In the past few weeks, our country has heard a lot of bad news about our financial system. I know that many Americans are concerned about their financial futures. Will I be able to sell my house? Will I be able to keep my job, or my business? Will my retirement savings and investments be worth anything?
I want you to know, I share these concerns. I do not have any job security myself. Being president is only temporary employment. In fact, I have already received my termination notice, and will soon lose my government paycheck and benefits. Yet I am not old enough to draw Social Security, and to be covered by Medicare. I worry about these things, just as you do.
Before I volunteered to serve my country, I was a rancher. I am still one in my heart. I hope to return to my ranch and make a go of it, but in these uncertain times, who can be sure? I have the same worries you do. I have a family to support, and children to educate. I must think of my old age, when I will no longer be able to keep up the grueling hours I now work and or endure the harsh conditions that I do now. I, too, ask myself, how will I pay for prescriptions? Will I be able to afford to visit my grandchildren? What if I need nursing home care?
It is because I share your financial concerns that I want to announce tonight a new initiative I am taking to resolve these financial problems and set America on a course toward unprecedented prosperity. I call this new initiative, “Operation American Freedom.”
You have probably heard some politicians and some in the media filter blame this crisis on Wall Street. But that is diagnosing the symptom, not the disease. Others have said that it was caused by deregulation. But that is like saying that freedom is bad because it allows people do bad things. Still others have said that we have too much debt as a society. That is only blaming the victim—the American people.
I firmly believe that we need to get to the root cause of all this worrisome news. We need to understand the complex financial world in which we live in, and we need to put our foot down where the buck stops. And that, my fellow Americans, is on my desk. I accept that challenge.
Up to now, hesitant leaders have timidly employed half-measures to deal with this crisis, and we see that they have not worked. It is time for boldness. To inaugurate Operation American Freedom, I am ordering the Secretary of the Treasury to immediately purchase all the banks and other financial institutions in the United States.
When the United States government owns all of the investment banks, commercial banks, savings banks, credit unions, mutual funds, money market funds, stock exchanges, brokerage houses, insurance companies, and all other places where money is deposited, then there will be no need for anybody to have any fears about credit or liquidity. When your government owns all of the institutions where money is stored or exchanged, then I will at last be able to go to work on your behalf and start moving the blockages that have created this crisis—just as you would clear a plugged toilet in your own home. I promise you, my fellow Americans, that I will roll up my sleeves, plunge in, get my hands dirty, whatever it takes, to flush out whatever is causing this backup. I will get to the bottom of this. I will clear the line. I will get things moving again.
But that is only the beginning of Operation American Freedom. It will do no good for the government to own just the financial institutions, for they depend upon the wealth created by our economy—our vigorous, abundant and growing economy that is the foundation of our national security. That is why the second stage of Operation American Freedom will see the Secretary of the Treasury acquire all productive industry, commerce, mining and agriculture in the United States. From the largest conglomerate to the smallest corner convenience store, from vast agricultural corporations and far-flung mining empires to the family farm, we will Buy American. What greater signal of confidence in America’s future could your government give, than to invest its money in the American people?
Now, you may ask, what will happen to me when the government buys my business, or my farm? How will I earn my living? The answer to that is: you, too, will invest in America. As a result of Operation American Freedom, we anticipate the biggest bull stock market in history. We are confident a Dow-Jones average of 50,000 will be reached within one year of commencing this historic program. If you promptly invest in our stock market the very generous check the U.S. government will offer you for your business or farm, this rising tide will float your boat. You may never have to work again—and your lifestyle won’t suffer at all. For to this administration, the American Way of Life is not negotiable.
Yet even these bold actions will leave one aspect of the problem unaccounted for: the mortgage market. Millions of Americans are losing their homes because of foreclosure. Millions more cannot buy homes because they can no longer get loans. This situation threatens the American Dream of home ownership. It is unacceptable. Your government does not intend to allow it to continue. Effectively immediately, I am directing the Secretary of the Treasury to purchase the entire housing stock of the United States. When all houses, condominiums and apartment buildings belong to the American people, the American people will no longer have to worry about high mortgage payments, foreclosure, or homelessness. You will still be able to live in “your” home, you just won’t have to pay for it. I don’t see what could be fairer, or more American, than that.
When the United States government owns all the banks, all the money, all the industry and business, and all the homes—how can anyone, foreign or domestic, have doubt in the future of our country? We believe that when Operation American Freedom is fully implemented, the world will rush forward, fighting to buy a piece of the rock that is America. We believe this initiative will clear the lines to a new prosperity, the like of which has not been seen in our times.
Now, some may ask, can our government afford to do all this? Where will the money come from? Isn’t the federal government already running a deficit? Will Operation American Freedom raise our taxes? I asked the Secretary of the Treasury these same tough questions. And his answer was, deficits don’t matter—President Reagan proved that. What we don’t pay off today will simply be paid off in the far richer future that Operation American Freedom will create. Not only is there no need to raise taxes—there is a need to cut them. Lowering taxes will encourage even more investment, and help create that Dow-Jones 50,000 I talked about. We don’t need to worry about money—we are a rich and free nation. We are Americans. We believe in doing, not doubting.
Some politicians and media filters have said that Operation American Freedom “smacks of socialism.” I am usually patient with criticism, but frankly, that kind of irresponsible talk angers me. Those who talk of “socialism” forget that I stand in the proud tradition of President Reagan, who was the greatest opponent of big government in American history. He was also a great champion of freedom and of America. It is inconceivable to me that, if President Reagan were here today, he would not say, “Operation American Freedom is a bold and innovative way to strengthen America. It is no more ‘socialistic’ than NASA or the Strategic Defense Initiative.”
My fellow Americans, we stand at a historic crossroads today. We have nothing to fear but fear of wealth. We can have an America that is backward-looking and paralyzed with doubt and fear—or we can have an America that believes in itself and strides confidently forward to meet its future. The doubters and naysayers will continue to talk of “crisis” and “recession” and “foreclosure.” The bold believers in America will say, “To get rich is glorious!” That is what our forefathers said, as their pledged their lives, their fortunes and their sacred honor to American Freedom. Today, I ask you to do the same.
Thank you, and God bless you.
