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National Association of Homebuilders Teleconference 1/24/92 [OA 6096]
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National Association of Homebuilders Teleconference 1/24/92 [OA 6096]
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26
17
6
2
156
Jan. 24 / Administration of George Bush, 1992
Commander Grabe. The question was,
Teleconference With the National
how do we feel in space?
Association of Home Builders
The President. Yes.
January 24, 1992
Commander Grabe. Well, in space it
takes a little bit of time to get used to it.
The President. Thank you so much. And,
When you first get up, you might feel just
Mark, thank you for those very kind words.
the slightest bit queasy or so. But by about
And I wish I were there in person, but from
today-this is our third day in space-we're
a distance, hello to Roger Glunt and Tommy
beginning to adapt pretty well. I think you
Thompson and Martin Perlman and Kent
can see we all feel pretty comfortable up
Colton; Jay Buchert, your incoming presi-
here. So after you get over the initial adjust-
dent; and to all of you celebrating the golden
ment, you can live in space quite well and
anniversary of the National Association of
do things that you do on Earth.
Home Builders.
The President. I have a rather technical
I heard via the grapevine that we were
question. What happens if you get the flu
promised a daytime fireworks display. So I
in space? [Laughter]
will give this my very best shot, and after
Commander Grabe. Some of the older
Mark's enthusiastic endorsement there—
astronauts-same enthusiasm a kid has, has
welcome there, I must say I've got a tough
got to be a great experience. And I feel like
job to fulfill here.
I'm about 12.
First, though, Barbara and I wanted to re-
Q. What planets have you seen?
mind you that we're doing our part for home-
The President. What planets have you
building and remodeling, thanks to a little
seen?
rough weather back in Kennebunkport,
Maine. So we want to be a part of this re-
Commander Grabe. Well, of course,
building. But there's been more than a little
we've got the world's greatest view of our
rough weather in your industry. I heard what
world. But on some of our night passes we
you said there, Mark, and I've heard it for
can see Saturn and Jupiter and Mars and
a long time.
Venus. It's really spectacular up here. Hope
Back in December, I met with Mark and
we can go to Mars here one of these days.
Kent at the White House. And to you mem-
The President. Well, we're going to keep
bers there, let me just say we talked about
trying to get this program geared up to do
the tough times you've experienced. These
just that. And maybe, just maybe, Colonel,
men were both very articulate. We agreed
one of these kids here today will be a part
on the need for strong action to get this econ-
of that. Maybe sooner, maybe later. But I'll
omy moving again.
bet one of them will be a part of that mission.
The housing industry has been hit hard.
But listen, I'm told we've got to run on.
And you've been pinched by the credit
I've got a lot of eager questioners, but unfor-
crunch, hurt by first-time homebuyers forced
tunately, I guess we don't have the time. But
by economic circumstances to defer their
we certainly want to wish you well. Your fel-
shot at the American dream and homeowners
low astronauts are standing here quietly in
who have watched their equity erode.
the shadows, and I know that they are wish-
On the credit front, we've been working
ing you well for a successful conclusion of
hard to get the message out to lending insti-
this productive journey.
tutions and the regulatory community that
You have our blessings and our support,
sound banks make sound loans. And I am
and keep up the fine work. You're on the
also pleased to see interest rates down lowerse
cutting edge, and you're setting a great exam-
than they've been since the late seventies.
ple for the rest of our country, the rest of
There's a pent-up demand for new housing
the world. Congratulations, and thanks for
that promises a strong comeback, one that
taking the time out.
will bring homebuyers back into the market
and have homebuilders working overtime.
Note: The President spoke at 3 p.m. in Room
But no issue right now matters more than
450 of the Old Executive Office Building.
the state of our economy. Next Tuesday, I'm
Administration of George Bush, 1992 / Jan. 24
157
George Bush, 1992
going to take my economic action plan to the
around. I plan to do what Mark says: Take
he National
American people in the State of the Union
that same leadership we used in Desert
uilders
message. And without tipping my hand
Storm, bring this country together, and get
today, I can say that some of the reforms
the job done.
that I want to see are geared specifically to
And I am sure that once again it is your
ou so much. And,
get the housing market back on its feet.
industry, it is the housing industry that will
very kind words.
I pledged as President that we'd see an
lead the way to a strong and steady recovery.
person, but from
increase of one million in the number of new
So, good luck to you all. We've listened
Clunt and Tommy
American homeowners, and I'm proud to say
to your leaders. We appreciate the support
erlman and Kent
we've reached that goal. And I'm convinced
from so many people there. And I am going
incoming presi-
our housing initiatives will help even more
to do my level-best to lead this country to
brating the golden
Americans reach their dream.
a vigorous recovery. Now, I guess I'd better
al Association of
One way we'll succeed is by breaking down
stop there and be glad to take some ques-
the barriers to affordable housing. Jay and
tions. And thanks for your hospitality.
.ne that we were
Roger served on my Advisory Commission
Q. Thank you, Mr. President. You are a
orks display. So I
on Regulatory Barriers. Many of the rec-
"take charge" kind of President, and you
st shot, and after
ommendations in what the Commission
have been a tremendous asset to this country
rsement there—
called the NIMBY report, Not In My Back-
and the world. We, the homebuilders, sup-
/ I've got a tough
yard, have been built into the 1993 budget.
port you continuously. Your remarks are ex-
I'll be calling for prompt action by the Con-
cellent, and we are ready for you to take
id I wanted to re-
gress, because it's even more urgent we get
charge in this State of the Union. And we're
our part for home-
these critical reforms through Congress now.
going to go hand-in-hand down the path with
thanks to a little
So count on it. I'm going to hit the line
you to try to get your programs implemented.
Kennebunkport,
again, push hard to turn solid proposals into
We think it very, very important that housing
a part of this re-
plicy. And I hope I can count on your strong
leads this economy back to the great state
more than a little
support to help me get the job done.
that it was before. And we think that together
istry. I heard what
As for the rest of this, my progrowth plan,
we can do this.
1 I've heard it for
you've got to stay tuned for Tuesday. But I
The question I have, Mr. President, is:
can say right now, by way of a coming attrac-
NAHB has suggested a number of proposals
net with Mark and
tion, that any growth package worth the
to stimulate housing-led economic recovery,
And to you mem-
name should pass the following five tests:
including a tax credit and use of IRA's for
y we talked about
First, it must stimulate the investment nec-
first-time homebuyers and reinstatement of
xperienced. These
essary to create jobs. Second-and this
passive losses and capital gains tax. Is there
culate. We agreed
points up the vital importance of your indus-
any hope that any of these will be included
on to get this econ-
try-it must bolster real estate values and in-
in your State of the Union?
crease home sales. And third, it must give
The President. Hey, listen, I will not be
nas been hit hard.
Americans confidence that the cost of health
betraying any secrets to say that the answer
ed by the credit
care, providing for their kids' education, and
to that question is a resounding affirmative.
homebuyers forced
raising a family will be affordable. And
I hope you'll let me off the hook if I don't
ces to defer their
fourth, it must increase America's capacity
respond to each and every one of those
n and homeowners
to compete in the global economy. And then
points, but I think you're going to be happy
uity erode.
fifth and finally, it must control wasteful Gov-
with the message in that regard.
e've been working
ernment spending and bring the Federal def-
You have known, and I don't say this as
ut to lending insti-
icit under control.
targeting what I'm going to say, but you've
y community that
So, please listen, and please hear me out
known of my commitment to capital gains.
1 loans. And I am
in the State of the Union. I will avoid-and
I've been hit, as you know, for a capital gains
it rates down lower
'Il be frank about this one-the quick politi-
tax cut as a tax cut for the rich. It isn't any
the late seventies.
in fixes that cause the deficit to skyrocket
such thing. And families benefit. I'm worried,
nd for new housing
and cause long-term-interest rates to go right
Barbara's worried, about the decline in the
omeback, one that
through the roof. I'm confident that we have
American family. One thing that strength-
ck into the market
a sound plan, the best plan, to get this econ-
ened it is owning their own home. One thing
working overtime.
omy growing again. And I am absolutely cer-
that puts some value under a person's home
matters more than
tain that we will get this economy turned
is a capital gains differential. And so I am
Next Tuesday, I'm
158
Jan. 24 / Administration of George Bush, 1992
committed on that one, and you can bet that
that weren't. And we're paying an enormous
that's going to be there.
price. I might say that I take some pride that
The others-I think you'll be happy; I'd
not one single depositor has lost money, but
like to stop right there. But the reason I give
it's taken an awful lot of money to bail out
you encouragement, without going into
some questionable loans.
which I will accept and can propose and
What I'm about to say, I am not suggesting
won't propose, is that these initiatives that
that the Government does not have some ob-
you've talked about here-it's not a quick fix;
ligation in our regulatory authorities for the
it's not something that's going to just spread
soundness of the banking system and the
money around in a political year. They will
S&L system. I frankly think that there has
stimulate investment. And that's what-
been an overreaction. And we have gotten
there's a crying need for investment in sav-
the Treasury to bring in to Baltimore the
ings in this country. And let me just say philo-
other day well in excess of 500 regulators,
sophically, I feel very comfortable with those
and tell them that what we're looking for is
initiatives that you have outlined there. But
balance. What we're looking for is certainly
you'll have to excuse me if I don't give away
not to go down the path that we went down
absolutely everything that's going to be in
before, but to stop impeding progress and
this message.
kind of putting a damper on this concept that
Q. Mr. President, you talked just a mo-
good banks should make good loans.
ment ago about the credit crunch, and we
We have sent out bulletin after bulletin
truly appreciate your personal work on behalf
to the regulating community out there. I have
of the credit crunch and all of the work that
convened meetings with the Chairman of the
has been done in that area.
Fed, Bill Taylor; others from the various
In the meetings I've attended in the last
agencies; the Office of Thrift Supervision,
couple of days here with all of the builders
saying let's find a reasoned approach.
that have gathered, we're now confident that
Frankly, I think the pendulum has swung
the economic stimulus package will contain
at times too far over in terms of dampening
provisions to let housing lead this economy
the enthusiasm that these lending institutions
forward.
sometimes should have, and that they're al-
I think the big concern here is: Will the
most afraid in some areas to make loans. So,
credit be available for the builders to then
I hope that the programs we have in effect-
build those homes? And the feedback we're
of trying to work for the balance is good.
getting from the builders here today, Mr.
I'll be honest with you, we are encounter-
President, is that despite our combined ef-
ing some resistance. The Office of the Comp-
forts, you working hard, your administration
troller head was held up because they
working hard, and us working hard, the banks
thought he was lightening up on the regu-
and examiners still aren't getting the message
latory burden by a couple of Senators who
out according to the builders.
leaned over too far the other way in favor
Is there anything that can be done more,
of labeling what we were doing as forbear-
Mr. President? Is there anything else we can
ance. In their view, that meant too little regu-
do to get this message out? Our fear is that
lation. I've got to do a better job with Con-
without it, we're not going to see an eco-
gress, getting them to understand that the
nomic recovery. And as you said so well,
excesses of regulation are bad.
sound banks should make sound loans now.
On a fundamental point, I am firmly-I
The President. I would welcome sugges-
am of the conviction that the lower interest
tions from you all after your meetings finish
rates have things ready now for a good recov-
as to what in addition we might do.
ery. At some point those interest rates defi-
Let me say this. First place, I think the
nitely will translate into a much better situa-
regulators do have some responsibility. I
tion for the homebuyer, for the developer.
think everyone would agree that we got into
And some of that hasn't taken place because
kind of a go-go period of excess over the past
of what you're talking about. I think banks
few years and some loans were made that
have taken the difference now and tried to
should have been questioned at the time and
strengthen their balance sheets. They're get-
George Bush, 1992
Administration of George Bush, 1992 / Jan. 24
159
ting stronger, and I think that's probably a
he referred to the following officers of the
/ing an enormous
e some pride that
good thing.
association: Mark E. Tipton, immediate past
S lost money, but
So, we will continue to struggle against this
president; Roger Glunt, first vice president;
money to bail out
concept of overregulation. Some report to
Tommy Thompson, vice president and treas-
me arrogance on the part of some regulators,
urer; Martin Perlman, a past president; Kent
am not suggesting
and we're trying very hard to sensitize these
Colton, executive vice president; and Jay
not have some ob-
people. We will continue to work hard for
Buchert, president.
authorities for the
a financial reform package that is long over-
system and the
due. We've got to bring these banks and
nk that there has
lending institutions, through a change in the
1 we have gotten
law, back up now to 1992 and not have it
to Baltimore the
back in the 1930's somewhere.
Statement by Press Secretary
of 500 regulators,
We got stiffed by Congress on trying to
Fitzwater on the Appointment of
e're looking for is
get that banking reform bill through. And I'm
W. Henson Moore as Deputy Chief
ng for is certainly
going to try again on that one. I think that
of Staff to the President
hat we went down
will help your industry very much.
ding progress and
January 24, 1992
a this concept that
And again, the third point, less regulation,
banking reform, financial reform, and then,
,od loans.
The President intends to appoint W.
etin after bulletin
of course, this whole concept of interest rates
Henson Moore, of Louisiana, as Deputy
and inflation being down, setting the base
-y out there. I have
Chief of Staff to the President. Mr. Moore,
e Chairman of the
for a sound recovery for this country.
52, currently serves as Deputy Secretary of
from the various
And I don't want to be accused of being
Energy, a position he has held since 1989.
Thrift Supervision,
too optimistic because there are still some
As Deputy Chief of Staff in the White House,
approach.
very, very troubling signs around. But I be-
Mr. Moore will assist Chief of Staff Samuel
adulum has swung
lieve that these things I've mentioned here
Skinner in directing the day-to-day oper-
rms of dampening
will inevitably contribute to an upturn in this
ations of the White House staff.
ending institutions
economy and an upturn in this industry that
nd that they're al-
is absolutely essential. I believe that home-
Mr. Moore has served as a Member of the
to make loans. So,
building will lead the recovery. It's not going
U.S. House of Representatives from the Sixth
we have in effect
to be a lagging industry. It will be a lead
Congressional District in Louisiana, 1975-
industry. I believe the ingredients are there.
1987. He has served on the Energy and Com-
lance is good.
we are encounter-
And I hope that the proposals I make in the
merce Committee, Ways and Means Com-
)ffice of the Comp-
State of the Union will guarantee, if I can
mittee, and the Budget Committee and has
up because they
get them through Congress, will guarantee
worked extensively in both energy and tax
g up on the regu-
the recovery will be right around the corner
policy. Mr. Moore has also been a partner
ie of Senators who
and not way down the road.
with the law firm of Sutherland, Asbill and
other way in favor
Thank you again. And if there's another
Brennan, an Atlanta/Washington based firm,
e doing as forbear-
one, fine. Otherwise, I'll let you go back to
since January 1987. He was also a Republican
eant too little regu-
work. But send the suggestions; if you have
candidate for U.S. Senate in 1986. Between
etter job with Con-
specifics send them along, Jay.
1987 and 1988, he also served as one of three
nderstand that the
Q. Thank you, Mr. President, for taking
American Commissioners of a Panama Canal
bad.
time out of your busy schedule. Ladies and
Consultative Committee created by the Pan-
nt, I am firmly-I
gentlemen, let's give the President of the
ama Canal Treaty.
: the lower interest
United States a great thank you.
Mr. Moore graduated from Louisiana
w for a good recov-
interest rates defi-
The President. Good luck to you all.
State University (B.A., 1961; M.A., 1973) and
Louisiana State University Law School (J.D.,
much better situa-
Note: The President spoke at 3:34 p.m. via
1965). He served in the United States Army,
for the developer.
satellite from Room 459 of the Old Executive
1965-1967. He was born October 4, 1939,
aken place because
Office Building to the National Association
in Lake Charles, LA. He is married to the
bout. I think banks
e now and tried to
of Home Builders annual convention and ex-
former Carolyn Ann Cherry of Franklin, LA,
sheets. They're get-
position in Las Vegas, NV. In his remarks,
and has three children.
NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
1
THANK YOU, MARK [TIPTON, PRESIDENT NAHB], FOR THOSE
KIND WORDS. // HELLO TO ROGER GLUNT, TOMMY THOMPSON,
MARTIN PERLMAN, KENT COLTON, AND JAY BUCHERT [BU-KURT],
YOUR INCOMING PRESIDENT -- -- AND TO ALL OF YOU
CELEBRATING THE GOLDEN ANNIVERSARY OF THE NATIONAL
ASSOCIATION OF HOME BUILDERS. [[I HEAR YOU WERE
PROMISED A DAYTIME FIREWORKS DISPLAY -- so I'LL GIVE
THIS MY BEST SHOT.]]
[[FIRST OFF, BARBARA REMINDED ME TO TELL YOU WE'RE
DOING OUR PART FOR HOME BUILDING AND RÉMODELING - --
THANKS TO A LITTLE ROUGH WEATHER BACK IN
KENNEBUNKPORT.]] // BUT THERE'S BEEN MORE THAN A
LITTLE ROUGH WEATHER IN YOUR INDUSTRY. BACK IN
DECEMBER, I MET WITH MARK AND KENT AT THE WHITE HOUSE.
WE TALKED ABOUT THE TOUGH TIMES YOU'VE EXPERIENCED --
AND WE AGREED ON THE NEED FOR STRONG ACTION TO GET THIS
ECONOMY MOVING AGAIN. //
- 2 -
2
THE HOUSING INDUSTRY HAS BEEN HIT HARD. YOU'VE
BEEN PINCHED BY THE CREDIT CRUNCH - HURT BY FIRST-
TIME HOMEBUYERS FORCED BY ECONOMIC CIRCUMSTANCES TO
DEFER THEIR SHOT AT THE AMERICAN DREAM, AND HOMEOWNERS
WHO'VE WATCHED THEIR EQUITY ERODE.
ON THE CREDIT FRONT, WE'VE BEEN WORKING HARD TO GET
THE MESSAGE OUT TO LENDING INSTITUTIONS AND THE
REGULATORY COMMUNITY THAT SOUND BANKS MAKE SOUND LOANS.
I'M ALSO PLEASED TO SEE INTEREST RATES LOWER THAN
THEY'VE BEEN SINCE THE LATE 70'S. THERE'S A PENT-UP
DEMAND FOR NEW HOUSING THAT PROMISES A STRONG COMEBACK
-- ONE THAT WILL BRING HOMEBUYERS BACK INTO THE MARKET
AND HAVE HOMEBUILDERS WORKING OVERTIME. //
- 3 -
a
BUT NO ISSUE RIGHT NOW MATTERS MORE THAN THE STATE
OF OUR ECONOMY. / NEXT TUESDAY, I'LL TAKE MY ECONOMIC
ACTION PLAN TO THE AMERICAN PEOPLE IN THE STATE OF THE
UNION. WITHOUT TIPPING MY HAND TODAY, I CAN SAY THAT
SOME OF THE REFORMS I WANT TO SEE ARE GEARED
SPECIFICALLY TO GET THE HOUSING MARKET BACK ON ITS
FEET. ///
I PLEDGED AS PRESIDENT THAT WE'D SEE AN INCREASE OF
ONE MILLION IN THE NUMBER OF NEW AMERICAN HOMEOWNERS.
I'M PROUD TO SAY WE'VE REACHED THAT GOAL -- AND I'M
CONVINCED OUR HOUSING INITIATIVES WILL HELP EVEN MORE
AMERICANS REACH THEIR DREAM.
ONE WAY WE'LL SUCCEED IS BY BREAKING DOWN THE
BARRIERS TO AFFORDABLE HOUSING. JAY AND ROGER SERVED
ON MY ADVISORY COMMISSION ON REGULATORY BARRIERS. MANY
OF THE RECOMMENDATIONS IN WHAT THE COMMISSION CALLED
THE NIMBY REPORT - "NOT IN MY BACKYARD" -- HAVE BEEN
BUILT INTO THE 1993 BUDGET. ///
- 4 -
4
I'LL BE CALLING FOR PROMPT ACTION BY THE CONGRESS
BECAUSE IT'S EVEN MORE URGENT WE GET THESE CRITICAL
REFORMS THROUGH CONGRESS NOW. / so COUNT ON IT: I'M
GOING TO HIT THE LINE AGAIN, PUSH HARD TO TURN SOLID
PROPOSALS INTO POLICY -- AND I HOPE I CAN COUNT ON YOUR
STRONG SUPPORT TO HELP ME GET THE JOB DONE.
AS FOR THE REST OF MY PRO-GROWTH PLAN, YOU'LL HAVE
TO STAY TUNED FOR TUESDAY. BUT I CAN SAY RIGHT NOW --
BY WAY OF A "COMING ATTRACTION" - -- THAT ANY GROWTH
PACKAGE WORTH THE NAME SHOULD PASS THE FOLLOWING FIVE
TESTS:
FIRST, IT MUST STIMULATE THE INVESTMENT NECESSARY
TO CREATE JOBS.
SECOND - AND THIS POINTS UP THE VITAL IMPORTANCE
OF YOUR INDUSTRY - IT MUST BOLSTER REAL ESTATE VALUES,
AND INCREASE HOME SALES.
- 5 -
5
THIRD, IT MUST GIVE AMERICANS CONFIDENCE THAT THE
COSTS OF HEALTH CARE, PROVIDING FOR THEIR KIDS'
EDUCATION AND RAISING A FAMILY WILL BE AFFORDABLE.
FOURTH, IT MUST INCREASE AMERICA'S CAPACITY TO
COMPETE IN THE GLOBAL ECONOMY.
FIFTH AND FINALLY, IT MUST CONTROL WASTEFUL
GOVERNMENT SPENDING -- AND BRING THE FEDERAL DEFICIT
UNDER CONTROL. //
so HEAR ME OUT IN THE STATE OF THE UNION. I WILL
AVOID THE QUICK POLITICAL FIXES THAT CAUSE THE DEFICIT
TO SKYROCKET AND CAUSE LONGTERM INTEREST RATES TO GO
THROUGH THE ROOF. / I'M CONFIDENT THAT WE'VE GOT A
SOUND PLAN -- THE BEST PLAN TO GET THIS ECONOMY GROWING
AGAIN. I AM ABSOLUTELY CERTAIN THAT WE WILL GET THE
ECONOMY TURNED AROUND. AND I AM SURE THAT ONCE AGAIN
THE HOUSING INDUSTRY WILL LEAD THE WAY TO A STRONG AND
STEADY RECOVERY. //
I'LL STOP THERE, AND TAKE SOME QUESTIONS.
# # #
NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
THANK YOU, MARK [TIPTON, PRESIDENT NAHB], FOR THOSE
KIND WORDS. 11 HELLO TO ROGER GLUNT, TOMMY THOMPSON,
MARTIN PERLMAN, KENT COLTON, AND JAY BUCHERT [BU-KURT],
YOUR INCOMING PRESIDENT -- AND TO ALL OF YOU
CELEBRATING THE GOLDEN ANNIVERSARY OF THE NATIONAL
ASSOCIATION OF HOME BUILDERS. [[I HEAR YOU WERE
PROMISED A DAYTIME FIREWORKS DISPLAY -- so I'LL GIVE
THIS MY BEST SHOT.1]
[[FIRST OFF, BARBARA REMINDED ME TO TELL YOU WE'RE
DOING OUR PART FOR HOME BUILDING AND REMODELING --
THANKS TO A LITTLE ROUGH WEATHER BACK IN
KENNEBUNKPORT.]] // BUT THERE'S BEEN MORE THAN A
LITTLE ROUGH WEATHER IN YOUR INDUSTRY. BACK IN
DECEMBER, I MET WITH MARK AND KENT AT THE WHITE HOUSE.
WE TALKED ABOUT THE TOUGH TIMES YOU'VE EXPERIENCED --
AND WE AGREED ON THE NEED FOR STRONG ACTION TO GET THIS
ECONOMY MOVING AGAIN. //
- 2 -
THE HOUSING INDUSTRY HAS BEEN HIT HARD. YOU'VE
BEEN PINCHED BY THE CREDIT CRUNCH -- HURT BY FIRST-
TIME HOMEBUYERS FORCED BY ECONOMIC CIRCUMSTANCES TO
DEFER THEIR SHOT AT THE AMERICAN DREAM, AND HOMEOWNERS
WHO'VE WATCHED THEIR EQUITY ERODE.
ON THE CREDIT FRONT, WE'VE BEEN WORKING HARD TO GET
THE MESSAGE OUT TO LENDING INSTITUTIONS AND THE
REGULATORY COMMUNITY THAT SOUND BANKS MAKE SOUND LOANS.
I'M ALSO PLEASED TO SEE INTEREST RATES LOWER THAN
THEY'VE BEEN SINCE THE LATE 70'S. THERE'S A PENT-UP
DEMAND FOR NEW HOUSING THAT PROMISES A STRONG COMEBACK
-- ONE THAT WILL BRING HOMEBUYERS BACK INTO THE MARKET
AND HAVE HOMEBUILDERS WORKING OVERTIME. //
- 3 -
BUT NO ISSUE RIGHT NOW MATTERS MORE THAN THE STATE
OF OUR ECONOMY. / NEXT TUESDAY, I'LL TAKE MY ECONOMIC
ACTION PLAN TO THE AMERICAN PEOPLE IN THE STATE OF THE
UNION. WITHOUT TIPPING MY HAND TODAY, I CAN SAY THAT
SOME OF THE REFORMS I WANT TO SEE ARE GEARED
SPECIFICALLY TO GET THE HOUSING MARKET BACK ON ITS
FEET. ///
I PLEDGED AS PRESIDENT THAT WE'D SEE AN INCREASE OF
ONE MILLION IN THE NUMBER OF NEW AMERICAN HOMEOWNERS.
I'M PROUD TO SAY WE'VE REACHED THAT GOAL -- AND I'M
CONVINCED OUR HOUSING INITIATIVES WILL HELP EVEN MORE
AMERICANS REACH THEIR DREAM.
ONE WAY WE'LL SUCCEED IS BY BREAKING DOWN THE
BARRIERS TO AFFORDABLE HOUSING. JAY AND ROGER SERVED
ON MY ADVISORY COMMISSION ON REGULATORY BARRIERS. MANY
OF THE RECOMMENDATIONS IN WHAT THE COMMISSION CALLED
THE NIMBY REPORT -- "NOT IN MY BACKYARD" -- HAVE BEEN
BUILT INTO THE 1993 BUDGET. ///
- 4 -
I'LL BE CALLING FOR PROMPT ACTION BY THE CONGRESS
BECAUSE IT'S EVEN MORE URGENT WE GET THESE CRITICAL
REFORMS THROUGH CONGRESS NOW. / so COUNT ON IT: I'M
GOING TO HIT THE LINE AGAIN, PUSH HARD TO TURN SOLID
PROPOSALS INTO POLICY -- AND I HOPE I CAN COUNT ON YOUR
STRONG SUPPORT TO HELP ME GET THE JOB DONE.
AS FOR THE REST OF MY PRO-GROWTH PLAN, YOU'LL HAVE
TO STAY TUNED FOR TUESDAY. BUT I CAN SAY RIGHT NOW --
BY WAY OF A "COMING ATTRACTION" -- THAT ANY GROWTH
PACKAGE WORTH THE NAME SHOULD PASS THE FOLLOWING FIVE
TESTS:
FIRST, IT MUST STIMULATE THE INVESTMENT NECESSARY
TO CREATE JOBS.
SECOND -- AND THIS POINTS UP THE VITAL IMPORTANCE
OF YOUR INDUSTRY -- IT MUST BOLSTER REAL ESTATE VALUES,
AND INCREASE HOME SALES.
- 5 -
THIRD, IT MUST GIVE AMERICANS CONFIDENCE THAT THE
COSTS OF HEALTH CARE, PROVIDING FOR THEIR KIDS'
EDUCATION AND RAISING A FAMILY WILL BE AFFORDABLE.
FOURTH, IT MUST INCREASE AMERICA'S CAPACITY TO
COMPETE IN THE GLOBAL ECONOMY.
FIFTH AND FINALLY, IT MUST CONTROL WASTEFUL
GOVERNMENT SPENDING -- AND BRING THE FEDERAL DEFICIT
UNDER CONTROL. 11
so HEAR ME OUT IN THE STATE OF THE UNION. I WILL
AVOID THE QUICK POLITICAL FIXES THAT CAUSE THE DEFICIT
TO SKYROCKET AND CAUSE LONGTERM INTEREST RATES TO GO
THROUGH THE ROOF. / I'M CONFIDENT THAT WE'VE GOT A
SOUND PLAN -- THE BEST PLAN TO GET THIS ECONOMY GROWING
AGAIN. I AM ABSOLUTELY CERTAIN THAT WE WILL GET THE
ECONOMY TURNED AROUND. AND I AM SURE THAT ONCE AGAIN
THE HOUSING INDUSTRY WILL LEAD THE WAY TO A STRONG AND
STEADY RECOVERY. //
I'LL STOP THERE, AND TAKE SOME QUESTIONS.
# # #
NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
THANK YOU, MARK [TIPTON, PRESIDENT NAHB], FOR THOSE
KIND WORDS. // HELLO TO ROGER GLUNT, TOMMY THOMPSON,
MARTIN PERLMAN, KENT COLTON, AND JAY BUCHERT [BU-KURT],
YOUR INCOMING PRESIDENT -- AND TO ALL OF YOU
CELEBRATING THE GOLDEN ANNIVERSARY OF THE NATIONAL
ASSOCIATION OF HOME BUILDERS. [[I HEAR YOU WERE
PROMISED A DAYTIME FIREWORKS DISPLAY -- so I'LL GIVE
THIS MY BEST SHOT.1]
[[FIRST OFF, BARBARA REMINDED ME TO TELL YOU WE'RE
DOING OUR PART FOR HOME BUILDING AND REMODELING --
THANKS TO A LITTLE ROUGH WEATHER BACK IN
KENNEBUNKPORT.]] // BUT THERE'S BEEN MORE THAN A
LITTLE ROUGH WEATHER IN YOUR INDUSTRY. BACK IN
DECEMBER, I MET WITH MARK AND KENT AT THE WHITE HOUSE.
WE TALKED ABOUT THE TOUGH TIMES YOU'VE EXPERIENCED --
AND WE AGREED ON THE NEED FOR STRONG ACTION TO GET THIS
ECONOMY MOVING AGAIN. //
merouis
- 2 -
THE HOUSING INDUSTRY HAS BEEN HIT HARD. YOU'VE
BEEN PINCHED BY THE CREDIT CRUNCH -- HURT BY FIRST-
TIME HOMEBUYERS FORCED BY ECONOMIC CIRCUMSTANCES TO
DEFER THEIR SHOT AT THE AMERICAN DREAM, AND HOMEOWNERS
WHO'VE WATCHED THEIR EQUITY ERODE.
ON THE CREDIT FRONT, WE'VE BEEN WORKING HARD TO GET
THE MESSAGE OUT TO LENDING INSTITUTIONS AND THE
REGULATORY COMMUNITY THAT SOUND BANKS MAKE SOUND LOANS.
I'M ALSO PLEASED TO SEE INTEREST RATES LOWER THAN
THEY'VE BEEN SINCE THE LATE 70'S. THERE'S A PENT-UP
DEMAND FOR NEW HOUSING THAT PROMISES A STRONG COMEBACK
-- ONE THAT WILL BRING HOMEBUYERS BACK INTO THE MARKET
AND HAVE HOMEBUILDERS WORKING OVERTIME. //
- 3 -
BUT NO ISSUE RIGHT NOW MATTERS MORE THAN THE STATE
OF OUR ECONOMY. / NEXT TUESDAY, I'LL TAKE MY ECONOMIC
ACTION PLAN TO THE AMERICAN PEOPLE IN THE STATE OF THE
UNION. WITHOUT TIPPING MY HAND TODAY, I CAN SAY THAT
SOME OF THE REFORMS I WANT TO SEE ARE GEARED
SPECIFICALLY TO GET THE HOUSING MARKET BACK ON ITS
FEET, ///
I PLEDGED AS PRESIDENT THAT WE'D SEE AN INCREASE OF
ONE MILLION IN THE NUMBER OF NEW AMERICAN HOMEOWNERS.
I'M PROUD TO SAY WE'VE REACHED THAT GOAL -- AND I'M
CONVINCED OUR HOUSING INITIATIVES WILL HELP EVEN MORE
AMERICANS REACH THEIR DREAM.
ONE WAY WE'LL SUCCEED IS BY BREAKING DOWN THE
BARRIERS TO AFFORDABLE HOUSING. JAY AND ROGER SERVED
ON MY ADVISORY COMMISSION ON REGULATORY BARRIERS. MANY
OF THE RECOMMENDATIONS IN WHAT THE COMMISSION CALLED
THE NIMBY REPORT -- "NOT IN MY BACKYARD" -- HAVE BEEN
BUILT INTO THE 1993 BUDGET. ///
- 4 -
I'LL BE CALLING FOR PROMPT ACTION BY THE CONGRESS
BECAUSE IT'S EVEN MORE URGENT WE GET THESE CRITICAL
REFORMS THROUGH CONGRESS NOW. / so COUNT ON IT: I'M
GOING TO HIT THE LINE AGAIN, PUSH HARD TO TURN SOLID
PROPOSALS INTO POLICY -- AND I HOPE I CAN COUNT ON YOUR
STRONG SUPPORT TO HELP ME GET THE JOB DONE.
AS FOR THE REST OF MY PRO-GROWTH PLAN, YOU'LL HAVE
TO STAY TUNED FOR TUESDAY. BUT I CAN SAY RIGHT NOW --
BY WAY OF A "COMING ATTRACTION" -- THAT ANY GROWTH
PACKAGE WORTH THE NAME SHOULD PASS THE FOLLOWING FIVE
TESTS:
FIRST, IT MUST STIMULATE THE INVESTMENT NECESSARY
TO CREATE JOBS.
SECOND -- AND THIS POINTS UP THE VITAL IMPORTANCE
OF YOUR INDUSTRY -- IT MUST BOLSTER REAL ESTATE VALUES,
AND INCREASE HOME SALES.
- 5 -
THIRD, IT MUST GIVE AMERICANS CONFIDENCE THAT THE
COSTS OF HEALTH CARE, PROVIDING FOR THEIR KIDS'
EDUCATION AND RAISING A FAMILY WILL BE AFFORDABLE.
FOURTH, IT MUST INCREASE AMERICA'S CAPACITY TO
COMPETE IN THE GLOBAL ECONOMY.
FIFTH AND FINALLY, IT MUST CONTROL WASTEFUL
GOVERNMENT SPENDING - -- AND BRING THE FEDERAL DEFICIT
UNDER CONTROL. //
so HEAR ME OUT IN THE STATE OF THE UNION. I WILL
AVOID THE QUICK POLITICAL FIXES THAT CAUSE THE DEFICIT
TO SKYROCKET AND CAUSE LONGTERM INTEREST RATES TO GO
THROUGH THE ROOF. / I'M CONFIDENT THAT WE'VE GOT A
SOUND PLAN THE BEST PLAN TO GET THIS ECONOMY GROWING
AGAIN. I AM ABSOLUTELY CERTAIN THAT WE WILL GET THE
ECONOMY TURNED AROUND. AND I AM SURE THAT ONCE AGAIN
THE HOUSING INDUSTRY WILL LEAD THE WAY TO A STRONG AND
STEADY RECOVERY. //
I'LL STOP THERE, AND TAKE SOME QUESTIONS.
# # #
Pres. NAHB
"Your lemanks
Amre great"
hito MW recovery credit be available
to build haves
n Banks
not get message
ALFALFA DINNER
Passure lesses
credit Its
cap. grins
elc,
THE WHITE HOUSE
THE PRESIDENT 1/23/92 HAS SEEM
WASHINGTON
92 JAN 22 P6: 10
JANUARY 22, 1991
MEMORANDUM FOR THE PRESIDENT
OK with
THROUGH:
DAVE DEMAREST
TONY SNOW Tg
FROM:
DAN MC GROARTY mur
some changes
SUBJECT:
PROPOSED REMARKS FOR THE NATIONAL ASSOCIATION OF
HOME BUILDERS TELECONFERENCE
I. SUMMARY
On Friday, January 24, 1992 at 3:30 p.m. you will deliver
brief remarks via satellite from Room 459 of the Old Executive
Office Building to the annual National Association of Home
Builders conference in Las Vegas, Nevada.
II. DISCUSSION
Your remarks (approximately 5 minutes / teleprompter)
higlight the five tests of a successful growth package, and
profile measures that will help the housing industry.
Your remarks acknowledge the NAHB leadership and its
incoming president Jay Buchert.
Following your remarks, Mark Tipton and Jay Buchert will
each ask you one question.
McGroarty/Bunton
January 22, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
pronound
Thank you, Mark [Tipton, President NAHB], for those kind
words. 11 Hello to Tommy Thompson, Martin Perlman, Roger Glunt,
Kent Colton, and Jay Buchert, your incoming President -- and to
all of you celebrating the golden anniversary of the National
Association of Home Builders. I hear you were promised a daytime
fireworks display -- so I'll give this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch -- hurt by first-time homebuyers forced by
economic circumstances to defer their shot at the American dream,
and homeowners who've watched their equity erode.
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
2
interest rates lower than they've been since the late 70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economy. / Next Tuesday, I'll take my economic action plan to
the American people in the State of the Union. Without tipping
my hand today, I can say that some of the reforms I want to see
are geared specifically to get the housing market back on its
feet.
I pledged as President that we'd see an increase of one
million in the number of new American homeowners. I'm proud to
say we've reached that goal -- and I'm convinced our housing
initiatives will create help even more Americans reach their
dream.
One way we'll succeed is by breaking down the barriers to
affordable housing. Jay and Roger served on my Advisory
Commission on Regulatory Barriers. Many of the recommendations
in what the Commission called the NIMBY report -- "Not in My
Backyard" -- have been built into the 1993 Budget.
I'll be calling for prompt action by the Congress because
it's even more urgent we get these critical reforms through
Congress now. / So count on it: I'm going to hit the line
again, push hard to turn solid proposals into policy -- and I
hope I can count on your strong support to help me get the job
done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must bolster real estate values, and increase home
sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen
I with avoid the quich political fixes that came the any
deficit to skyrochet and came brg tem intent into to go thong
competition your decision. I'm
confident that when you sort - out fact from fiction, you 11 see the roos
sound plan
that we've got a A the best plan to get this economy growing again.
I am confident + absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll. stop there, and take some questions.
# # #
THE WHITE HOUSE
WASHINGTON
JANUARY 22, 1991
MEMORANDUM FOR THE PRESIDENT
THROUGH:
DAVE DEMAREST
TONY SNOW
FROM:
DAN MC GROARTY m.r
SUBJECT:
PROPOSED REMARKS FOR THE NATIONAL ASSOCIATION OF
HOME BUILDERS TELECONFERENCE
I. SUMMARY
On Friday, January 24, 1992 at 3:30 p.m. you will deliver
brief remarks via satellite from Room 459 of the Old Executive
Office Building to the annual National Association of Home
Builders conference in Las Vegas, Nevada.
II. DISCUSSION
Your remarks (approximately 5 minutes / teleprompter)
higlight the five tests of a successful growth package, and
profile measures that will help the housing industry.
Your remarks acknowledge the NAHB leadership and its
incoming president Jay Buchert.
Following your remarks, Mark Tipton and Jay Buchert will
each ask you one question.
McGroarty/Bunton
January 22, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to Tommy Thompson, Martin Perlman, Roger Glunt,
Kent Colton, and Jay Buchert, your incoming President -- and to
all of you celebrating the golden anniversary of the National
Association of Home Builders. I hear you were promised a daytime
fireworks display -- so I'll give this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch -- hurt by first-time homebuyers forced by
economic circumstances to defer their shot at the American dream,
and homeowners who've watched their equity erode.
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
2
interest rates lower than they've been since the late 70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economy. / Next Tuesday, I'll take my economic action plan to
the American people in the State of the Union. Without tipping
my hand today, I can say that some of the reforms I want to see
are geared specifically to get the housing market back on its
feet.
I pledged as President that we'd see an increase of one
million in the number of new American homeowners. I'm proud to
say we've reached that goal -- and I'm convinced our housing
initiatives will create help even more Americans reach their
dream.
One way we'll succeed is by breaking down the barriers to
affordable housing. Jay and Roger served on my Advisory
Commission on Regulatory Barriers. Many of the recommendations
in what the Commission called the NIMBY report -- "Not in My
Backyard" -- have been built into the 1993 Budget.
I'll be calling for prompt action by the Congress because
it's even more urgent we get these critical reforms through
Congress now. / So count on it: I'm going to hit the line
again, push hard to turn solid proposals into policy -- and I
hope I can count on your strong support to help me get the job
done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must bolster real estate values, and increase home
sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll stop there, and take some questions.
# # #
300585SS
Document No.
WHITE HOUSE STAFFING MEMORANDUM
1-23-92
DATE.
ACTION/CONCURRENCE-COMMENT DUE BY:
PRESIDENTIAL REMARKS: NATIONAL ASSOCIATION OF HOMEBUILDERS
TELECONFERENCE, OEOB, ROOM 459
SUBJECT:
JANUARY 24, 1992
ACTION FYI
ACTION FYI
-
VICE PRESIDENT
HORNER
1
-
SKINNER
MCCLURE
1
-
SCOWCROFT
PETERSMEYER
1
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
1
BOSKIN
CARD
FINDLAY
-
DEMAREST
SNOW
-
FITZWATER
-
GRAY
-
HOLIDAY
REMARKS:
The attached has been forwarded to the President.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
to 1-23
THE WHITE HOÚSE
WASHINGTON
32 JAN 22 P6: 10
JANUARY 22, 1991
MEMORANDUM FOR THE PRESIDENT
THROUGH:
DAVE DEMAREST
TONY SNOW Tg
FROM:
DAN MC GROARTY me.r
SUBJECT:
PROPOSED REMARKS FOR THE NATIONAL ASSOCIATION OF
HOME BUILDERS TELECONFERENCE
I. SUMMARY
On Friday, January 24, 1992 at 3:30 p.m. you will deliver
brief remarks via satellite from Room 459 of the Old Executive
Office Building to the annual National Association of Home
Builders conference in Las Vegas, Nevada.
II. DISCUSSION
Your remarks (approximately 5 minutes / teleprompter)
higlight the five tests of a successful growth package, and
profile measures that will help the housing industry.
Your remarks acknowledge the NAHB leadership and its
incoming president Jay Buchert.
Following your remarks, Mark Tipton and Jay Buchert will
each ask you one question.
McGroarty/Bunton
January 22, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to Tommy Thompson, Martin Perlman, Roger Glunt,
Kent Colton, and Jay Buchert, your incoming President -- and to
all of you celebrating the golden anniversary of the National
Association of Home Builders. I hear you were promised a daytime
fireworks display -- so I'll give this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch -- hurt by first-time homebuyers forced by
economic circumstances to defer their shot at the American dream,
and homeowners who've watched their equity erode.
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
2
interest rates lower than they've been since the late 70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economy. / Next Tuesday, I'll take my economic action plan to
the American people in the State of the Union. Without tipping
my hand today, I can say that some of the reforms I want to see
are geared specifically to get the housing market back on its
feet.
I pledged as President that we'd see an increase of one
million in the number of new American homeowners. I'm proud to
say we've reached that goal -- and I'm convinced our housing
initiatives will create help even more Americans reach their
dream.
One way we'll succeed is by breaking down the barriers to
affordable housing. Jay and Roger served on my Advisory
Commission on Regulatory Barriers. Many of the recommendations
in what the Commission called the NIMBY report -- "Not in My
Backyard" -- have been built into the 1993 Budget.
I'll be calling for prompt action by the Congress because
it's even more urgent we get these critical reforms through
Congress now. / So count on it: I'm going to hit the line
again, push hard to turn solid proposals into policy -- and I
hope I can count on your strong support to help me get the job
done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must bolster real estate values, and increase home
sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. 11
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll stop there, and take some questions.
# # #
Uchore N.
Cc: DFB,
No.
300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE-COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
BOSKIN
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
¥2 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
sentence no verb in
dream. You've also been done some unintended harm by federal
in
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
CEA
Approved by
I realize that the housing sector has been through some
difficult times and that the availability of credit remains a Boohn
concern to many of you.
The housing sector was quite depressed in early 1991, but
appears to have improved somewhat over the past year.
1/22/91
I might note that recent data point to some improvement.
Housing starts rose 2.6 percent in December.
Building permits--often an indicator of future housing
starts--rose 5.8 percent in December.
Housing starts have been on an upward trend since January
1991, rising by 30 percent.
In addition, various fundamentals, particularly low mortgage
rates, suggest that the housing market will be on better footing
this year.
Mortgage rates are near their lowest levels since the 1970s.
Housing affordability measures have risen strongly.
[ I will be making some proposals in my State of the Union
address that will be directed to problems in housing. ]
In my
/ million new
JAY B. - 1n that panel.
NOT IN my BACK 4 AND
BARRIERS To AFFORDABLE HOUSING,
JAY Beachut
Head Start
THE WHITE HOUSE
WASHINGTON
JANUARY 22, 1991
MEMORANDUM FOR THE PRESIDENT
THROUGH:
DAVE DEMAREST
TONY SNOW
FROM:
DAN MC GROARTY m.r
SUBJECT:
PROPOSED REMARKS FOR THE NATIONAL ASSOCIATION OF
HOME BUILDERS TELECONFERENCE
I. SUMMARY
On Friday, January 24, 1992 at 3:30 p.m. you will deliver
brief remarks via satellite from Room 459 of the Old Executive
Office Building to the annual National Association of Home
Builders conference in Las Vegas, Nevada.
II. DISCUSSION
Your remarks (approximately 5 minutes / teleprompter)
higlight the five tests of a successful growth package, and
profile measures that will help the housing industry.
Your remarks acknowledge the NAHB leadership and its
incoming president Jay Buchert.
Following your remarks, Mark Tipton and Jay Buchert will
each ask you one question.
McGroarty/Bunton
January 22, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to Tommy Thompson, Martin Perlman, Roger Glunt,
Kent Colton, and Jay Buchert, your incoming President -- and to
all of you celebrating the golden anniversary of the National
Association of Home Builders. I hear you were promised a daytime
fireworks display -- so I'll give this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch -- hurt by first-time homebuyers forced by
economic circumstances to defer their shot at the American dream,
and homeowners who've watched their equity erode.
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
2
interest rates lower than they've been since the late 70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economy. / Next Tuesday, I'll take my economic action plan to
the American people in the State of the Union. Without tipping
my hand today, I can say that some of the reforms I want to see
are geared specifically to get the housing market back on its
feet.
I pledged as President that we'd see an increase of one
million in the number of new American homeowners. I'm proud to
say we've reached that goal -- and I'm convinced our housing
initiatives will create help even more Americans reach their
dream.
One way we'll succeed is by breaking down the barriers to
affordable housing. Jay and Roger served on my Advisory
Commission on Regulatory Barriers. Many of the recommendations
in what the Commission called the NIMBY report -- "Not in My
Backyard" -- have been built into the 1993 Budget.
I'll be calling for prompt action by the Congress because
it's even more urgent we get these critical reforms through
Congress now. / So count on it: I'm going to hit the line
again, push hard to turn solid proposals into policy -- and I
hope I can count on your strong support to help me get the job
done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must bolster real estate values, and increase home
sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll. stop there, and take some questions.
# # #
Document No.
300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE-COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE N/C
SCOWCROFT
PETERSMEYER
DARMAN NK
PORTER
BRADY
ROGICH N/C
BROMLEY
SMITH
BOSKIN
CARD
DEMAREST
FINDLAY
FITZWATER
SNOW
Schaer
sat
GRAY 2601
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
- MASTER
Dorrance Smith-
PHILLIP D. BRADY
?
- Dec. home starts up 2.6% that's Assistant and Staff to
the President
Secretary
good news
Ext. 2702
- Also refer to Housing. Kemps announcement on
McGroarty/Bunton
January 21, 1992
92 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
our (PORTER)
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
see
CEA
Borhin
by economic (OCA) circumstances to defer their shot at the American
Some and homeowney have who 'we watched their equity erode. misapplication of bank
dream. You've You also been done some unintended harm by federal
and thrift supervisory policies. You know were working hard to fight this regulatory
regulations. attitude and to urge timid bankers to seek and make new loans
Many builders have been caught short by the change in
delete
regulations that dramatically expanded the meaning of the term
D²
wetland. No one -- certainly not this President -- wants to see
our (PORTER)
2
this Nation's precious natural heritage threatened. We've
delete D2
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
(oca)
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economy (PORTER)
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to are seevare geared the ones I spoke to you to get about the in Atlanta housing back market in 1990. back
on its feet.
A cut in the capital gains tax rate, incentives in our HOPE
and other tax changes (Treasury)
housing initiative to help first time home buyers: in each case,
(PORTER) on these initiatives
prompt actionAup on Capitol Hill would have helped boost an
I'll be calling for prompt action by the Congress because
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. So count on it:
then when you +I met in 1990 that
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
on
X
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
Bolster
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong er and steady recovery. //
more robust (OCA)
NO
I'll stop there, and take some questions.
# # #
HUD's suggestion
may want to mention NIMBY in theremarks
Ohio
ancinati
McGroarty/Bunton
January 21, 1992
5:45 pm
[HOME]
National association if Home Burders
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
from
OEOB ROOM 459
JANUARY 24, 1992
3:30 P.M.
YOUR
Jay Buchert
INCOMING PPES. /RENT COUTN EVEC. VP
Thank you, Mark Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden [founded 1942]
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
[Dec. 1991]
weather in your industry. Back in December, I met with Mark and
COLTON, NAHB EXEC Dra.V.P.
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genune wetlands and the property rights of landowners.
//
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
lates
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
accordingto
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
when Ideliver?
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
And I am confident / absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll stop there, and take some questions.
# # #
changed that slotfing JB 5:45
9/21/92
McGroarty/Bunton
January 21, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24 1992
XX:00 A.M.?
3:30 p
Thank you, Mark [Tipton, President NAHB] for those kind
words. // Hello to all of you celebrating the sliver
K
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genune wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic
economic health. / Next Tuesday, I'll take my action plan to
to
FL
get this economy growing to you and all the American people in
the State of the Union. Without tipping my hand today, I can say
that some of the reforms I want to see are the ones I spoke to
you about in Atlanta back in 1990. A cut in the capital gains
tax rate, incentives in our HOPE housing initiative to help
first-time home buyers: in each case, prompt action up on
Capitol Hill would have helped boost an ailing economy and create
growth. It's even more urgent we get these critical reforms
through Congress now. / So count on it: I'm going to hit the
line again, push hard to turn these solid proposals into policy -
- and I hope I can count on your strong support to help me get
the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
And I am confident / absolutely certain / that we will get
the economy turned around. And I am sure that once again the
housing industry will lead the way to a strong and steady
recovery. //
I'll stop there, and take some questions.
# # #
Housing starts 4 Dec. 1991
Kump's nons & intine [Hans kntner]
SENT BY:Xerox Telecopier 7020 ; 1-22-92 ; 3:09PM ;
4562983-
6218:# 1
Document No. 300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE-COMMENT DUE BY: WED. 1/22/92 1:00pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 --- 3:30 p.m.
ACTION FYI
ACTION FTI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
DEMAR
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
All
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
SENT BY:Xerox Telecopier 7020 ; 1-22-92 ; 3:09PM ;
4562983-
6218;# 2
McGroarty/Bunton
January 21, 1992
32 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display - so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. 11 But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. 11
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
SENT BY:Xerox Telecopier 7020 ; 1-22-92 ; 3:10PM ;
4562983-
6218;# 3
2
this Nation's precious natural heritage threatened. We ve
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness vas to protect
genuine wetlands and the property rights of landowners. 11
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. 11
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1980.
are gland apecifically to get the housing market back on its feet.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: In in each case
back then
prompt action up on Capitol Hill would have helped boost
ad
I'll becallic for promplaction any the RM A
thember an you in set
ailing economy and create growth. It's even more urgent we get
1990
these critical reforms through Congress. PAY. now.
/
that
So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy - and I hope I can count on your strong
support to help me get the job done.
SENT BY:Xerox Telecopier 7020 ; 1-22-92 ; 3:10PM ;
4562983-
6218;# 4
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
tobs.
Second - and this points up the vital importance of your
industry - it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a.
family will be affordable.
Fourth, it must increase America's capacity to compete im
the global economy.
Fifth and finally, it must control wasteful government
spending - and bring the federal deficit under control. 11
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. 11
I'll stop there, and take some questions.
# # #
Document No.
300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE-COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
CARD
BOSKIN
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
- December home starts up 2.6%- that's good news
/ Also refer to Kemp's annonncement
PHILLIP D. BRADY
Assistant to the President
on Horsing
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
32 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a.
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
Document No. 300585ss
WHITE HOUSE STAFFING MEMORANDUM
92 JAN 22 P2: 13
DATE. 1/21/92
ACTION/CONCURRENCE-COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
See comments. Thanks.
EL
Elizabeth Cuttig
01/22/92
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
92 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
(OCA)
Some ot Some of
have
dream.
misapplication
of bank and thrift supervisory policies. you Know ne've workin
You also been done some unintended harm by
hard to Eight this regulatory attitude and to argi
timid bankers to seek and make new loans.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
(OCA)
genuine wetlands and the property rights of landowners. 11
Delete
[on the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
and other tax changes Treasy)
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a.
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong er and
more robust (OCA)
11
recovery.
//
I'll stop there, and take some questions.
# # #
Hups Suggeonion:
May want to mention NiMBY in the renerks.
Bizer X4737
McGroarty/Bunton
CEA
January 21, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
sount
The housing industry has been hit hard. You've been pinched actually,
by the credit crunch. Hurt by the first-time homebuyers forced
(No VERB)
by economic circumstances to defer their shot at the American
Be careful
pt time homeby
dream. You've also been done some unintended harm by federal are better off
regulations.
than owners who
have lost equity
Many builders have been caught short by the change in
in homes
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
THE WHITE HOUSE
WASHINGTON
92 JAN 22 pl: 52
January 22, 1992
MEMORANDUM FOR TONY SNOW
FROM:
ROGER B. PORTER RBP
SUBJECT:
Presidential Remarks: Homebuilders
Teleconference
We have reviewed the attached remarks and have noted
a few minor suggested changes on the draft.
Please let us know if you have any questions or if we may
help in any other way.
CC: Phillip D. Brady
Document No.
300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE/COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
92 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced OUR -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
OUR
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic ECONOMY health? / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
ON THESE INITIATIVES
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As ON for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
BOLSTER
industry -- it must step the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a.
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
Document No. 300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE/COMMENT DUE BY: WED. 1/22/92 1:00pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
JANUARY 24, 1992 - 3:30 p.m.
SUBJECT:
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
no comment
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
92 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give.
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get:
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
Document No. 300585ss
WHITE HOUSE STAFFING MEMORANDUM
DATE. 1/21/92
ACTION/CONCURRENCE/COMMENT DUE BY: WED. 1/22/92 1:00 pm
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
SUBJECT:
JANUARY 24, 1992 - 3:30 p.m.
ACTION FYI
ACTION FYI
VICE PRESIDENT
HORNER
SKINNER
MCCLURE
SCOWCROFT
PETERSMEYER
DARMAN
PORTER
BRADY
ROGICH
BROMLEY
SMITH
BOSKIN
CARD
DEMAREST
FINDLAY
FITZWATER
SNOW
GRAY
HOLIDAY
REMARKS:
Please forward your comments directly to Tony Snow, Rm. 122, x2930,
no later than 1:00 p.m., WEDNESDAY, JANUARY 22, with a copy to this
office. Thank you.
RESPONSE:
OYR
PHILLIP D. BRADY
Assistant to the President
and Staff Secretary
Ext. 2702
McGroarty/Bunton
January 21, 1992
92 JAN21 P6: 09
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give.
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get:
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a.
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I.. am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
McGroarty/Bunton
January 21, 1992
5:45 pm
[HOME]
PRESIDENTIAL REMARKS: HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
Thank you, Mark [Tipton, President NAHB], for those kind
words. // Hello to all of you celebrating the golden
anniversary of the National Association of Home Builders. I hear
you were promised a daytime fireworks display -- so I'll give
this my best shot.
First off, Barbara reminded me to tell you we're doing our
part for home building -- thanks to a little rough weather back
in Kennebunkport. // But there's been more than a little rough
weather in your industry. Back in December, I met with Mark and
Kent at the White House. We talked about the tough times you've
experienced -- and we agreed on the need for strong action to get
this economy moving again. //
The housing industry has been hit hard. You've been pinched
by the credit crunch. Hurt by the first-time homebuyers forced
by economic circumstances to defer their shot at the American
dream. You've also been done some unintended harm by federal
regulations.
Many builders have been caught short by the change in
regulations that dramatically expanded the meaning of the term
wetland. No one -- certainly not this President -- wants to see
2
this Nation's precious natural heritage threatened. We've
pledged no net loss, and we'll stick with it. But we've got to
let common sense rule: wetlands must be wet. My direction to.
Vice President Quayle's Council on Competitiveness was to protect
genuine wetlands and the property rights of landowners. //
On the credit front, we've been working hard to get the
message out to lending institutions and the regulatory community
that sound banks make sound loans. I'm also pleased to see
interest rates lower than they've been since the mid-70's.
There's a pent-up demand for new housing that promises a strong
comeback -- one that will bring homebuyers back into the market
and have homebuilders working overtime. //
But no issue right now matters more than the state of our
economic health. / Next Tuesday, I'll take my economic action
plan to the American people in the State of the Union. Without
tipping my hand today, I can say that some of the reforms I want
to see are the ones I spoke to you about in Atlanta back in 1990.
A cut in the capital gains tax rate, incentives in our HOPE
housing initiative to help first-time home buyers: in each case,
prompt action up on Capitol Hill would have helped boost an
ailing economy and create growth. It's even more urgent we get:
these critical reforms through Congress now. / So count on it:
I'm going to hit the line again, push hard to turn these solid
proposals into policy -- and I hope I can count on your strong
support to help me get the job done.
3
As for the rest of my pro-growth plan, you'll have to stay
tuned for Tuesday. But I can say right now -- by way of a
"coming attraction" -- that any growth package worth the name
should pass the following five tests:
First, it must stimulate the investment necessary to create
jobs.
Second -- and this points up the vital importance of your
industry -- it must stop the slide in real estate values, and
increase home sales.
Third, it must give Americans confidence that the costs of
health care, providing for their kids' education and raising a
family will be affordable.
Fourth, it must increase America's capacity to compete in
the global economy.
Fifth and finally, it must control wasteful government
spending -- and bring the federal deficit under control. //
So hear me out in the State of the Union. Listen to what my
competition has to say -- and then make your decision. / I'm
confident that when you sort out fact from fiction, you'll see
that we've got the best plan to get this economy growing again.
I am confident / absolutely certain / that we will get the
economy turned around. And I am sure that once again the housing
industry will lead the way to a strong and steady recovery. //
I'll stop there, and take some questions.
# # #
NAT'L ASS'N OF HOMEBUILDERS TELECONFERENCE
OEOB, ROOM 459
JANUARY 24, 1992
3:30 P.M.
THANK YOU, MARK [TIPTON, PRESIDENT NAHB], FOR THOSE.
KIND WORDS. 11 HELLO TO ROGER GLUNT, TOMMY THOMPSON,
MARTIN PERLMAN, KENT COLTON, AND JAY BUCHERT [BU-KURT],
YOUR INCOMING PRESIDENT -- AND TO ALL OF YOU
CELEBRATING THE GOLDEN ANNIVERSARY OF THE NATIONAL
ASSOCIATION OF HOME BUILDERS. [[I HEAR YOU WERE
PROMISED A DAYTIME FIREWORKS DISPLAY -- SO I'LL GIVE
THIS MY BEST SHOT.]]
[[FIRST OFF, BARBARA REMINDED ME TO TELL YOU WE'RE
DOING OUR PART FOR HOME BUILDING AND REMODELING --
THANKS TO A LITTLE ROUGH WEATHER BACK IN
KENNEBUNKPORT.]] 11 BUT THERE'S BEEN MORE THAN A
LITTLE ROUGH WEATHER IN YOUR INDUSTRY. BACK IN
DECEMBER, I MET WITH MARK AND KENT AT THE WHITE HOUSE.
WE TALKED ABOUT THE TOUGH TIMES YOU'VE EXPERIENCED --
AND WE AGREED ON THE NEED FOR STRONG ACTION TO GET THIS
ECONOMY MOVING AGAIN. //
- 2 -
THE HOUSING INDUSTRY HAS BEEN HIT HARD. YOU'VE
BEEN PINCHED BY THE CREDIT CRUNCH -- HURT BY FIRST-
TIME HOMEBUYERS FORCED BY ECONOMIC CIRCUMSTANCES TO
DEFER THEIR SHOT AT THE AMERICAN DREAM, AND HOMEOWNERS
WHO'VE WATCHED THEIR EQUITY ERODE.
ON THE CREDIT FRONT, WE'VE BEEN WORKING HARD TO GET
THE MESSAGE OUT TO LENDING INSTITUTIONS AND THE
REGULATORY COMMUNITY THAT SOUND BANKS MAKE SOUND LOANS.
I'M ALSO PLEASED TO SEE INTEREST RATES LOWER THAN
THEY'VE BEEN SINCE THE LATE 70'S. THERE'S A PENT-UP
DEMAND FOR NEW HOUSING THAT PROMISES A STRONG COMEBACK
-- ONE THAT WILL BRING HOMEBUYERS BACK INTO THE MARKET
AND HAVE HOMEBUILDERS WORKING OVERTIME. //
- 3 -
BUT NO ISSUE RIGHT NOW MATTERS MORE THAN THE STATE
OF OUR ECONOMY. / NEXT TUESDAY, I'LL TAKE MY ECONOMIC
ACTION PLAN TO THE AMERICAN PEOPLE IN THE STATE OF THE
UNION. WITHOUT TIPPING MY HAND TODAY, I CAN SAY THAT
SOME OF THE REFORMS I WANT TO SEE ARE GEARED
SPECIFICALLY TO GET THE HOUSING MARKET BACK ON ITS
FEET, ///
I PLEDGED AS PRESIDENT THAT WE'D SEE AN INCREASE OF
ONE MILLION IN THE NUMBER OF NEW AMERICAN HOMEOWNERS.
I'M PROUD TO SAY WE'VE REACHED THAT GOAL -- AND I'M
CONVINCED OUR HOUSING INITIATIVES WILL HELP EVEN MORE
AMERICANS REACH THEIR DREAM.
ONE WAY WE'LL SUCCEED IS BY BREAKING DOWN THE
BARRIERS TO AFFORDABLE HOUSING. JAY AND ROGER SERVED
ON MY ADVISORY COMMISSION ON REGULATORY BARRIERS. MANY
OF THE RECOMMENDATIONS IN WHAT THE COMMISSION CALLED
THE NIMBY REPORT -- "NOT IN MY BACKYARD" -- HAVE BEEN
BUILT INTO THE 1993 BUDGET. ///
- 4 -
I'LL BE CALLING FOR PROMPT ACTION BY THE CONGRESS
BECAUSE IT'S EVEN MORE URGENT WE GET THESE CRITICAL
REFORMS THROUGH CONGRESS NOW. / SO COUNT ON IT: I'M
GOING TO HIT THE LINE AGAIN, PUSH HARD TO TURN SOLID
PROPOSALS INTO POLICY -- AND I HOPE I CAN COUNT ON YOUR
STRONG SUPPORT TO HELP ME GET THE JOB DONE.
AS FOR THE REST OF MY PRO-GROWTH PLAN, YOU'LL HAVE
TO STAY TUNED FOR TUESDAY. BUT I CAN SAY RIGHT NOW --
BY WAY OF A "COMING ATTRACTION" -- THAT ANY GROWTH
PACKAGE WORTH THE NAME SHOULD PASS THE FOLLOWING FIVE
TESTS:
FIRST, IT MUST STIMULATE THE INVESTMENT NECESSARY
TO CREATE JOBS.
SECOND -- AND THIS POINTS UP THE VITAL IMPORTANCE
OF YOUR INDUSTRY -- IT MUST BOLSTER REAL ESTATE VALUES,
AND INCREASE HOME SALES.
- 5 -
THIRD, IT MUST GIVE AMERICANS CONFIDENCE THAT THE
COSTS OF HEALTH CARE, PROVIDING FOR THEIR KIDS'
EDUCATION AND RAISING A FAMILY WILL BE AFFORDABLE.
FOURTH, IT MUST INCREASE AMERICA'S CAPACITY TO
COMPETE IN THE GLOBAL ECONOMY.
FIFTH AND FINALLY, IT MUST CONTROL WASTEFUL
GOVERNMENT SPENDING - AND BRING THE FEDERAL DEFICIT
UNDER CONTROL. 11
so HEAR ME OUT IN THE STATE OF THE UNION. I WILL
AVOID THE QUICK POLITICAL FIXES THAT CAUSE THE DEFICIT
TO SKYROCKET AND CAUSE LONGTERM INTEREST RATES TO GO
THROUGH THE ROOF. / I'M CONFIDENT THAT WE'VE GOT A
SOUND PLAN THE BEST PLAN TO GET THIS ECONOMY GROWING
AGAIN. I AM ABSOLUTELY CERTAIN THAT WE WILL GET THE
ECONOMY TURNED AROUND. AND I AM SURE THAT ONCE AGAIN
THE HOUSING INDUSTRY WILL LEAD THE WAY TO A STRONG AND
STEADY RECOVERY. //
I'LL STOP THERE, AND TAKE SOME QUESTIONS.
# # #