What Bush Won't Say to Help the Market

These people and their families are only a few examples of those affected. Those watching this at home are also victims, since their own home values are threatened.

The point should be clear to any thinking American. We need to act, and act together. Not as people of different parties. Not as candidates for public office. We need to act as Americans, pulling together for everyone's benefit.

Also joining us tonight is America's leading investor, Warren Buffett. He is known to everyone as a symbol of clear thinking and wisdom. In the past, he has stepped up to help distressed financial firms. He has advised leaders of both parties. He knows value and knows how to build a good team. Mr. Buffett has agreed to advise the Homeowner Trust, not doing the day-to-day work, but making sure it is done right.

The trust will be a buyer of some of the fancy mortgage securities that are hard to price. My Council of Economic Advisors and Treasury Secretary Paulson tell me that the homeowner trust may not actually need to buy many of these securities. The very fact that they provide a market will help regular lenders to act.

Many of these securities, I am told, are not properly valued. Most of the loans are still good. The threat is that they will fail if the credit market does not work as it should. If we fix the credit market, the government may actually show a profit by buying and holding these mortgages. We need to work with the borrowers since no one benefits from foreclosures.

Some cynics will surely ask why Mr. Buffett does not do this himself if it is such a good idea. The answer is simple. Much of the benefit from the program comes from stabilizing the economy, getting more tax revenue, and balancing the budget. It is just like supply-side economics. A little help in the right place is good for us all. This benefit would not go to a private company, so these companies lack the incentive to do what is needed.

This is my last State of the Union message, so I do not have a personal stake in this program. I am acting because leadership is required, and I am your leader. It is a time for members of Congress and candidates for office to rise above partisanship and act for the benefit of all. Voters in the upcoming elections should keep score and take names. I will help!