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pd19jy99 Remarks to the College Democrats of America...
<DOC> [Weekly Compilation of Presidential Documents] [frwais.access.gpo.gov] [Page i-ii] Monday, July 19, 1999 Volume 35--Number 28 Pages 1333-1386 Contents [[Page i]] Weekly Compilation of Presidential Documents [[Page ii]] Addresses and Remarks See also Meetings With Foreign Leaders California, China and U.S. women's soccer teams in Pasadena--1340 College Democrats of America--1371 Florida Communications Workers of America, convention in Miami Beach-- 1347 Democratic National Committee dinner in Coral Gables--1353 Departure for Miami Beach--1344 Maryland, Democratic Leadership Council, conversation in Baltimore-- 1360 Patients' Bill of Rights--1344 Radio address--1339 S.A.F.E. Colorado--1374 Communications to Congress Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996, letter on title III--1384 District of Columbia, message transmitting budget request--1344 Paraguay-U.S. extradition treaty, message transmitting--1352 Weapons of mass destruction, message transmitting report--1352 Communications to Federal Agencies Energy contractor personnel, occupational illness compensation, memorandum--1382 Executive Orders National Infrastructure Assurance Council--1369 Interviews With the News Media Exchanges with reporters Rose Garden--1377 South Lawn--1344, 1374 Interviews With the News Media--Continued Interviews Bob Herbert of the New York Times--1340 Jesse Jackson of Cable News Network's ``Both Sides''--1333 Meetings With Foreign Leaders Israel, Prime Minister Barak--1377 Proclamations Captive Nations Week--1384 Statements by the President ``African Growth and Opportunity Act,'' proposed legislation--1369 Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996, title III--1383 Deaths Congressman George E. Brown, Jr.--1383 James L. Farmer--1340 Democratic Republic of the Congo, cease-fire agreement--1343 Deutch-Specter Commission report--1369 Low Income Home Energy Assistance Program, release of funds--1343 Northern Ireland peace process--1381 ``Railway Killer,'' surrender of suspect--1352 Senate action on Patients' Bill of Rights legislation--1382 Supplementary Materials Acts approved by the President--1386 Checklist of White House press releases--1386 Digest of other White House announcements--1385 Nominations submitted to the Senate--1386 Editor's Note: The President was in Des Moines, IA, on July 16, the closing date of this issue. Releases and announcements issued by the Office of the Press Secretary but not received in time for inclusion in this issue will be printed next week. WEEKLY COMPILATION OF ------------------------------ PRESIDENTIAL DOCUMENTS Published every Monday by the Office of the Federal Register, National Archives and Records Administration, Washington, DC 20408, the Weekly Compilation of Presidential Documents contains statements, messages, and other Presidential materials released by the White House during the preceding week. The Weekly Compilation of Presidential Documents is published pursuant to the authority contained in the Federal Register Act (49 Stat. 500, as amended; 44 U.S.C. Ch. 15), under regulations prescribed by the Administrative Committee of the Federal Register, approved by the President (37 FR 23607; 1 CFR Part 10). Distribution is made only by the Superintendent of Documents, Government Printing Office, Washington, DC 20402. The Weekly Compilation of Presidential Documents will be furnished by mail to domestic subscribers for $80.00 per year ($137.00 for mailing first class) and to foreign subscribers for $93.75 per year, payable to the Superintendent of Documents, Government Printing Office, Washington, DC 20402. The charge for a single copy is $3.00 ($3.75 for foreign mailing). There are no restrictions on the republication of material appearing in the Weekly Compilation of Presidential Documents. [[Page 1333]] <DOC> [Weekly Compilation of Presidential Documents] [frwais.access.gpo.gov] [Page 1333-1339] Monday, July 19, 1999 Volume 35--Number 28 Pages 1333-1386 Week Ending Friday, July 16, 1999 Interview With Jesse Jackson of Cable News Network's ``Both Sides'' in Torrance, California July 9, 1999 New Markets Initiative Tour Mr. Jackson. Welcome to ``Both Sides.'' Last week there was a phenomenal mission across our Nation led by President Clinton--a kind of journey from Wall Street to Appalachia to the Delta to Indian reservations to Watts to south Phoenix, across the country, building that bridge to share the wealth, the growth, the prosperity--called a new markets initiative. This week we have as our very special guest, our esteemed Mr. President, President Bill Clinton. Welcome. The President. Thank you. Mr. Jackson. In this trip last week--Hazard, Kentucky, Appalachia; the Delta; East St. Louis; Pine Ridge Indian Reservation; south Phoenix; Watts; Anaheim--what stuck out in your mind the most? The President. That in all those places where our prosperity has not reached, there are good people, smart people, people with dreams, and good opportunities for American business. This is a moment when we can do what is morally right, to give everybody a chance to walk into the 21st century together, and do it in a way that will actually be good for the American economy and good for the people who invest there. Mr. Jackson. They've missed this booming prosperity. Is something wrong with the people? The President. I wouldn't say something's wrong with the people. A lot of them don't have as much education as they need, and that's part of our strategy to do better, and they're going to have to have specific job training skills. But what happened is that all these places either never had a self-supporting economy, or the basis of economic life which once was there moved away, and nothing was ever brought in to replace it. And now, we've got a chance just to keep our own economy going--just to keep our own economy going with no inflation--we have a chance to bring investment to these areas, put these people to work, give them better lives, and in the process, help everyone else in America. Mr. Jackson. But last week there were Republican and Democratic Congresspeople on the trip; there were corporate business leaders, Democratic and Republican. The President. Yes. Mr. Jackson. They seem to have found a common accord on this idea of new markets. The War on Poverty seemed to--would have been divisive-- poverty, reaction; affirmative action--division, reaction. But new markets seem to have bound Appalachia and Delta--black, white, red. What's kind of magic about this notion of new markets initiative? The President. Well, first of all, it's not charity; it's a hand up, not a handout. Secondly, the people who are being asked to invest in these new markets should do so with the expectation that they will actually make a profit out of it, that by helping people in areas which haven't participated in this prosperity--by starting businesses, giving people jobs, having these job training programs--they'll actually make money. Mr. Jackson. So it's a kind of war for profits, not just a war on poverty? The President. That's right. Mr. Jackson. And therefore, you incentivize broadening the base of investment. The President. We're not asking anybody to do anything that isn't a good business decision. It's a good business decision. And that's one of the things--you know, we saw that everywhere. Every place we went--do you remember that little--that first place we visited in Appalachia, a guy starts out with 40 employees; a few years later, he's got 850. [[Page 1334]] And yes, you know, Appalachia's fairly isolated, but he makes those parts and--those various component electronic parts--and he's got 850 people. He's fixing to expand again because of the incentives that he has in our empowerment zone program that the Vice President's run for us for the last 6 years. That's the kind of thing we want to go nationwide with. We believe if we give, in the new markets initiative, if we give the same tax credits and loan guarantees to Americans to invest in America's new markets we give them to invest in new markets in Africa, Latin America, Asia, or the Caribbean, that our people will do very well. Mr. Jackson. You take, for example, the black and brown market alone is maybe $800 billion in consumer power. How has corporate America--what has been missing? How have they missed these markets--markets, money, talent--right under their noses? The President. I think there are two reasons. I think, first of all, they've been doing very well by doing what they're used to doing and expanding in ways they're used to expanding, so our economy's grown quite a lot in the last 6 years. Mr. Jackson. Even though they've missed markets? The President. Yes, by taking the nearest thing at hand, the thing they're used to doing. Secondly, I think that there is something that the economists would call, in purely economic terms, imperfect knowledge; that is, I think that a lot of people really don't know how well they could do if they gave people in inner-city America, in rural America a chance. I think they just don't know, which is one reason that it was so important that these business leaders went on the trip. You know, remember, when we started out, the chief CEO of Aetna life insurance company said, ``You know, I may not be happy about this, because I had this deal figured out, and now all my competitors are going to know there's money to be made out here.'' Mr. Jackson. So something about imperfect knowledge and our cultural blindness, we just don't even look toward those unexplored markets. The President. Well, when you see a place so depressed for so long, or you see the figures and the education levels low, or you look at the maps in and out of a place and you realize it's physically isolated, and you think, ``I've got all these other ways to make money that are near at hand,'' you don't get around to it. But now, the unemployment rate in America has been under 5 percent for 2 years. Everybody is wringing their hands, you know, from Wall Street out here to California, about how can we keep this economic growth going without inflation. The answer is, invest in these places. Mr. Jackson. It's interesting, in politics there's a zero-sum game. You have 435 Congress seats; you might change faces, but the seats don't change, and so it's forever tight and competitive. But in economic, inclusion leads to growth. The President. That's right. Mr. Jackson. And it seems that they have missed growth. In baseball, for example, we thought we had a great Major Leagues before we let Jackie Robinson and Campanella and Hank Aaron and Willie Mays in. But once they opened up the market, they now will go to Cuba; they'll go to the Dominican Republic and find Sammy Sosa; they'll go to Japan. The basketball team, now we'll go to Yugoslavia, go to Croatia--that the baseball owners seem to have gotten it; the basketball owners seem to have gotten it; now the rest of corporate America must get that inclusion leads to economic growth. The President. And the important thing in your sports analogy is that as we have broadened the pool of talent, we've had more teams. There are now more baseball teams than there used to be. There are more basketball teams than there used to be. More people get interested as you broaden the pool of talent, and you get more people in. That's what is happening here. So that if somebody invests in these new markets, they don't have to quit investing where they were. This is not a zero-sum game. You're right; we'll just widen the circle of opportunity. Mr. Jackson. But why are they so much more likely, say, to invest in Indonesia, Taiwan, South Korea, Eastern Europe, than in Appalachia or East L.A., in south Phoenix? What is the incentive factor there? [[Page 1335]] The President. I think that we look at Indonesia--let's just take Indonesia. We look at Indonesia and we say, ``Gosh, there's a market of 200 million people; it's the biggest Muslim country in the world, fairly moderate country historically, although they've had some problems lately. And we'll invest there and we'll sell to that market.'' What we miss in America is that if you put people who are unemployed to work in distressed areas, you create a new market, first. Second, as you just pointed out, even in places with very high unemployment--if you go into an inner-city neighborhood with 15 percent unemployment, that's
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