Last Friday, dazzling the Economic Club of New York at theNew York Hilton.

The Purpose Of Incentives To Stimulate Investment Is To Stimulate Investment

First, the growth package provides incentives for businesses to make investments in new equipment this year. As more businesses take advantage, investment will pick up, and then job creation will follow. The purpose was to stimulate investment.

Taken To Effect

The rebates haven’t been put in the mail yet. In other words, this aspect of the plan hasn’t taken to effect.

What Are The Folks Anticipate To Happen?

And so what are the folks, the experts, guys like Hubbard, anticipate to happen? I’m not so sure he is one now, but the people that have told me that they expect this consumer spending to have an effect in the second quarter, a greater effect in the third quarter.

The Downtown In The Housing Market

Now, a root cause of the economic slowdown has been the downtown in the housing market, and I want to talk a little bit about that today.

Tightened The Credit

Before I get to that, though, I do want to tell you that we fully understand that the mounting concern over housing has shaken the broader market, that it’s spread uncertainty to global financial markets, and that it has tightened the credit, which makes it harder for people to get mortgages in the first place.

What We Got To Be

And so we got to be careful and mindful that any time the government intervenes in the market, it must do so with clear purpose and great care. Government actions are — have far-reaching and unintended consequences.

The Valley Girl President

The purpose of government ought to be to help the individuals, not those who, like — who speculated in homes.

Brainwreck

As a matter of fact, the paper — you know, had this been a modern era, the paper that had — you know, my paper, my mortgage, could be owned by somebody in a foreign country, which makes it hard to renegotiate the note.

Drain Bamage

So we’re dealing in a difficult environment, to get the word to people, there’s help for you to refinance your homes.

What We Got

We got toll-free numbers and websites and mailings, and it’s just really important for our citizens to understand that this help is available for them.

A Rule That Require

Alphonso Jackson, Secretary of HUD, is proposing a rule that require lenders to provide a standard, easy-to-read summary statements explaining the key elements of mortgage agreements.

A Man Of Principle

And one of the principles is overreacting by federal law and federal regulation that will have long-term negative effects on our economy.

The Tax Code Create

The tax code create disincentives for people to refinance their homes, and we took care of that for a three-year period.

What Congress Has Got

In other words, Congress has got this habit of just sticking these deals into bills without a vote — no transparency, no light of day, they just put them in.

Our Troops In Harm Way

There is no greater priority than to make sure our troops in harm way have all they need to do their job.

At Below Rates

And beyond that, we’ve held spending at below rates of inflation — on non-security spending, discretionary spending, we’ve held the line.

Pass The Columbia

And then once they pass the Colombia, they can pass Panama and South Korea, as well.

The Best To Describe

I’m — you know, I guess the best to describe government policy is like a person trying to drive a car on a rough patch.

Cerebral Vortex

Third, it’s — sometimes, when times are tough, it’s easy to — it’s much easier to find a — somebody else to blame. And sometimes that somebody else that’s easier to blame is somebody in a distant land.

Some Of The Fact

And so those are the some of the fact — and plus it’s easy politics.

What Your Tendency To Be

It’s — and I guess if you’re the kind of person that followed polls and focus groups, that’s what your tendency to be.

Medulla Ohmigodda

And the danger of getting tired during this world [sic] is any retreat by the America — by America was going to be to the benefit of those who want to do us harm.

Do You Want To Protect You?

I don’t want to get in another issue, but that’s why we better figure out what the enemy is saying on their telephones, if you want to protect you

The Stabilityites

And I understand it undermines the argument of the stability-ites — people who say, you just got to worry about stability.

Those Pesky Kids, They Killed Us

And I’m saying, we better worry about the conditions that caused 19 kids to kill us in the first place.

Holy Crap!™

I recognize economies go up and down, but it’s important for us to put policy in place that sends a signal that our economy is going to be strong and open for business, which will — you know, which supports the strong dollar policy, such as not doing something foolish during this economic period that will cause — make it harder to grow; such as rejecting — shutting down capital from coming into this country; such as announcing that, or articulating the belief that making the tax cuts permanent takes uncertainty out of the system.

Alternative Fuels Guy

And, look, I’m very — I’m an alternatives fuel guy, I believe that’s important. As a matter of fact, we’ve expanded — mightily expanded the use of ethanol; a slight consequence if you rely upon corn to grow your hogs, but nevertheless it’s a — it is a policy that basically says that we got to diversify.

Automobiles On Battery

You know, I firmly believe people in New York City are going to be driving automobiles on battery relatively quickly.

So What?

You talk about the price of oil — yeah, it’s high.

There Is New Factors In Demand

It’s high because there’s new factors in demand on the international market, namely China and India.

King of Saudi

You k
now, when I was overseas in the Middle East, people said, did you talk to the King of Saudi about oil prices?

I Reminded Him

I reminded him two things: One, you better be careful about affecting markets — reminding him that oil is fungible; even though we get most of our oil, by the way, from Canada and Mexico, oil is fungible.