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We are in a financial crisis as serious as any we’ve faced since the Great Depression. In recent weeks, we’ve seen our financial landscape shift before our eyes. We’ve seen a growing credit crunch put new pressures on banks, businesses, and families. And on Monday, we saw the single largest decline of the stock market in two decades – a decline that threatens not just the wealth of Wall Street executives, but the life savings, jobs, and economic security of millions of ordinary Americans.
Everywhere you look, the economic news is troubling. But for so many of you here in Michigan, it isn’t really news at all.
600,000 jobs have been lost since the year began, including about 30,000 in Michigan. The unemployment rate here in Grand Rapids and other parts of this state is nearly double what it is across this country. And a new jobs report is coming out tomorrow that experts predict will show our ninth straight month of job loss.
You can read the full speech here.
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