Today In History: Obama Addresses Economic Crisis; Bush Urges 'Territory of Peace'

March 7, 2017, is the 65th day of the year, with 299 days remaining. The moon is in a waxing gibbous phase, with illumination at 72 percent.

George H. W. Bush Implores Israel to Abide by "Territory of Peace" Principle

President George H. W. Bush, in an address to Congress, outlined the framework for peace in the Middle East, which included efforts to achieve cooperative security as well as economic and political initiatives and an end to the Israeli-Palestinian conflict. Bush had declared Iraq’s aggression of the time officially defeated, crediting victory to allied forces led by the “finest fighting force this nation has ever known.”

“Our commitment to peace in the Middle East does not end with the liberation of Kuwait,” the president said.

Bush called for shared security arrangements, the control of weapons of mass destruction, new opportunities for stability as well as economic development for the purpose of “peace of progress.” Postwar peace required compromise, Bush announced, urging a solution to the Palestinian-Israeli conflict.

The president asserted that the principle for peace would be in providing for Israel’s security and the recognition of legitimate Palestinian political rights, while Israel had rejected the premise of the United Nations’ motion of “territory for peace.”

President Obama Makes Case for Action on Economic Crisis

Capping off a busy week in what was, in 2009, a Saturday address, President Obama remarked on new lending guidelines intended to lower mortgage payments. This initiative aimed to generate funds for small business and college loans, with the president noting that health care reform was necessary to ensure the country’s long-term fiscal health.

The president shared news that 651,000 jobs had been lost that previous February, bringing the total count of jobs lost during the recession to 4.4 million, with the unemployment rate surpassing 8 percent — the highest rate in a quarter-century. He discussed the Consumer and Business Lending Initiative, a plan — launched by the Treasury Department and the Federal Reserve — to generate as much as a trillion dollars of new lending so that families could finance college education or a car and so that small businesses could raise the capital that would create jobs. A full audio of the address is available through the Obama White House website.

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Photo credit: Library of Congress