Video related to this article is available below.Issue date: 3/25/08 Section: News
Transcript | Hillary Clinton's speech on the housing crisis
New York Sen. Hillary Clinton's remarks on the housing crisis, given in the Hall of Flags in Houston Hall, as provided by her campaign.
Thank you. Thank you. It's great to be back here at Penn and in Philadelphia. I remember giving the commencement address here some years ago and I always had that image of the beauty of this campus and, of course, its extraordinary reputation. And I'm delighted to have a chance to be here with you to talk about an issue that is critical not only to Pennsylvania but to our country.
I want to thank Congresswoman Schwartz, she and I will be together later this afternoon. I'm looking forward to that very much. Mayor Nutter, I have heard the governor say that you could be the second best mayor in Philadelphia history. I know you're aiming for first, so keep it up. You're doing a great job. And Governor Rendell who has been so visionary and strategic in his leadership first to Philadelphia, then of course to Pennsylvania. And what he just said about how he and his administration responded to the first signs of trouble from the mortgage market is just typical of Ed Rendell. He really is someone who is always looking to solve problems and that's why he's been so successful and why I'm so grateful for his support.
I want to take a moment to note yesterday's heartbreaking news that five years after the start of the war there have now been 4,000 U.S. military deaths in Iraq. Tens of thousands of our brave men and women have also suffered serious wounds, both visible and invisible, to their bodies, their minds, and their hearts. As president, I intend to honor their extraordinary service and the sacrifice of them and their families by ending this war and bringing them home as quickly and responsibly as possible.
As the headlines of the past months have made clear, we are experiencing a crisis of confidence in our country. We have a crisis of confidence in our leadership with respect to Iraq and we have a crisis of confidence in our economy. What started out as a subprime mortgage crisis has now become a national credit crisis, rippling out from banks and boardrooms to businesses and living rooms across America. We've had three straight months of private sector job losses. Consumer confidence is down and falling. The dollar has hit record lows and gas prices, record highs. And last week the Federal Reserve took unprecedented measures to rescue Wall Street, the likes of which we haven't seen since the Great Depression. These are not just red flags or warning signs - they are indisputable indicators that our economy is in serious trouble. And now we face an urgent question: how do we keep today's turmoil from spiraling into a long and painful recession? This is no easy task.
Thank you. Thank you. It's great to be back here at Penn and in Philadelphia. I remember giving the commencement address here some years ago and I always had that image of the beauty of this campus and, of course, its extraordinary reputation. And I'm delighted to have a chance to be here with you to talk about an issue that is critical not only to Pennsylvania but to our country.
I want to thank Congresswoman Schwartz, she and I will be together later this afternoon. I'm looking forward to that very much. Mayor Nutter, I have heard the governor say that you could be the second best mayor in Philadelphia history. I know you're aiming for first, so keep it up. You're doing a great job. And Governor Rendell who has been so visionary and strategic in his leadership first to Philadelphia, then of course to Pennsylvania. And what he just said about how he and his administration responded to the first signs of trouble from the mortgage market is just typical of Ed Rendell. He really is someone who is always looking to solve problems and that's why he's been so successful and why I'm so grateful for his support.
I want to take a moment to note yesterday's heartbreaking news that five years after the start of the war there have now been 4,000 U.S. military deaths in Iraq. Tens of thousands of our brave men and women have also suffered serious wounds, both visible and invisible, to their bodies, their minds, and their hearts. As president, I intend to honor their extraordinary service and the sacrifice of them and their families by ending this war and bringing them home as quickly and responsibly as possible.
As the headlines of the past months have made clear, we are experiencing a crisis of confidence in our country. We have a crisis of confidence in our leadership with respect to Iraq and we have a crisis of confidence in our economy. What started out as a subprime mortgage crisis has now become a national credit crisis, rippling out from banks and boardrooms to businesses and living rooms across America. We've had three straight months of private sector job losses. Consumer confidence is down and falling. The dollar has hit record lows and gas prices, record highs. And last week the Federal Reserve took unprecedented measures to rescue Wall Street, the likes of which we haven't seen since the Great Depression. These are not just red flags or warning signs - they are indisputable indicators that our economy is in serious trouble. And now we face an urgent question: how do we keep today's turmoil from spiraling into a long and painful recession? This is no easy task.
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