Political Quotes

“Over the last 3 weeks a steep decline in the value of the Mexican peso has precipitated a financial crisis with worldwide implications. The peso's loss has not only shaken investor confidence on the Mexican stock market, but triggered a short-term debt crisis that is affecting currencies and markets throughout the hemisphere. Without a swift and sure response to this crisis, Mexico could face serious economic decline and political instability. President Clinton was quick to recognize the long-term danger this poses for all of us. A Mexican crisis would hit the United States economy hard by reducing Mexico's ability to import United States goods and services. It could increase illegal immigration and destabilize the Mexican Government. Finally, it could spread to other emerging market economies and further reduce U.S. exports. In light of these potential consequences, the administration moved expeditiously to propose a package of loan guarantees to address the problem.”