 This is my daughter, Kristie Collins. It's Kristie. Hello there. And this is Melissa Collins. Melissa. How are you? And this is my wife, Eva. Hi. How are you? It's nice to see you. This is Mrs. Steiger? Yes. Nice to see you. My son, Bill Steiger. Hi. How are you? I'm Charles Steiger. Nice to meet you. Good to see you. Mike Bell. Mr. President, nice to see you. Good to see you. Hi. How are you? I'm good. How are you? Good morning. We want to make good presentation. Presentation to Mr. Moore and Mike. I'll make my comments from here. Good morning. Good morning, Mr. President. I'm Lord Collins, Chairman of the National Venture Capital Association, which has 130 members with approximately $6 billion in funds for venture investment. Our members provide the majority of the investment capital, which initiates and supports new entrepreneurial business development in the United States. We are here today to celebrate the contribution of a great man, Bill Stiger, and to honor you, Mr. President, for continuing his proud tradition. Today, venture capital provides the fundamental support for the emerging high technology industries in the United States. The United States is the undisputed world leader in high technology, which provides the tools for the productivity increases that are so desperately needed in our economy. The entrepreneurs that are supported by the venture capital industry are what America is all about. They are hard-working, risk-taking individuals, making substantial contributions to our economy and to our society. The entrepreneurs ask only that government offer them a free enterprise system in which to function, not for handouts of any kind. These people are the same sort of people that built this country. They are indeed the pioneers of the 1980s. In spite of the potential benefits for the economy, venture capital availability declined precipitously in the 1970s as a consequence of government tax and regulatory policies. Five years ago, Congressman Bill Stiger introduced the Stiger Amendment, which began the process of changing those policies by reducing the rate of taxation on capital gains from 49 to 28 percent. Shortly thereafter, we saw a dramatic increase in the amount of capital committed for small businesses, almost 15 times the previous level. Your economic recovery program, Mr. President, continued the Stiger tradition by further reducing the rate of capital gains taxation from 28 to 20 percent. The results have been startling. Venture capital investments in the development of small businesses have achieved record historical levels. More than $1.4 billion was invested in 1981, an increase of 27 percent over the previous year. A total of 800 million of new investments have been made in the first six months of 1982. Thus, 2.2 billion of new small business investments have been made 18 months, more than was committed in the previous five years. In addition, Dunn and Bride Street recorded the number of new business startups as nearly 600,000 last year by record-breaking high. In short, lower capital gains tax rates provide an incentive to investment in business, thus spurring productivity, creating jobs, and developing new technology. In honor of Bill Stiger, the National Venture Capital Association, created the Stiger Award, which is annually presented to the person who has done the most to unleash the individual initiative that built this great nation. We have seen the remarkable results of your program, Mr. President, and today we would like to recognize you for your economic foresight and leadership. On behalf of the members of the National Venture Capital Association and in the memory of Bill Stiger, it is my privilege to present to you the William A. Stiger Award for Outstanding Public Service to the Nation. We have every wish for your continued success and for the continuation of your economic program. Thank you very much. It's a little heavier than you might expect. Well, I appreciate very much this special honor. You'll notice the golden egg here from the fabled goose, which you have helped to breathe a new life in there. Well, it's in the name of a very special young man, the investor. That was recently, it was 1977. There was only $50 million for all that kind of investment, and we were I also appreciate the fact that I have been told the connection with this contributed $1,000 to the obvious research fund. He started to go for that also. I also know that one person here, on a birthday yesterday, I just thought it would be nice to hear a talk about tie bars. That's a hard one to say, that's how I was doing a commercial. So it isn't there. Thank you very much. You're more than welcome. Mr. President, do we do a follow-up with Billy and his mom? We do just the three of you. Oh, except for family members. Okay. Oh, I'll speak to our staff. Yes. Yes. Thank you. Thank you. Are you hopeful about the Middle East? Are you hopeful about the Middle East, with the Gemisle coming? Well, the chairs are waiting. That's how it is. That's what it is. Mr. Bob. Sam? How you doing? No. All right, I think. Mr. Knight, thank you all for being with us for the signing of the proclamation designating the week of October 24, 31, as National Housing Week. And these are days of new hope for housing, hope for millions of families that dream of owning homes, and hope for millions who make their livelihoods from building them. As today's housing starts report shows, a solid progress against the record inflation interest rates we inherited is sparking a rebound in this bedrock industry, a rebound that will benefit the entire economy. We still have a long way to go, and housing is still hurting, but confidence is returning and America is on the move again. Americans by a wide margin feel that home ownership is a terrorist tradition that binds families, builds financial security, and strengthens communities and economic growth. The long years of government borrowing and spending beyond its means had overwhelmed us by the late 70s, and that dream of home ownership became a cruel hoax as the housing industry plunged into the worst depression since the 30s, provoking widespread suffering amongst quite a few of our citizens. In the moment that we arrived in office, less than two years ago, our administration was working to cure this terrible economic disease. We insisted on attacking the root causes, not just legislating by quick fix, and this is the only way to end the deeply embedded high inflation philosophy which inflicted so much harm on housing. We are beginning to succeed. The interest rates dropping sharply, housing starts rebounding, and our economic recovery program that began in October of 1981 I think is taking hold. It's no coincidence that the conventional long-term home mortgage rates peaked at 18 and three-quarters percent the month before that program began. Long-term mortgage rates had fallen by a nationwide average to 13.38 by the week ending October 15th, last Saturday. Recent mortgage rate declines have made home ownership possible again for over a million families, and we saw today that the housing starts were 1,146,000 in September, and that's up 14.6% from August, and up almost 22% from a year ago when the program began. The best news in today's report is that of the permits which increased sharply, September up 17%. A good share of the increase as single-family housing starts, and this increase is permitted in permits combined with a substantial decline in mortgage rates over the past several weeks makes the resurgence of housing activity in coming months more and more likely. As we continue to make progress in bringing the long-term inflation and interest rates down, let's learn our mistakes of the past and strengthen our determination not to repeat them, and we reaffirm today that one of the most treasured rights that was won by the founding fathers, the right to own and hold property. For most Americans, that right embodied a home ownership. As we celebrate National Housing Week, let's remember we're also celebrating our industrial life, the steel we produce, the timber we harvest, the rock we quarry have an important place in the American home. The homes we live in today are a testimony to the labor of men and women across this country. Housing is an industry in transition, regaining strength and the ability to produce a product, the average working family once and will be able to afford once again. This is welcome news, for home ownership is not just a symbol, it represents the American way of life. It's the key to advancement and to a better future for all of us. And as I said last night, the resurgent housing industry can help to lead us out of the recession. To reaffirm our commitment to restore the American dream, I am pleased to sign the proclamation designating October 24 to 31 as National Housing Week on this 19th day of October. Well I usually do not take questions at a press as photo opportunity, but I will just remark about this one. We had the support of many of the housing industry in vetoing that, because it was not going to be something of a real increase, the increase that we needed, and it was just going to further set us back with regard to increased government spending without doing the job that we see now is being done by sticking to the course of our economic recovery program.