting up
domestic branches. You created Eurodollar Futures a decade ago -
- I know you celebrated its tenth anniversary yesterday, and you
should be proud. 11
It's great to be here with Leo Melamed whom, I suppose, you
call the father of the Future. Now, you all know of Leo's
professional accomplishments, but Leo never left his imagination
at the office. [[ As many of you know, he also has written
prodigiously. My favorite book was his science fiction thriller,
The Tenth Planet. [I hear he has a new sequel, titled Cousins.]
I thought The Tenth Planet was about Capitol Hill. But alas, not
even Commander Kyro can bring peace to the Beltway. ]] 11
I know Dan Rostenkowski and Cardiss Collins understand your
importance. They know an economy does not run just on money. An
economy lives and breathes ideas and information. A Leo Melamed
can reshape an entire world -- without being noticed in
Washington.
3
Entrepreneurs like the men and women who trade in the pits
here, the farmers who work the fields by day and the computers by
night, arbitrageurs in London and investors the world over --
these real human beings swap ideas, information, dreams and
dares. They fire an economy. Their energy drives our nation
forward.
A government that doesn't understand the gritty human
fundamentals of business cannot understand how to help an economy
grow. Ten years ago, you stood with us as the Reagan-Bush
administration took on the old wisdom that government could solve
everything, and that business could flourish regardless of what
burdens Washington heaped upon it. We slashed taxes, peeled away
regulations, restrained spending -- and unleashed the longest
peacetime economic expansion in our national history. While
others may have sat back to enjoy their new prosperity, you
forged ahead.
You have stood with my Administration, as we have worked to
create the conditions for a more vibrant economy. I have asked
Congress for three years to pass a series of growth initiatives -
- job initiatives. Well, the economy has turned sluggish, and
people want action. I want action, but it must make things
better -- now and in the future. And my administration believes,
as you do, that the solution lies in free markets for free
people.
We have promoted straightforward measures to invigorate the
economy, such as a cut in the capital gains tax, banking reform,
4
letting first-time homebuyers use IRAs for purchasing homes, a
permanent tax credit for research and development, and so on.
We've also pushed other initiatives that have great impact on our
economy now and in the future -- a revolution in American
education, a tough crime package, tort reform, health care
reforms, and recently -- a transportation bill that will create
jobs and provide much-needed repair for our roads and bridges.
Although both political parties will feel tempted to engage
in partisan warfare when Congress reconvenes, I will call upon
Democrats and Republicans to lay partisanship aside long enough
to pass a strong, clear growth package. Three years ago I warned
that we can't take growth for granted, and I asked for growth
initiatives. Now, no one takes growth for granted. I won't rest
until we in Washington do everything we can to free up the
economy, create new jobs and opportunities.
As we look to restore strong, sustained economic growth, and
as we look toward a new Century, I can't think of a better place
to be than the Merc. Years ago, Carl Sandburg described this
city as Hog Butcher for the world. That was the Chicago of
another era, another world. Today, Chicago serves as the pork
bellies future -- the currencies future -- the future, period --
of an international marketplace. So thanks again. Thanks for
this great jacket. Now, go out and help us shape a great
American future. 11
With your help we will build the future of our dreams.
Thank you, may God bless you and the United States of America.
#
#
#
#
(Duggan/Simon)
December 9, 1991
Draft Three
Farm.TS
PRESIDENTIAL REMARKS: ILLINOIS FARM BUREAU
CHICAGO, ILLINOIS
TUESDAY, DECEMBER 10, 1991
1:25 p.m.
Thank you. Governor Edgar, Secretary Madigan, Congressman
Ewing, John White, Enid Schlipf, and ladies and gentlemen of the
Illinois Farm Bureau:
I feel I've come to the right place. My top priority is to
get this country moving faster and more confidently on the path
of economic progress. I've had excellent visits this morning on
the trading floors at the Merc and the Board of Trade. And I had
the privilege to have John White and Enid Schlipf, leaders of the
Illinois Farm Bureau at my side during those sessions and also at
lunch. I feel a real kinship with Illinois farmers. You see, my
great-grandfather, David Walker, grew up on a farm near
Bloomington, Illinois. The values and virtues my mother and her
parents taught me owed a lot to him and his upbringing.
Meeting so many Illinois farmers and agribusiness leaders,
I've had a chance to talk face to face with men and women who are
leading the way. Agriculture is our perennial export leader, and
recently exports have been the top factor in our overall economic
growth. And here's how important that is: Every billion dollars
in agricultural exports means 30,000 new American jobs.
American farmers understand how the world works. You know
that taking a stand for peace and stability abroad, supporting
emerging democracies, and developing free and fair international
2
markets will make our national economy stronger. You know what a
determined American involvement in global trade represents to the
bottom line: It means higher net farm income.
So first, I want to offer enthusiastic thanks for the Farm
Bureau's efforts to keep America a leader in world commerce and
world security. I know I speak for several hundred thousand
young servicemen and women in saying thanks for all your support
during Desert Shield and Desert Storm. 11
The Farm Bureau's leadership is vital to our progress for
free and fair trade. You've made a big contribution to getting
the North American Free Trade Talks off and running. You've
helped launch our Enterprise for the Americas program for trade
and investment throughout the Western Hemisphere. I can assure
you: because of your foresight, we can look forward to
unprecedented prosperity and economic security for hundreds of
millions of North and South Americans -- from the Illinois
prairies to the Argentine pampas.
Secretary Madigan and Ambassador Carla Hills are working to
secure a solid agreement for global trade at the Uruguay round of
the GATT negotiations. A successful GATT negotiation will
revolutionize world agriculture trade, opening markets and
leveling the playing field for American exports. When we achieve
this, we'll owe an incalculable debt to the Farm Bureau.
You're quite a contrast to the noisy voices that want to
withdraw us into isolationism and protectionism. They say they
want to put "America First." You have the common sense to
3
recognize that America is first -- and we'll remain first only if
we stay engaged in world markets and involved in world security.
In Kiev and Moscow and every other capital of the old Soviet
empire, everyone now admits that seventy years of sorry economic
performance wasn't because of a long streak of bad weather. It
was the marriage of socialism and totalitarianism that turned
eastern Europe's breadbaskets into basket cases. But here, the
challenges are different. We must contend with forces of
political expediency -- seeking to push us inward, slash
production, toss our free market successes on the trash heap, and
hand our agriculture over to a central-planning cadre of American
commissars. 11 ((Oh, well. You remember what Yakov Smirnov
says: "What a country!" \\))
American agriculture is productive and competitive because
it stands on strong fundamentals -- advancing productivity,
embracing new technologies, and moving forward to new frontiers
of scientific research, to name just a few.
Rural America is a model of strength on social issues vital
to our future. Farm communities face many hardships, but they
always involve parents in schools -- and that always produces
better students. With programs such as 4-H and Future Farmers of
America, rural America takes a leading role in our America 2000
strategy to revolutionize our education. ((I can't tell you how
impressed I am at how much most farmers know about computers.
I've had enough trouble just finding the "on" switch on mine.) )
4
Anyone who doesn't appreciate the sophistication of the modern
farmer doesn't understand the modern farmer.
Last month, by the way, I spoke to 18,000 of our best and
brightest kids at the Future Farmers of America convention in
Kansas City. And let me tell you: I can't contain my excitement
thinking about the day when those young men and women become the
leaders of our country.
Another concern I know you share with me is the drug
problem. The stakes here involve not just the economy but our
deepest social and moral well-being. Wherever I go in this
country, I call attention to those who fight the drug war on the
front lines. I praise the businessmen and women who keep drugs
out of their companies, and the neighborhood youth centers that
keep teenagers off the streets. So let me take this opportunity
right now to thank hundreds of thousands of Americans who don't
get mentioned often enough for their devotion in running the
strongest kind of drug-free workplaces. I'm referring to the
moms and dads and grandparents who run America's family farms. 11
[Now I know sometimes times are tough for America's farmers.
That's why we stand by our commitment to help ease the pain
caused by natural disasters. [[I'm proud to have signed/I will
sign]] new legislation for drought and disaster relief. Illinois
and neighboring states suffered unusually severe droughts this
year, and it is only fair that we keep to our tradition of
helping when such disasters strike.
5
I know the economic downturn is hurting a lot of people in
virtually every sector. I've heard from some tough, optimistic
people on my visits today, but they didn't sugar-coat their
message about the pain and problems the country is going through
right now.
You and I know we've got more to do to get the economy on
the move. I'm prepared to fight harder than ever for a series of
growth initiatives -- and when members of Congress go back to
work in January, they'll hear from me in no uncertain terms.
((I'm a little self-conscious about using this bit of
Washingtonese here in the heartland. I suspect that when you. say
"growth initiatives" in Illinois, the ingredients that come to
mind are hybrid seed, some good prairie topsoil, and a lot of
fertilizer. \ Back in Washington, lack of fertilizer never seems
to be a problem. \\\\))
My growth initiatives will give Americans the freedom and
incentive to get higher yields from their efforts. A top
priority is to cut capital gains taxes. I know it is a top
priority of the Farm Bureau, too, and I want to express my deep
thanks for your outstanding support on this initiative. Our high
taxes on capital gains are way out of line with the policies in
other successful economies. Germany has no capital gains tax.
Japan's effective rate is much, much lower than ours. A capital
gains tax cut will free up the capital we need for growth. It
will increase the value of land, labor and capital -- all at once
-- by reducing our tax on success.
6
Right now, we place entrepreneurs in a lose-lose situation.
When they risk money and effort on something that fails, they
lose. When they risk money on a winner, we tax their capital
gain -- and they lose again. We have to put an end to this lose-
lose approach to the economy. A capital gains cut will stimulate
investment and create jobs in every sector. Quite frankly, it
will restore some fundamental fairness to the way we treat
farmers and homeowners.
Capital gains tax relief is only part of our program.
[[While we work to preserve traditional wetlands, we're also
making sure to protect the constitutional rights of landowners.
Vice President Quayle is doing an outstanding job leading the
Competitiveness Council in preventing needless, unreasonable
regulations from making life more difficult for farmers and
ranchers. ]] And thanks to leadership from Illinois's own Sam
Skinner, I expect soon to sign a transportation bill that creates
new jobs while rebuilding our roads and bridges. I'm working for
a research tax credit to help new technologies create more jobs;
for new IRAs to help first-time home buyers; and for bank reform
to help America compete in the 21st century.
We want our children's future to be worthy of the dreams and
sacrifices that built and sustained America as a great nation.
Back in 1862, in spite of his preoccupation with a Civil War, our
President enlarged his Cabinet to establish the U.S. Department
of Agriculture. Abraham Lincoln revered the American farmer. He
7
believed deeply and stated eloquently that a strong American
agriculture was the key to preserving our nation's independence.
A century and a quarter later, the men and women of Illinois
agriculture are worthy heirs to Lincoln's vision. You and your
organization form a vital force for keeping America strong and
free. I'm looking forward to seeing many of you again next month
at the American Farm Bureau national convention in Kansas City.
I am delighted to be with you today, and I am proud to work with
you to help keep our great country growing and thriving.
May God bless you and the United States of America.
#
#
#
29177855
Document No.
29177255
29178055
91 HOUSELST AFFING MEMORANDUM
P4:26
P4:
26
DATE: 12/9/91
ACTION/CONCURRENCE/COMMENT DUE BY:
---
PRESIDENTIAL REMARKS: 1. CHICAGO BOARD OF TRADE
2. CHICAGO MERCANTILE EXCHANGE 3. ILLINOIS FARM BUREAU
SUBJECT:
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
BOSKIN
DEMAREST
MCBRIDE
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
The attached has been forwarded to the President.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
THE WHITE HOUSE
WASHINGTON
December 9, 1991
31 DEC 9 P3: 18
INFORMATION
MEMORANDUM FOR THE PRESIDENT
THROUGH:
DAVID DEMAREST
FROM:
TONY SNOW TS
JOE DUGGAN
SUBJECT:
REMARKS FOR CHICAGO TRIP
I. SUMMARY
Chicago Board of Trade: On Tuesday, December 10, at 9:25
a.m. you will deliver remarks (2 minutes, on cards) from a pulpit
of the trading floor at the cBoT to an audience of 1200 traders,
brokers and members of the cBoT. You will be introduced by
Chairman Billy Connor.
Chicago Mercantile Exchange: On Tuesday, December 10, at
12:00 p.m., you will deliver remarks (8 minutes, on cards) on the
upper trading floor of the Merc to an audience of 500 business
leaders from the Chicago area and members of the Merc. You will
be introduced by Chairman Jack Sandner.
Illinois Farm Bureau: On Tuesday, December 10, at 1:25 pm.,
you will deliver remarks (12 minutes, on prompter) to
approximately 500 leaders of the Illinois Farm Bureau at the
White. Palmer House Hotel. You will be introduced by President John
II. DISCUSSION
Your remarks at the cBoT and the Merc laud the two trading
centers for their leadership in the futures market and highlights
the economic growth initiatives we sent to Congress three years
ago.
The Merc speech includes a joke about Chairman Emeritus Leo
Melamed. Melamed published a science fiction book in 1987 called
The Tenth Planet. The protagonist of the story is Commander
Kyro. Melamed is currently working on a sequel entitled Cousins.
Your remarks at the Farm Bureau emphasize economic growth
through increased trade and through domestic initiatives such as
a capital gains tax cut -- both enthusiastically supported by the
Farm Bureau.
(Snow/Nix)
BOT
Draft Four
December 9, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
9:25 A.M.
Billy [O'Connor], thank you for that introduction. Let me
also acknowledge Tom Donnovan, Gov. Edgar and Mayor Daley. I'll
stop there -- I'll get dizzy if I spend too much time surveying
the floor from up on this ladder.
You know, I feel right at home when I come to a trading
floor. There's just one problem. With all the commotion and
hand-waving -- I always feel an overwhelming urge to call on a
reporter. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago to talk about trade and agriculture. I'm here to
listen to people who will shape our future -- people like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes America toward new
greatness in the 21st Century.
I know many people are hurting, and that the sluggishness of
the economy has affected you. We will respond to this challenge
with action -- action for the short-term, such as getting our
jobs-creating transportation bill up and running; action for the
long-term, building a foundation for jobs and prosperity.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next month, we will act. Count on it.
My Administration understands that human capital counts.
That's why we have proposed a revolution in American education
and an all-out assault on crime. We'll make progress in those
areas, starting in January. Count on it.
We don't have the luxury of waiting. We must prepare for a
post-Cold War world -- a world of free and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. We'll talk about the negotiations on a North American
Free Trade Agreement and discuss how best we can push the process
forward.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan.
The world has changed -- and so have its challenges. But
together we can build an America that will prosper and grow.
Thanks for taking a few moments to listen. Before I climb
down to ring the bell, let me pass on the only inside trading tip
I've ever received from anybody: Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
(Snow/Nix)
Merc
Draft Three
December 9, 1991
PRESIDENTIAL REMARKS: CHICAGO MERCANTILE EXCHANGE AUDITORIUM
CHICAGO MERCANTILE EXCHANGE
TUESDAY, DECEMBER 10, 1991
12:00 P.M.
Thank you, Jack [Sandner]. Bill Brodsky -- you've come from
Wall Street to Chicago, where the real action takes place. Leo
Melamed [Me-LAH-med], the Babe Ruth of the exchange. It's also
nice to see members of Congress -- Cardiss Collins and Dan
Rostenkowski. Former Gov. Jim Thompson, greetings. And to all
the other officials and dignitaries here, welcome and thanks for
your hospitality today.
It's great to be back in Chicago. As you know, I recently
brought a new chief of staff to the White House. When John
Sununu resigned, I looked to the Windy City for help -- for
another sound manager, communicator and consummate politician.
While Mike Ditka was busy with other responsibilities -- Sam
Skinner makes a great addition to the White House. 11
I'd like to thank all of you for letting me visit the most
vigorous trading floor on earth. 11 I have seen the future --
and it uses hand signals. 11 At least for now. 11
I really enjoyed the tour downstairs, but I've also been
looking forward to spending a few moments in this room. Here on
the upper floor -- the futures market of the future -- we can
peek into the next Century. Soon, probably sooner than you
2
expect, this so-called overflow area will be as packed and busy
as the trading pits below.
The Merc has become a bellweather of the future because it
never lost the inventive spirit of its founders. You defied the
doomsayers when you moved out of your role and pioneered risk-
pool management through the Exchange Trust. You established the
first financial futures market, the International Monetary
Market. You saw an international marketplace and established
overseas offices before most exchanges even thought of setting up
domestic branches. You created Eurodollar Futures a decade ago -
- I know you celebrated its tenth anniversary yesterday, and you
should be proud. 11
It's great to be here with Leo Melamed whom, I suppose, you
call the father of the Future. Now, you all know of Leo's
professional accomplishments, but Leo never left his imagination
at the office. [[ As many of you know, he also has written
prodigiously. My favorite book was his science fiction thriller,
The Tenth Planet. [I hear he has a new sequel, titled Cousins.]
I thought The Tenth Planet was about Capitol Hill. But alas, not
even Commander Kyro can bring peace to the Beltway. ]] 11
I know Dan Rostenkowski and Cardiss Collins understand your
importance. They know an economy does not run just on money. An
economy lives and breathes ideas and information. A Leo Melamed
can reshape an entire world -- without being noticed in
Washington.
3
Entrepreneurs like the men and women who trade in the pits
here, the farmers who work the fields by day and the computers by
night, arbitrageurs in London and investors the world over --
these real human beings swap ideas, information, dreams and
dares. They fire an economy. Their energy drives our nation
forward.
A government that doesn't understand the gritty human
fundamentals of business cannot understand how to help an economy
grow. Ten years ago, you stood with us as the Reagan-Bush
administration took on the old wisdom that government could solve
everything, and that business could flourish regardless of what
burdens Washington heaped upon it. We slashed taxes, peeled away
regulations, restrained spending -- and unleashed the longest
peacetime economic expansion in our national history. While
others may have sat back to enjoy their new prosperity, you
forged ahead.
You have stood with my Administration, as we have worked to
create the conditions for a more vibrant economy. I have asked
Congress for three years to pass a series of growth initiatives -
- job initiatives. Well, the economy has turned sluggish, and
people want action. I want action, but it must make things
better -- now and in the future. And my administration believes,
as you do, that the solution lies in free markets for free
people.
We have promoted straightforward measures to invigorate the
economy, such as a cut in the capital gains tax, banking reform,
4
letting first-time homebuyers use IRAs for purchasing homes, a
permanent tax credit for research and development, and so on.
We've also pushed other initiatives that have great impact on our
economy now and in the future -- a revolution in American
education, a tough crime package, tort reform, health care
reforms, and recently -- a transportation bill that will create
jobs and provide much-needed repair for our roads and bridges.
Although both political parties will feel tempted to engage
in partisan warfare when Congress reconvenes, I will call upon
Democrats and Republicans to lay partisanship aside long enough
to pass a strong, clear growth package. Three years ago I warned
that we can't take growth for granted, and I asked for growth
initiatives. Now, no one takes growth for granted. I won't rest
until we in Washington do everything we can to free up the
economy, create new jobs and opportunities.
As we look to restore strong, sustained economic growth, and
as we look toward a new Century, I can't think of a better place
to be than the Merc. Years ago, Carl Sandburg described this
city as Hog Butcher for the world. That was the Chicago of
another era, another world. Today, Chicago serves as the pork
bellies future -- the currencies future -- the future, period --
of an international marketplace. So thanks again. Thanks for
this great jacket. Now, go out and help us shape a great
American future. 11
With your help we will build the future of our dreams.
Thank you, may God bless you and the United States of America.
#
#
#
#
(Duggan/Simon)
December 9, 1991
Draft Three
Farm.TS
PRESIDENTIAL REMARKS:
ILLINOIS FARM BUREAU
CHICAGO, ILLINOIS
TUESDAY, DECEMBER 10, 1991
1:25 p.m.
Thank you. Governor Edgar, Secretary Madigan, Congressman
Ewing, John White, Enid Schlipf, and ladies and gentlemen of the
Illinois Farm Bureau:
I feel I've come to the right place. My top priority is to
get this country moving faster and more confidently on the path
of economic progress. I've had excellent visits this morning on
the trading floors at the Merc and the Board of Trade. And I had
the privilege to have John White and Enid Schlipf, leaders of the
Illinois Farm Bureau at my side during those sessions and also at
lunch. I feel a real kinship with Illinois farmers. You see, my
great-grandfather, David Walker, grew up on a farm near
Bloomington, Illinois. The values and virtues my mother and her
parents taught me owed a lot to him and his upbringing.
Meeting so many Illinois farmers and agribusiness leaders,
I've had a chance to talk face to face with men and women who are
leading the way. Agriculture is our perennial export leader, and
recently exports have been the top factor in our overall economic
Lesler
growth. And here's how important that is: Every billion dollars
Appx 25, 000
Davis
in offcommerce agricultural exports means 30,000 new American jobs.
American farmers understand how the world works. You know
118
taking a stand for peace and stability abroad, supporting
emerging democracies, and developing free and fair international
2
markets will make our national economy stronger. You know what a
determined American involvement in global trade represents to the
bottom line: It means higher net farm income.
So first, I want to offer enthusiastic thanks for the Farm
Bureau's efforts to keep America a leader in world commerce and
world security. I know I speak for several hundred thousand
young servicemen and women in saying thanks for all your support
during Desert Shield and Desert Storm. 11
The Farm Bureau's leadership is vital to our progress for
free and fair trade. You've made a big contribution to getting
the North American Free Trade Talks off and running. You've
helped launch our Enterprise for the Americas program for trade
and investment throughout the Western Hemisphere. I can assure
you: because of your foresight, we can look forward to
unprecedented prosperity and economic security for hundreds of
millions of North and South Americans -- from the Illinois
prairies to the Argentine pampas.
Secretary Madigan and Ambassador Carla Hills are working to
secure a solid agreement for global trade at the Uruguay round of
the GATT negotiations. A successful GATT negotiation will
revolutionize world agriculture trade, opening markets and
leveling the playing field for American exports. When we achieve
this, we'll owe an incalculable debt to the Farm Bureau.
You're quite a contrast to the noisy voices that want to
withdraw us into isolationism and protectionism. They say they
want to put "America First." You have the common sense to
3
recognize that America is first -- and we'll remain first only if
we stay engaged in world markets and involved in world security.
In Kiev and Moscow and every other capital of the old Soviet
empire, everyone now admits that seventy years of sorry economic
performance wasn't because of a long streak of bad weather. It
was the marriage of socialism and totalitarianism that turned
eastern Europe's breadbaskets into basket cases. But here, the
challenges are different. We must contend with forces of
political expediency -- seeking to push us inward, slash
production, toss our free market successes on the trash heap, and
hand our agriculture over to a central-planning cadre of American
commissars. ((Oh, well. You remember what Yakov Smirnov
says: "What a country!" \\))
American agriculture is productive and competitive because
it stands on strong fundamentals -- advancing productivity,
embracing new technologies, and moving forward to new frontiers
of scientific research, to name just a few.
Rural America is a model of strength on social issues vital
to our future. Farm communities face many hardships, but they
always involve parents in schools -- and that always produces
better students. With programs such as 4-H and Future Farmers of
America, rural America takes a leading role in our America 2000
strategy to revolutionize our education. ((I can't tell you how
impressed I am at how much most farmers know about computers.
I've had enough trouble just finding the "on" switch on mine.) )
4
Anyone who doesn't appreciate the sophistication of the modern
farmer doesn't understand the modern farmer.
Last month, by the way, I spoke to 18,000 of our best and
brightest kids at the Future Farmers of America convention in
Kansas City. And let me tell you: I can't contain my excitement
thinking about the day when those young men and women become the
leaders of our country.
Another concern I know you share with me is the drug
problem. The stakes here involve not just the economy but our
deepest social and moral well-being. Wherever I go in this
country, I call attention to those who fight the drug war on the
front lines. I praise the businessmen and women who keep drugs
out of their companies, and the neighborhood youth centers that
keep teenagers off the streets. So let me take this opportunity
right now to thank hundreds of thousands of Americans who don't
get mentioned often enough for their devotion in running the
strongest kind of drug-free workplaces. I'm referring to the
moms and dads and grandparents who run America's family farms. 11
[Now I know sometimes times are tough for America's farmers.
That's why we stand by our commitment to help ease the pain
caused by natural disasters. [[I'm proud to have signed/I will
sign]] new legislation for drought and disaster relief. Illinois
and neighboring states suffered unusually severe droughts this
year, and it is only fair that we keep to our tradition of
helping when such disasters strike.]
5
I know the economic downturn is hurting a lot of people in
virtually every sector. I've heard from some tough, optimistic
people on my visits today, but they didn't sugar-coat their
message about the pain and problems the country is going through
right now.
You and I know we've got more to do to get the economy on
the move. I'm prepared to fight harder than ever for a series of
growth initiatives -- and when members of Congress go back to
work in January, they'll hear from me in no uncertain terms.
((I'm a little self-conscious about using this bit of
Washingtonese here in the heartland. I suspect that when you say
"growth initiatives" in Illinois, the ingredients that come to
mind are hybrid seed, some good prairie topsoil, and a lot of
fertilizer. \ Back in Washington, lack of fertilizer never seems
to be a problem. ))
My growth initiatives will give Americans the freedom and
incentive to get higher yields from their efforts. A top
priority is to cut capital gains taxes. I know it is a top
priority of the Farm Bureau, too, and I want to express my deep
thanks for your outstanding support on this initiative. Our high
taxes on capital gains are way out of line with the policies in
other successful economies. Germany has no capital gains tax.
Japan's effective rate is much, much lower than ours. A capital
gains tax cut will free up the capital we need for growth. It
will increase the value of land, labor and capital -- all at once
-- by reducing our tax on success.
6
Right now, we place entrepreneurs in a lose-lose situation.
When they risk money and effort on something that fails, they
lose. When they risk money on a winner, we tax their capital
gain -- and they lose again. We have to put an end to this lose-
lose approach to the economy. A capital gains cut will stimulate
investment and create jobs in every sector. Quite frankly, it
will restore some fundamental fairness to the way we treat
farmers and homeowners.
Capital gains tax relief is only part of our program.
[[While we work to preserve traditional wetlands, we're also
making sure to protect the constitutional rights of landowners.
Vice President Quayle is doing an outstanding job leading the
Competitiveness Council in preventing needless, unreasonable
regulations from making life more difficult for farmers and
ranchers. ]] And thanks to leadership from Illinois's own Sam
Skinner, I expect soon to sign a transportation bill that creates
new jobs while rebuilding our roads and bridges. I'm working for
a research tax credit to help new technologies create more jobs;
for new IRAs to help first-time home buyers; and for bank reform
to help America compete in the 21st century.
We want our children's future to be worthy of the dreams and
sacrifices that built and sustained America as a great nation.
Back in 1862, in spite of his preoccupation with a Civil War, our
President enlarged his Cabinet to establish the U.S. Department
of Agriculture. Abraham Lincoln revered the American farmer. He
7
believed deeply and stated eloquently that a strong American
agriculture was the key to preserving our nation's independence.
A century and a quarter later, the men and women of Illinois
agriculture are worthy heirs to Lincoln's vision. You and your
organization form a vital force for keeping America strong and
free. I'm looking forward to seeing many of you again next month
at the American Farm Bureau national convention in Kansas City.
I am delighted to be with you today, and I am proud to work with
you to help keep our great country growing and thriving.
May God bless you and the United States of America.
#
#
#
Document No. 291778
WHITE HOUSE STAFFING MEMORANDUM
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
1? ps2
SCOWCROFT melly
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
MCBRIDE
CARD
SNOW
DEMAREST
FITZWATER
BOSKIN N/C
GRAY Rad
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas.
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
Document No. 291778
8945
WHITE HOUSE STAFFING MEMORANDUM
91 DEC 9 Pl: 57
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
MCBRIDE
CARD
SNOW
DEMAREST
BOSKIN
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
TO:
TONY SNOW
December 9, 1991
NSC concurs with the attached remarks as revised.
B
Brent Scowcroft
PHILLIP D. BRADY
Assistant to the President
CC: Phillip Brady
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures.
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we talk about negotiating and signing a
the negotiations on
North American Free Trade ^ and discuss how best we campush forward. the process
Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
1.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
# # # #
12/09/91 15:40
202 3951039
NSC LEGAL
002
THE WHITE HOUSE
91 DEC 9 P3: 12
WASHINGTON
December 9, 1991
MEMORANDUM FOR TONY SNOW
FROM:
STEPHEN G. RADEMAKER
SR
ASSOCIATE COUNSEL TO THE PRESIDENT
SUBJECT:
Presidential Remarks: Chicago Board of Trade,
Tuesday, December 10, 1991
Pursuant to Phillip Brady's request, Counsel's Office has
reviewed the above-referenced matter. We have no objection to
the proposed presidential remarks.
CC: Phillip D. Brady
Document No. 291778
WHITE HOUSE STAFFING MEMORANDUM
91 DEC 9 P5: 30
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
MCBRIDE
SNOW
DEMAREST
BOSKIN
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
PHIL -
I CAUED THESE COMMENTS
IN TO TONY SNOW.
PHILLIP D. BRADY
Assistant to the President
Road
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas.
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
SLUGHSHNESS IN THE
I know many people are hurting, and that the slump in some
ECONOMY
financial instruments has affected your business. We will
THIS CHALLENGE
respond to hard times by trying to lay the foundation for growth
AND FOR CREATING JOSS- A FOUNDATION
jobs in the future.
I have asked Congress for three years to pass a
SET
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
Document No. 291778
WHITE HOUSE STAFFING MEMORANDUM
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
MCBRIDE
CARD
SNOW
DEMAREST
BOSKIN
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
no comment
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
Document No. 291778
WHITE HOUSE STAFFING MEMORANDUM
91 NOV 8 All: 02
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN N/C
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
MCBRIDE
SNOW
DEMAREST
FITZWATER
BOSKIN
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
mtght mention transpor tation him
M part of speretaing that will
PHILLIP D. BRADY
help the i anomy
Assistant to the President
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
Document No. 291778
WHITE HOUSE STAFFING MEMORANDUM
91. NOV 8 P1:04
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
SUBJECT:
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
MCBRIDE
CARD
SNOW
DEMAREST
BOSKIN
FITZWATER
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE: Comments from Cabinet Affairs are attached.
Thanks,
a
Elizabeth Luttig
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
(Snow/Nix)
BOT
Draft One
01 DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures. 11
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
Cut (OCA)
2
capital gains taxA-- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it. chrless we are
My Administration also understands that human capital
held up by
coy.
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
should be NO
North American Free Trade Agreement as soon as possible.
reference to
I'll travel later this month to Asia, and push for more open
timing (WTR)
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade under (ocA)
agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
# # # #
WHITE HOUSE COMMCTR
SAT 07 DEC 91 20:22
PG.02
Document No. 291778
91 NOV 8 A10: 28
WHITE HOUSE STAFFING MEMORANDUM
DATE: December 7, 1991 ACTION/CONCURRENCE/COMMENT DUE BY: 9:00 A.M., MON., 12/09
SUBJECT:
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE, TUES., DECEMBER 10, 1991
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SUNUNU
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
MCBRIDE
SNOW
DEMAREST
FITZWATER
BOSKIN
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122,
x2930, no later than 9:00 A.M., MONDAY, DECEMBER 9, with a
copy to this office. Thank you.
RESPONSE:
OK with notesid Si
amount
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
WHITE HOUSE COMMCTR
SAT 07 DEC 91 20:22
PG.03
(Snow/Nix)
BOT
Draft One
DI DEC 6 P5: 08
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 110f UPI_
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures.
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
WHITE HOUSE COMMCTR
SAT 07 DEC 91 20:23
PG.04
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
what?
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world a world of free
and vigorous trade.
I'll meet later this week Kinwashington) with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I
can to see that we reach a satisfactory agreement on a new
into
trade agreement at the Uruguay Round of the GATT talks.
ugain & again Imp. per POTUS.
WHITE HOUSE COMMCTR
SAT 07 DEC 91 20:24
PG.05
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
# # # #
meclure
(Snow/Nix)
BOT
Draft One
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures.
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- (to banking 2 reform; sure from IRA reforms to a
Not about 340 referred to errlier,
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
(Snow/Nix)
BOT
Draft One
December 6, 1991
PRESIDENTIAL REMARKS: CHICAGO BOARD OF TRADE
CHICAGO BOARD OF TRADE
TUESDAY, DECEMBER 10, 1991
[TIME]
[INTRODUCTORY ACKNOWLEDGMENTS]
You know, I feel right at home here. Whenever I see this
kind of hand-waving and shouting, I feel an overwhelming urge to
call on Helen Thomas. 11
Now, Clayton Yeutter warned me not to make any sudden hand
motions here. He worries that I might buy something without
knowing it. Well, at least you don't sell broccoli futures.
I know everyone here is busy, so I'll cut to the chase. I'm
in Chicago today to talk about trade, agriculture and the future.
I'm here to listen to people who will shape our future -- people
like you.
Our nation grew great on international trade, and Chicago,
the futures capital of the world, pushes this nation toward new
greatness in the 21st Century. You don't doubt America's ability
to compete in the future -- you count on it.
I know many people are hurting, and that the slump in some
financial instruments has affected your business. We will
respond to hard times by trying to lay the foundation for growth
-- jobs -- in the future.
I have asked Congress for three years to pass a
comprehensive series of growth initiatives, ranging from a
2
capital gains tax -- which would free up the capital we need to
build a better future -- to banking reform; from IRA reforms to a
permanent tax credit for research and development. Well, we've
waited long enough. Next year, we will act. Count on it.
My Administration also understands that human capital
counts. That's why we have proposed a revolution in American
education. That's why we have pushed to slash the hidden tax
that crime imposes on working people and businesses. I first
proposed a comprehensive crime package nearly three years ago --
and we have nothing. Again, we'll get action next year, even
though it's an election year. Count on it.
Americans have had it with finger-pointing in Washington.
They want action. They'll get it. I have been calling on
Congress to lay down its partisan swords when it returns and to
join in common cause to loosen government's grip on people like
you -- workers, entrepreneurs, investers; dreamers and doers.
We don't have the luxury of waiting. We have the urgency of
preparing ourselves for a post-Cold War world -- a world of free
and vigorous trade.
I'll meet later this week with Mexican President Carlos
Salinas. I'm sure we'll talk about negotiating and signing a
North American Free Trade Agreement as soon as possible.
I'll travel later this month to Asia, and push for more open
markets, especially in Korea and Japan. And I'll work as hard as
I can to see that we reach a satisfactory agreement on a new
trade agreement at the Uruguay Round of the GATT talks.
3
The world has changed -- and so have the demands on our
economy. You make the future happen, and you understand its
challenges. Together, we can build an America that will prosper
and grow.
Thanks for taking a few moments to listen. Now, I'll pass
on the only inside trading tip I've ever received from anybody:
Buy low and sell high. 11
Good luck. Thank you. May God bless you and the United
States of America.
#
#
#
#
THE WHITE HOUSE
WASHINGTON
91 DEC 10 All : 57 5 7
December 9, 1991
MEMORANDUM FOR TONY SNOW
FROM:
STEPHEN G. RADEMAKER SR
ASSOCIATE COUNSEL TO THE PRESIDENT
SUBJECT:
Presidential Remarks: Chicago Board of Trade,
Tuesday, December 10, 1991
Pursuant to Phillip Brady's request, Counsel's Office has
reviewed the above-referenced matter. We have no objection to
the proposed presidential remarks.
CC: Phillip D. Brady
Administration of George Bush, 1991 / Dec. 10
rights agreements. Two hundred years after
know that, around the world, people are
er of
the ratification of our Bill of Rights, the
trying as they come out from behind that
ent."
principles it enshrines continue to take root
Iron Curtain to emulate the market here,
around the world.
free trading in a very, very important area.
nong
Having triumphed over communism,
And you are doing more for agriculture and
1 and
many peoples and nations now confront the
for business, and we are very, very grateful
igion
challenge of improving respect for human
to you.
ht to
rights among various ethnic and religious
Let me just say a word. I am not happy,
nrea-
groups, as well as members of national mi-
and nor is anybody, with the state of the
son's
norities. The United States will continue to
economy. We want to see it moving. We
ill of
urge these and all nations to abide by inter-
want to see it growing. And I will gather up
Il be
national human rights agreements and to
the best ideas I can between now and the
thout
act in the spirit of political pluralism and
time that the Congress comes back, try to
unda-
tolerance-traditions that have made Amer-
lay partisan politics aside, and get this coun-
ceed-
ica's diversity a source of pride and
try moving by a strong growth package that
jury.
strength.
was long overdue.
1791,
Now, Therefore, I, George Bush, Presi-
The current performance of this economy
docu-
dent of the United States of America, by
is unacceptable; growth is too slow. But
riding
virtue of the authority vested in me by the
there are some encouraging signs: Interest
so in-
Constitution and laws of the United States,
rates are down, mortgage interest rates, in-
d the
do hereby proclaim December 10, 1991, as
flation seems to be holding down. And now,
Human Rights Day and December 15,
we've just got to give it a kick and get it
clara-
1991, as Bill of Rights Day and call upon all
started up again. And I'm grateful to all of
er 10,
Americans to observe the week beginning
you for the example you've set. And now I
United
December 10, 1991, as Human Rights
guess we have about 6 minutes, but I want
d the
Week.
to see this place spring into action. Maybe I
lights.
In Witness Whereof, I have hereunto set
can learn a few new hand gestures.
e pro-
my hand this ninth day of December, in the
Thank you all. God bless you, and God
ribing
year of our Lord nineteen hundred and
bless the United States.
ard of
ninety-one, and of the Independence of the
II na-
United States of America the two hundred
Note: The President spoke at 10:23 a.m.
free-
and sixteenth.
from the soybean pit of the Chicago Board
ice, as
They
George Bush
of Trade. In his remarks, he referred to Wil-
liam F. O'Connor, chairman, and Thomas
ght to
[Filed with the Office of the Federal Regis-
F. Donovan, president and chief executive
erson,"
ter, 5:01 p.m., December 9, 1991]
officer of the Chicago Board of Trade.
beings
e law.
Note: This proclamation was published in
recog-
the Federal Register on December 11.
ate in
ountry,
Remarks to the Chicago Mercantile
chosen
Exchange in Chicago, Illinois
December 10, 1991
Human
Remarks to the Chicago Board of Trade
S have
in Chicago, Illinois
Thank you all very much. And Jack,
these
December 10, 1991
thank you, sir, for that more-than-generous
justice,
introduction. To Bill Brodsky, my thanks to
al was
Thank you, Billy and thank you, Tom.
you, sir, for arranging all of this, coming
1975
Listen, it's a great pleasure to be with all of
from Wall Street to Chicago, as you have.
ice on
you. And standing next to me is a guy who
I'm delighted to be with you. To Leo, Leo
e and
most of you know, son of Illinois, Ed Mad-
Melamed, the Babe Ruth of the exchange, I
f Paris.
igan, the Secretary of Agriculture, doing a
want to thank him. And, of course, salute
ver to
great job.
two others with me, your great Governor,
th the
Listen, we wanted to come by and see
my friend Jim Edgar, and Ed Madigan, who
human
this great market. And all of you ought to
is our new-former Illinois Congressman,
1797