[…] Since we last met, your leaders have signed the ASEAN charter. We welcome the charter's adherence to the principles of democracy, the rule of law and good governance, and respect for and protection for human rights and fundamental freedom. We hope that in implementing this new charter, ASEAN, individually and collectively, will keep these important values in the forefront. We think that the ASEAN charter is a very important step forward.

[…] Owning a home long has been equated with the realization of the "American Dream.” The encouragement of homeownership in the United States has been a major factor shaping government economic and tax policies, especially in regard to housing loans or mortgages. In recent months, the housing market has come under intense scrutiny with a credit crisis triggered by the collapse of the subprime mortgage sector. Subprime mortgages are high-rate loans for borrowers who cannot qualify for lower-interest conventional loans.

[…] The rise of the United States from a set of scattered colonies to the world's largest economy was neither certain nor smooth, despite abundant resources. But American settlers brought a set of values with them as important as the ax and plow in settling what one religious minister called "a vast and roaring wilderness." Chief among them were a suspicion of government, a belief in individual freedom and a willingness to take risks -- whether in claiming a piece of frontier land or starting a new commercial enterprise.

[…] "The credit shock emanating from the U.S. subprime crisis is set to broaden amid a significant economic slowdown," Caruana said, briefing reporters April 8 about the coming IMF-World Bank meeting. "The deterioration in credit has moved up and across the credit spectrum to prime residential and commercial mortgage markets and to corporate credit markets. As the credit cycle turns, default rates are likely to rise across the board."

[…] Thank you very much, Mr. Chairman. Let me thank the members of this Committee for the work that we have done together over the last several years.
I think that despite sometimes differences on policy or on tactics, we have always tried to work in the interests of the United States of America.
And I think that we have agreed that that has meant that America needed to represent not just power, but also principle.

[…] Almost all experts, both inside and outside government, agree that the current system, a patchwork of poorly coordinated agencies with often overlapping authorities, is convoluted and inefficient. Some of the agencies date back to the Civil War of the 1860s, although most were established during the Great Depression in the 1930s. The experts say these agencies have not kept pace with globalization and evolution of the financial industries.

[…] Unorthodox steps taken by the U.S. Federal Reserve have calmed the troubled capital markets but have brought on a debate about the central bank’s future role, according to experts. In mid-March, the central bank took the most dramatic action since the housing and related credit crises erupted in 2007. It facilitated a takeover of Bear, Stearns and Company Inc. -- a faltering Wall Street investment firm -- and at an emergency meeting cut the interest rate on direct loans to banks.

[…] The U.S. government has taken steps to address major weaknesses revealed by the first major financial crisis in the 21st century. Turmoil in the capital markets has caused a record number of foreclosures, multibillion-dollar losses at financial institutions and a credit crunch in the United States.

It also has challenged perceptions of those markets and assumptions about effective ways to deal with their problems.

[…] We are, of course, engaged in a number of high-priority foreign policy items, and I’m sure we will have a chance to talk about those. But I would just like to ask you, in addition to looking at the 2009 budget request, to act quickly on the balance of the 2008 Global War on Terror Supplemental -- very important to our near-term operating and foreign assistance efforts in Iraq, in Afghanistan, in Pakistan, in places that are really at the front line in the war on terror. And I ask your support for that effort.

[…] Thank you, all. So my daughters are going to be envious -- I was introduced by Arnold. (Laughter.) I appreciate you, Governor. Thanks for your strong leadership; thanks for your friendship. You know, California is a really important state for our country and I think a lot of Californians appreciate the fact that you're steady at the helm.